Oh my: Angry Obama storms out of debt-ceiling negotiations; Update: “This may bring my presidency down, but I will not yield on this”

posted at 8:25 pm on July 13, 2011 by Allahpundit

Between this and the Moody’s news, tomorrow ought to be fun on Wall Street. Per Slublog, remember during Campaign ’08 when this guy’s big selling point was his “first-class temperament”?

Also, am I right in thinking that the only two times O has walked out on a meeting are today and when he met with Bibi Netanyahu back in March of last year? That’s quite a record of indignation, champ. You really know how to get tough with the enemy.

Cantor said he told the president that the two sides remain so far apart at this point that he doubted they could get to $2.5 trillion in cuts (to match the debt increase requested by the administration, enough to get through the 2012 election) given the time available. President Obama has said he will not sign any increase to the debt ceiling less than that amount, and Cantor had previously insisted that the House would vote no more than one time to increase the debt limit. Cantor said he was willing to abandon his position in order to allow some kind of short-term measure to increase the debt limit and reassure credit markets while negotiations continue, and asked the president if he would be willing to consider this option.

At this point, Cantor explained, the president became “very agitated” and said he had “sat here long enough,” that “Ronald Reagan wouldn’t sit here like this” and “something’s got to give.” Obama then told Republicans they either needed to compromise on their insistence on a dollar for dollar ratio of spending cuts to debt increase or agree to a “grand bargain” including massive tax increases. Before walking out of the room, Cantor said, the president told him: “Eric, don’t call my bluff. I’m going to the American people with this.” He then “shoved back” and said “I’ll see you tomorrow.”

The Democratic spin on what happened is that Cantor “rudely” interrupted The One mid-finger-wag and he got huffy and walked out. As for what he means by “going to the American people,” I don’t want to get my hopes up but we might be in store for another 45-minute lecture tomorrow morning about corporate jets. As an ironic gloss on this drama, read Chuck Todd’s take on how, in principle, Obama and Boehner aren’t all that far apart. If O publicly committed to a truly significant concession, like means-testing for Medicare or raising the eligibility age for Social Security, then maybe the GOP could be persuaded to take another look at letting the Bush tax cuts lapse for the wealthy. But since he won’t, they can’t. Said Boehner to a gaggle of reporters this afternoon, “Dealing with them the last couple months has been like dealing with Jell-o.”

Before he threw his tantrum, Obama also reportedly told Republicans today that Friday’s the deadline for deciding whether both sides should continue to pursue a real deficit-reduction deal or whether they should shift to looking for some sort of fallback plan a la McConnell to avoid default. So, the good news: The first stage of the debt-ceiling drama will kinda sorta be over in the next 48 hours. The bad news: Three more weeks of the next stage to come, guys. Three. More. Weeks.

Update: To steal a line from our Greenroom contributor Karl, here’s more of what the “adult in the room” had to say before he, er, left the room:

“This process is confirming what the American people think is the worst about Washington,” the president said. “Everyone is more interested in posturing, political position and protecting their base than in solving problems.”…

“I have shown enormous willingness to compromise and have taken huge heat for it,” he said, “but my responsibility is to the American people and there comes a point when I need to say, ‘Enough.’”

“It cannot all be on us,” the president said, arguing that Republicans need to give on the revenue side of things as Democrats are willing to do so on spending cuts.

Weigel also clarifies the terms of the actual dispute between O and Cantor. Cantor says they can get a deal for $1.5 trillion in cuts through the House. Problem is, the GOP’s vowed not to raise the debt ceiling by more than the amount in total cuts and a $1.5 trillion debt-ceiling hike won’t get us past the election next year. That makes The Perpetual Campaigner unhappy, so either the GOP will have to step back from its vow or O will have to agree to deal with the debt ceiling again — just a few months before election day, when the incentives on both sides to hold out will be even greater than they are now.

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Read my lips. I WILL raise taxes whether you like it or not, so there!

UnderstandingisPower on July 14, 2011 at 12:06 AM

No, I was referring to increased PE and Public M&A deals.

crr6 on July 14, 2011 at 12:00 AM

Oh, so you mean the hostile takeovers through failures of companies plus the slight, temporary earnings bubble attained from massive layoffs your Chicago messiah has enabled.

viking01 on July 14, 2011 at 12:06 AM

Baxter remember there was a poll in which many many people thought the GOP was in charge the last 2 years of BUSHs second term. I suspect Crr was among them. Not a smart bunch.

CW on July 13, 2011 at 11:53 PM

Exactly…..
Of course nothing screams super intelligence like claiming that losing millions of jobs after you sign a 800 billion dollar job stimulus bill is proof that it was successful.

Obama
“‘Shovel-Ready Was Not as Shovel-Ready as We Expected’

..send in the clowns.

Baxter Greene on July 14, 2011 at 12:08 AM

Baxter Greene on July 14, 2011 at 12:02 AM

I hope you are right..:)

Dire Straits on July 14, 2011 at 12:08 AM

Quisling McDonnell big-government “we must do something!!!” Republican….yes, yes it was.

alwaysfiredup

Moron says what? What’s the matter, facts bother you? The retard wannabe lawyer is clinging to TARP as some Obama success story. It wasn’t.

Now, alwaysdumb, back to ranting about things you know nothing about. Maybe you can call me a Mitt supporter, or a Bachmann supporter next, lol.

xblade on July 14, 2011 at 12:10 AM

Thank you both for your explanations. So there is not a mechanism in place to put a ceiling on how much Congress can authorize?

Sure. The mechanism is Congress cutting spending by reducing appropriations, cutting the military, entitlements, etc. Congress has the plenary authority to choose how much the Government spends.

Unfortunately, Congress seems to have difficulties in passing real spending cuts.

Somehow tax revenues and bond issues have to make up any possible shortfall whether they can or not?

Yes, thats the problem. Practically, if the debt ceiling isn’t raised, the Government won’t be able to meet all of its obligations. Now, there is a difference between debt owed to bondholders (which we would be able to pay with tax receipts), payment of inter-governmental debt (essentially, debt the government owes itself in order to continue the fraud of the social security trust fund), and discretionary spending that has been appropriated, but not yet paid.

If the debt ceiling is not raised, Obama’s Treasury will have to choose which bills to pay and which ones not to pay. Treasury can easily make the debt interest payments with tax receipts, which would hopefully dampen or prevent problems with the bond market.

Sorry about the questions – I’ve never been interested in politics until the last two years when I’ve seen this country go the way of my home country ~ Holland. :-(

No problem. Many people follow politics for years and don’t really get this kind of budgetary stuff.

Revenant on July 14, 2011 at 12:10 AM

Moron says what? What’s the matter, facts bother you? The retard wannabe lawyer is clinging to TARP as some Obama success story. It wasn’t.

Now, alwaysdumb, back to ranting about things you know nothing about. Maybe you can call me a Mitt supporter, or a Bachmann supporter next, lol.

xblade on July 14, 2011 at 12:10 AM

WTF? I was expressing my dislike of Bush. TARP sucks. I have no use for your lack of reading comprehension.

alwaysfiredup on July 14, 2011 at 12:17 AM

I have a client whose customer base is families in the $50K or less income bracket. Was in a meeting today and someone cited some stats that while overall unemployment is 9.2%, unemployment for people in this <50 income bracket is 30%.

Yeah, the economy is just humming along. Thank goodness for all the increased activity in public M&As. I know that’s just what will put food on Joe Blow’s dinner table tonight.

NoLeftTurn on July 14, 2011 at 12:18 AM

NoLeftTurn on July 14, 2011 at 12:18 AM

It’s hilarious watching a lefty crow about the successes of big corporations. The cognitive dissonance burns.

alwaysfiredup on July 14, 2011 at 12:20 AM

It’s hilarious watching a lefty crow about the successes of big corporations. The cognitive dissonance burns.

alwaysfiredup on July 14, 2011 at 12:20 AM

Why’s that?

crr6 on July 14, 2011 at 12:21 AM

crr6, you’re either blind or dumber than assumed. Are you not ashamed of the failure all around?

Schadenfreude on July 14, 2011 at 12:23 AM

Why’s that?

crr6 on July 14, 2011 at 12:21 AM

Because lefties hate big corporations.

alwaysfiredup on July 14, 2011 at 12:24 AM

Zero is excitedly hoping his economic recovery plan will revisit the success, abundance and permanence of the Penn Central merger.

viking01 on July 14, 2011 at 12:24 AM

Those of you with photoshoping skills, please put Obama in diapers or spielhosen, with a blurp like “waaaaa, I don’t want to play any more”…make him a crybaby.

Schadenfreude on July 14, 2011 at 12:26 AM

Again, I’d just like to reiterate that I love you guys. Seriously.

crr6 on July 13, 2011 at 10:43 PM

Looters are to be despised even more than moochers.

Schadenfreude on July 14, 2011 at 12:28 AM

Because lefties hate big corporations.

alwaysfiredup on July 14, 2011 at 12:24 AM

We think differently about them than you do, but in general we certainly don’t hate them. I’m sure there are some people out there that conform to your stereotype, but they’re the exception, not the rule.

crr6 on July 14, 2011 at 12:28 AM

I just wanted to parrot liberal talking points that I read on dkos regardless of how silly it made me. I’m certainly not prepared to discuss this issue with anyone that actually understands it.

This is just odd. The only somewhat coherent (if you can call it that) argument you’ve made is that lower taxes—-GDP growth——>increased tax revenues. You do realize that’s a conservative talking point, right? You also realize that it’s been debunked over and over again, correct?

I don’t mind people being a little cocky if they’re intelligent, but frankly, in your case it’s just completely baffling.

crr6 on July 14, 2011 at 12:32 AM

haven’t read all the comments but I’m sure it’s been said that when you got the bull by the horns ya don’t ever let go, hang on and ride it out. Let go and there’s a good possibility you’ll get Gored.

kellyjane on July 14, 2011 at 12:33 AM

Because lefties hate big corporations.

alwaysfiredup on July 14, 2011 at 12:24 AM

We think differently about them than you do, but in general we certainly don’t hate them. I’m sure there are some people out there that conform to your stereotype, but they’re the exception, not the rule.

crr6 on July 14, 2011 at 12:28 AM

The ones who don’t sure are quiet, then. There were riots in Seattle in ’99 over “big corporations”. Obama complains about corporate jets and allowing companies to expense depreciation “tax loopholes”.

You make a ton of money by enabling the same behavior that your party demonizes for votes. It’s fascinating.

alwaysfiredup on July 14, 2011 at 12:33 AM

You do realize that’s a conservative talking point, right?

crr6 on July 14, 2011 at 12:32 AM

It’s also a basic fact sister. More money in the hands of business means growth and more jobs which means more taxable income which means more revenue.

What occupies that space between your ears? It’s certainly not a brain.

jawkneemusic on July 14, 2011 at 12:35 AM

Those of you with photoshoping skills, please put Obama in diapers or spielhosen, with a blurp like “waaaaa, I don’t want to play any more”…make him a crybaby.

Schadenfreude on July 14, 2011 at 12:26 AM

Lots of little Bammie as baby pictures out there, but this has always been my fave: http://conservativebyte.com/2011/06/michelle-obama-hands-a-crying-baby-to-president-obama-baby-stops-crying/

slickwillie2001 on July 14, 2011 at 12:36 AM

The ones who don’t sure are quiet, then. There were riots in Seattle in ’99 over “big corporations”. Obama complains about corporate jets and allowing companies to expense depreciation “tax loopholes”.

You make a ton of money by enabling the same behavior that your party demonizes for votes. It’s fascinating.

alwaysfiredup on July 14, 2011 at 12:33 AM

Nah, you just have a warped worldview which you’ve obtained through the limited, ultra-biased news sources you use, and you’re baffled when reality doesn’t conform with the caricature of liberals you’re inundated with every day on the internet. It’s fascinating to watch you cope.

Out here in reality there are just as many (if not more) lefties working for “big corporations.”

crr6 on July 14, 2011 at 12:39 AM

I’m sorry but despite the grievous provocation I refuse to call Mr. Obama an azzole (at least for the moment). However, remember what Annie said about tomorrow.

Mason on July 14, 2011 at 12:39 AM

What was the name of that movie where the guy kept getting younger and less mature each day, aging backwards? Maybe the Child Emperor can star in the remake. He would be a natural.

Lon Chaney on July 14, 2011 at 12:40 AM

Obama: The Man of a Thousand Tantrums.

Lon Chaney on July 14, 2011 at 12:41 AM

you just have a warped worldview which you’ve obtained through the limited, ultra-biased news sources you use, and you’re baffled when reality doesn’t conform with the caricature of liberals you’re inundated with every day on the internet.

…I’m sorry, I just fell out of my chair laughing at all the wildly inaccurate assumptions about me you just put in that one comment.

Ah, that was fun. :)

alwaysfiredup on July 14, 2011 at 12:42 AM

crr6 on July 14, 2011 at 12:39 AM

Back to the substance: Of course more Democrats work for corporations. It’s pretty well documented that conservatives are more likely to be self-employed and liberals to work for a salary. But it is also quite true that “corporations” (woo! scary!) are a current popular bete noire on the left. My guess is it jives well with the hatred they hold for being stuck in a 9-to-5.

alwaysfiredup on July 14, 2011 at 12:45 AM

…I’m sorry, I just fell out of my chair laughing at all the wildly inaccurate assumptions about me you just put in that one comment.

Ah, that was fun. :)

alwaysfiredup on July 14, 2011 at 12:42 AM

She’s projecting. That’s what lefties do best right behind lying their a$$es off.

jawkneemusic on July 14, 2011 at 12:45 AM

First, Darn, I’m good. I called it 26 minutes prior to you revealing it.

haha. I said “deal activity,” what else would I have been referring to? At any rate, you’re wrong again. I’m in (mostly commercial) lit, not corporate (although like any big firm, we do a lot of corporate work). Then again, you probably have no idea what I’m talking about so let’s move on.

Second, PE and Public market M&A deals are decent right now because equity prices and interest rates are low (which is not a sign of a robust economy).

Interest rates and equity prices were low in 2009 too, but deal size and deal activity sucked. Things are picking up.

On the other hand, you probably don’t have any idea what I’m talking about.

Again, I really don’t mind cockiness if you actually know what you’re talking about and/or are intelligent. But the fact that you’re acting like you’re some sort of PE expert is just completely baffling. I wouldn’t claim to be one, and I sure as hell no more than you do.

crr6 on July 14, 2011 at 12:47 AM

I wouldn’t claim to be one, and I sure as hell no more than you do.

crr6 on July 14, 2011 at 12:47 AM

know*

crr6 on July 14, 2011 at 12:49 AM

crr6 on July 14, 2011 at 12:47 AM

For the record, I used to be a Democrat and have been married to a liberal for over a decade. I do not get my impressions of lefties from the internet. :)

alwaysfiredup on July 14, 2011 at 12:49 AM

For the record, I used to be a Democrat and have been married to a liberal for over a decade. I do not get my impressions of lefties from the internet. :)

alwaysfiredup on July 14, 2011 at 12:49 AM

Sorry, but you obviously do.

crr6 on July 14, 2011 at 12:50 AM

Sorry, but you obviously do.

crr6 on July 14, 2011 at 12:50 AM

Obviously.

alwaysfiredup on July 14, 2011 at 12:51 AM

For the record, I used to be a Democrat and have been married to a liberal for over a decade. I do not get my impressions of lefties from the internet. :)

alwaysfiredup on July 14, 2011 at 12:49 AM

Isn’t it funny that this mutt thinks that we have never experienced the likes of her and her fellow travelers in out daily lives.

darwin-t on July 14, 2011 at 12:52 AM

Obviously.

alwaysfiredup on July 14, 2011 at 12:51 AM

Yep. If you had a balanced, reality-based view of liberals you wouldn’t say the things you do. I’m sure you’re a perfectly nice, intelligent person. You just need to get out more.

crr6 on July 14, 2011 at 12:52 AM

Out here in reality there are just as many (if not more) lefties working for “big corporations.”

crr6 on July 14, 2011 at 12:39 AM

REALITY???

REALITY???

Let me tell you what reality is. It isn’t making six figures in a white-shoe DC law firm. It’s trying to figure out which retiurement account to cash in this month to pay the mortgage because you haven’t worked in two years. It’s driving a limo after working 17 years for a company that moved your job to India. It’s having an ugly divorce and kids in therapy because you can’t stop arguing about money. It’s sending your kid to live with his dad three states away because he needs the in-state tuition break to go to college. It’s being on your church verstu and having to fire the Sunday school director and the sexton, and sell the rectory because collections are down 40% in the last two years.

This is my life and the lives of my neighbors. I’m not making up any of it. They are real lives, and real communities, that are being destroyed by this dissolute President who doesn’t give a good goddamn about us while he goes and plays another round of golf or sends his fat wife on another expensive vacation in her $700 jeans.

rockmom on July 14, 2011 at 12:53 AM

darwin-t on July 14, 2011 at 12:52 AM

I did have a nasty fight with a friend over this very concept on Facebook the other day. It went like this: “Corporations are evil and must be punished.” Me: “Corporations are just groups of people. You can go down to the state offices and pay about $62 and become a corporation this afternoon. Does that make you evil?” “Well, they’re not all evil, I just don’t like that they have more rights than people.” Me: “Name one right a corporation has that you don’t.” “……”

It was fun.

alwaysfiredup on July 14, 2011 at 12:56 AM

crr6 may be no smarter than Obama but at least she doesn’t throw as many tantrums as he does.

Lon Chaney on July 14, 2011 at 12:57 AM

For the record, I used to be a Democrat and have been married to a liberal for over a decade. I do not get my impressions of lefties from the internet. :)

alwaysfiredup on July 14, 2011 at 12:49 AM

Isn’t it funny that this mutt thinks that we have never experienced the likes of her and her fellow travelers in out daily lives.

darwin-t on July 14, 2011 at 12:52 AM

She’s projecting again. Libtards don’t befriend anyone but their own kind. They sit in coffee shops reaffirming each others positions while talking smack about those “evil” corporations and republicans whom they do not know.

This is the only place crr6 converses with conservatives I bet. Safe, comfortable and hiding behind her computer where she can be as snide, as dishonest and as rude as she wants without fear of getting popped in the mouth.

jawkneemusic on July 14, 2011 at 12:57 AM

Yep. If you had a balanced, reality-based view of liberals you wouldn’t say the things you do. I’m sure you’re a perfectly nice, intelligent person. You just need to get out more.

crr6 on July 14, 2011 at 12:52 AM

The fact that he HAS a balanced, reality-based view of liberals is the reason he is 100% correct in pointing out theirs and your BS. Stop projecting.

jawkneemusic on July 14, 2011 at 12:59 AM

crr6 may be no smarter than Obama but at least she doesn’t throw as many tantrums as he does.

Lon Chaney on July 14, 2011 at 12:57 AM

She’s just ignorant, not mentally ill.

darwin-t on July 14, 2011 at 1:00 AM

Hey crr6,

You are obviously very prosperous right now. How about sharing some of your wealth with me? I have a college tuition payment due August 1 and no job. Don’t you liberals want to help poor people like me?

I accept Paypal.

rockmom on July 14, 2011 at 1:00 AM

Isn’t it funny that this mutt thinks that we have never experienced the likes of her and her fellow travelers in out daily lives.

darwin-t on July 14, 2011 at 12:52 AM

Some of you have, many of you haven’t. Conservatives I meet are often completely taken off guard when they hear intelligent counter-arguments to their talking points/dogma.

Just the other day I met one who was going on and on about how government interference necessarily inhibits wealth maximization, corporate profits etc. I then pointed out that corporations themselves are state-created entities. Hilarity ensued.

crr6 on July 14, 2011 at 1:00 AM

I did have a nasty fight with a friend over this very concept on Facebook the other day. It went like this: “Corporations are evil and must be punished.” Me: “Corporations are just groups of people. You can go down to the state offices and pay about $62 and become a corporation this afternoon. Does that make you evil?” “Well, they’re not all evil, I just don’t like that they have more rights than people.” Me: “Name one right a corporation has that you don’t.” “……”

It was fun.

alwaysfiredup on July 14, 2011 at 12:56 AM

One could argue that they had less rights than people before the Citizens United case.

jawkneemusic on July 14, 2011 at 1:01 AM

Isn’t it funny that this mutt thinks that we have never experienced the likes of her and her fellow travelers in out daily lives.

darwin-t on July 14, 2011 at 12:52 AM

I campaigned for Eugene McCarthy in 1968.

Please don’t tell anyone.

Knucklehead on July 14, 2011 at 1:01 AM

Hey crr6,

You are obviously very prosperous right now. How about sharing some of your wealth with me? I have a college tuition payment due August 1 and no job. Don’t you liberals want to help poor people like me?

I accept Paypal.

rockmom on July 14, 2011 at 1:00 AM

Only if you vote for them. See how that works?

jawkneemusic on July 14, 2011 at 1:02 AM

Conservatives I meet are often completely taken off guard when they hear intelligent counter-arguments to their talking points/dogma.

Are these the same “intelligent” counter-arguments you make here? They might just be taken off guard by how oblivious you are.

jawkneemusic on July 14, 2011 at 1:03 AM

crr6 on July 14, 2011 at 1:00 AM

I don’t get your logic. State creation =/= interference. Things have to come from somewhere.

alwaysfiredup on July 14, 2011 at 1:03 AM

alwaysfiredup on July 14, 2011 at 1:03 AM

I mean, sure they could operate as a sole proprietorship or partnership, but that opens you up to a ton of legal liability. All you have to do to get corporate or LLC status is file the piece of paper that creates it and pay the processing fee. Government is entirely optional at that point.

alwaysfiredup on July 14, 2011 at 1:05 AM

I campaigned for Eugene McCarthy in 1968.

Please don’t tell anyone.

Knucklehead on July 14, 2011 at 1:01 AM

As long as you didn’t campaign for McGovern in’72

darwin-t on July 14, 2011 at 1:06 AM

alwaysfiredup on July 14, 2011 at 1:03 AM
alwaysfiredup on July 14, 2011 at 1:05 AM

I’ll tell you what. Why don’t you just continue talking yourself through that and get back to me?

crr6 on July 14, 2011 at 1:06 AM

I campaigned for Eugene McCarthy in 1968.

Please don’t tell anyone.

Knucklehead on July 14, 2011 at 1:01 AM

LOL! That’s some funny stuff.

My first election, though, I voted for Ralph Nader. Is that better or worse?

alwaysfiredup on July 14, 2011 at 1:07 AM

I’ll tell you what. Why don’t you just continue talking yourself through that and get back to me?

crr6 on July 14, 2011 at 1:06 AM

Expounding on a theme is lost on you, clearly.

alwaysfiredup on July 14, 2011 at 1:07 AM

Then it’s obvious that you don’t know how a PE expert acts.

blink on July 14, 2011 at 1:02 AM

Blink,

I’m curious as to where you’ve obtained your extensive knowledge of public M&A and private equity deals/market conditions. What’s your occupation?

Thanks in advance.

crr6 on July 14, 2011 at 1:08 AM

“The mechanism is Congress cutting spending by reducing appropriations, cutting the military, entitlements, etc. Congress has the plenary authority to choose how much the Government spends.”

Thanks, Revenant. Can Congress cut spending by closing or reducing various entities such as NPR, Ed Department, etc.? Also, who approves or decides how much money the president can spend? For instance, who approves and pays for all the President’s czars and advisors?

How does the everyday person find out about all this stuff? There should be a Government for Dummies book!

marge on July 14, 2011 at 1:11 AM

Oh, the irony. Wasserman-Schulz calls Rs “acting childish”.

Look in the mirror, female Howard Dean.

Schadenfreude on July 14, 2011 at 1:12 AM

2. Liberals I meet are often completely taken off guard when they hear intelligent counter-arguments to their talking points/dogma. Or, like you, they don’t understand intelligent arguments at all.

blink on July 14, 2011 at 1:08 AM

Liberals I meet are mostly unemployed, and not very happy about it, or about the idiot they voted for in 2008 who isn’t doing anything about it. Not many of them are as completely divorced from reality as crr6 is, at least those who don’t live in DC.

rockmom on July 14, 2011 at 1:12 AM

LOL! That’s some funny stuff.

My first election, though, I voted for Ralph Nader. Is that better or worse?

alwaysfiredup on July 14, 2011 at 1:07 AM

I was 18 years old, a hippie. That’s why I LOL when I hear people screaming “Perry used to be a Democrat” etc, etc, etc. Time and age brings experience and knowledge, along with a saggy butt and wrinkles.

BTW, the county I lived in down in Kentucky went for Nader in the 2004 election (I think it was 2004, old age also brings memory issues)

Knucklehead on July 14, 2011 at 1:13 AM

2. Liberals I meet are often completely taken off guard when they hear intelligent counter-arguments to their talking points/dogma. Or, like you, they don’t understand intelligent arguments at all.

blink on July 14, 2011 at 1:08 AM

No, we understand what you’re trying to say and it’s stupid.

In all seriousness though, do you think you’re making intelligent, novel arguments? The only point you’ve attempted to make all thread is that tax cuts raise tax revenues. LOL.

crr6 on July 14, 2011 at 1:13 AM

rockmom on July 14, 2011 at 1:12 AM

Being a BigLaw summer associate is a pretty damn cushy deal. The hard part doesn’t come till after you pass the bar.

alwaysfiredup on July 14, 2011 at 1:14 AM

Because lefties hate big corporations.

alwaysfiredup on July 14, 2011 at 12:24 AM

Nailed that! Obama’s political campaign platform was essentially identical to the published political platform of the Communist Party USA’s on every point.

If you find a late 1990′s copy of the CPUSA’s political platform, you will read about their desire to use the EPA regulations to force corporations into bankruptcy through fines and being forced to clean up current and past pollution. THEN replace the large corporations with smaller local factories, union controlled of course.

It is not hard to look at what Obama is doing with the “green laws” and job killing legistlation to see that goal being advanced.

The socialist say that they will “get socialism right this time” meaning that they now have a country with enough wealth to make it work once the wealth is redistributed and social justice is achieved. Socialism is the bridge to communism. Socialism must fail to succeed. That negative success will then allow the “Social Justice” of communism to take control, and as Van Jones said, everyone’s life then becomes the same as everyone elses. (except for the elites who have to make the decisions for the people and divide up the national resources that might exist).

Everything that Obama is doing is moving his, Michelle, Van Jones et.al.”American Dream” closer to reality of the socialist America they want.

Franklyn on July 14, 2011 at 1:14 AM

Knucklehead on July 14, 2011 at 1:13 AM

Heh. He got a whole county? That’s amazing. :)

alwaysfiredup on July 14, 2011 at 1:15 AM

In the market place. Extensive would describe the experience accurately.

Bwahahaa. Did you work for a PE fund? Hedge fund? Strategic buyer? An i-bank? If so, buy side or sell side?

Go ahead, I’ll let you google those terms.

Too much detail.

Of course ; )

But I’d be happy to explain anything you’d like to know about the public markets (both debt and equity), private equity, venture capital, etc.

blink on July 14, 2011 at 1:12 AM

bwhahahaa.

crr6 on July 14, 2011 at 1:15 AM

Update: “This may bring my presidency down, but I will not yield on this”

Too late my young Padawan.

Mojave Mark on July 14, 2011 at 1:16 AM

Actually, the issue with liberals like crr6 is that they don’t pay the taxes they already have.

Now watch as the liberal runs away when confronted with facts. Liberals like Crr6 generally have never had any experience with facts and intelligent argument. They do their best to avoid any sort of contrary evidence, as is shown by their desire to censor the Internet, television, and talk radio, and thus are not emotionally or mentally prepared to hear contrary arguments.

Hence Obama’s meltdown and childish tantrum today, and hence Crr6′s desperate spamming.

northdallasthirty on July 14, 2011 at 1:25 AM

They are real lives, and real communities, that are being destroyed by this dissolute President….

rockmom on July 14, 2011 at 12:53 AM

Thanks for your words. We’re in the midst of our own chapter of that story. Yet after wreaked such havoc BHO insists on having this sanctimonious tantrum. It’s not enough to do harm–he wants a halo and a pat on the back for doing it.

INC on July 14, 2011 at 1:26 AM

Law School Intern.

blink on July 14, 2011 at 1:02 AM

Isn’t it amazing how they tend to puff up and preen their feathers. Always fun to watch them get plucked when they enter the real world.

Yoop on July 14, 2011 at 1:32 AM

The only point you’ve attempted to make all thread is that tax cuts raise tax revenues. LOL.

crr6 on July 14, 2011 at 1:13 AM

Which actually is a valid statement, given that, following the Bush tax cuts, tax receipts hit record highs for both personal income and corporate taxes.

Since you have no experience with business, crr6, let us explain this to you. A corporation or entrepreneur being allowed to keep the money that they have earned is better than Obama taking it and handing it out for Obama Party voters to gamble with at casinos.

Until you grasp that fundamental concept, you will forever be a liberal. But since you likely are one of those Obama Party voters living off the welfare system, you’re not exactly incented to do so.

northdallasthirty on July 14, 2011 at 1:33 AM

The only point you’ve attempted to make all thread is that tax cuts raise tax revenues. LOL.

crr6 on July 14, 2011 at 1:13 AM

Which actually is a valid statement, given that, following the Bush tax cuts, tax receipts hit record highs for both personal income and corporate taxes.

northdallasthirty on July 14, 2011 at 1:34 AM

blink on July 14, 2011 at 1:45 AM

God bless you and your patience.

Knucklehead on July 14, 2011 at 2:07 AM

“my presidency”: “I will not yield.” Scr*w you, jerk.

GaltBlvnAtty on July 14, 2011 at 2:08 AM

Seems to me that Obama insisted the Bush tax cuts last until only just after 2012. If he is re-elected he will not extend them in good faith.

The debt timing is a similar principle at hand, and he needs to be hoisted on his own petard in trade for his tax cut trickery.

scotash on July 14, 2011 at 2:08 AM

Smuggled video of Obama during the meeting

faraway on July 13, 2011 at 11:15 PM

Good clip.

I will be honest and tell you that this is the video I had guessed you were linking to.

Bizarro No. 1 on July 14, 2011 at 2:32 AM

Well now that the economy has recovered; it’s time for tax increases.

The new monthly population-employment ratio number was released (with oddly no fanfare)…

http://data.bls.gov/timeseries/LNS12300000

58.2% of the country had a job in June… we’re at a higher number than… July 1983… that is the last month that was below 58.2%.

So a smaller percentage of the country has employment than we’ve seen in over 25 years… that’s an amazing recovery!

Hooray, things have finally rebounded to better than… no time in the past 25 years… it’s time to raise taxes and slow this economic boom down before it overheats.

That’s how it works, right? Once you’ve got employment at a 25+ year low, you raise taxes to slow economic growth?

I mean, if you’re an imbecile who doesn’t have any idea what you’re doing; that is what you do, right?

gekkobear on July 14, 2011 at 3:39 AM

crr6,

There’s a near-consensus among non-HA commenters that TARP saved the US financial system from a catastrophic collapse.

Well that near-consensus is complete horsesh*t.

TARP was passed on October 3rd, 2008. For months afterward the stock markets tumbled and the broader economy contracted. What saved the US financial system from total economic collapse was the suspension of mark-to-market accounting rules on April 9, 2009. The Federal Accounting Standards Board issued the official update to FAS 157 which effectively suspended mark-to-market rules when the market was deemed to be “unsteady”. The whole point of the rule change was to significantly boost banks’ statements of earnings and allow them to conceal their losses. One can time the rise of the stock markets off their lows to the very date that they first floated the idea of suspending mark-to-market accounting (March 16, 2009).

If mark-to-market accounting rules were reinstated the stock markets would tumble again and the economy would begin to contract violently. All of this would happen literally overnight.

Mike Honcho on July 14, 2011 at 4:14 AM

Why would any leader with self-confidence need to bring up another leader’s name in reference? Why the consistent use of “I”? Threatening to demagogue to the American people instead of leading?

We have to make a change next year, folks. This guy is not good for the country. Let’s work together to find a mutually agreeable opponent and then put any small differences aside and band together to swing the independents. Start talking to your friends and neIghbors now. The press won’t report this so we have to.

Bigurn on July 14, 2011 at 4:35 AM

Out here in reality there are just as many (if not more) lefties working for “big corporations.”

crr6 on July 14, 2011 at 12:39 AM

Happily, this turns out not to be the case. It’s a matter of numbers. You see, there just aren’t nearly as many lefties as there are normal people.

applebutter on July 14, 2011 at 4:53 AM

If mark-to-market accounting rules were reinstated the stock markets would tumble again and the economy would begin to contract violently. All of this would happen literally overnight.

Mike Honcho on July 14, 2011 at 4:14 AM

To the average Joe, like myself, just trying to earn a living and care for their family, the whole economic system is a more than a little bit of a mystery. It looks like a web of interconnected elements, all tugging at one-another and threatening to collapse the system if any one of them breaks. Is there any simple way for someone with poor math skills and no time to go back to college to understand all this? I hate not understanding something that ought to be understood and relying on people I don’t know to tell me the “truth”.
Oh, and Obama’s a dick (had to throw that in to stay connected to this thread).

SKYFOX on July 14, 2011 at 5:46 AM

blink on July 14, 2011 at 2:11 AM

Novice. :)

DrMagnolias on July 14, 2011 at 5:52 AM

I was 18 years old, a hippie. That’s why I LOL when I hear people screaming “Perry used to be a Democrat” etc, etc, etc. Time and age brings experience and knowledge, along with a saggy butt and wrinkles.

BTW, the county I lived in down in Kentucky went for Nader in the 2004 election (I think it was 2004, old age also brings memory issues)

Knucklehead on July 14, 2011 at 1:13 AM

Not every RINO changes their mind -just their talk!

Proof: Not everybody in your county that voted Nader was 18 -some never grew up enough to get over the feel-good disease of progressivism. There’s no evidence that the Perry’s or the Rahm-neys of the GOP persuasion are strong conservatives, at least after you discount the fact that they learn to play well in their marketplace de jour.

Palin, on the other hand -has walked the walk, which,in addition to being stunningly beautiful, makes her a very attractive leader.

Don L on July 14, 2011 at 5:58 AM

If mark-to-market accounting rules were reinstated the stock markets would tumble again and the economy would begin to contract violently. All of this would happen literally overnight

Mike Honcho on July 14, 2011 at 4:14 AM

Thanks for the reminder – excellent information. Is this what is essentially making Moody’s nervous, or is it the QE1,2,3s, or failure to seriously cut our debt?

Don L on July 14, 2011 at 6:04 AM

No wonder he favors the Palestinians over Israel; they share (at least) 2 things in common – both want to hold the upper hand even though the mess is largely of his own making, both like to walk out and then blame their negotiating partner for the failure to reach agreement.

ProfessorMiao on July 14, 2011 at 6:07 AM

This process is confirming what the American people think is the worst about Washington,” the president said.

I have shown enormous willingness to compromise

No you idiot, it’s just illustrating what we know about you. You haven’t compromised at all. You just throw tantrum after tantrum demanding to get your own way.

Did you eat your peas?

The GOP MUST continue to say no to more spending and HELL NO to more debt.

It’s time to start cutting “Non Essential” government personnel.

dogsoldier on July 14, 2011 at 6:15 AM

There’s an important point to note that AP didn’t quote above-

Cantor expressed a growing frustration over the rapidly dwindling spending cuts believed to have been agreed to in the Biden negotiations, having gone from about $2 trillion in savings to less than $1.4 trillion over the course of several days. As Rich mentioned, much of the discrepancy is the result of Democrats’ taking cuts to mandatory programs and entitlements off the table, and insisting on additional spending.

The country is broke and can’t afford to borrow any more, debt has exploded and Democrats are insisting on additional spending? Additional. America can’t afford to spend what it currently does and Democrats in crisis talks about debt are raising additional spending.

That tells you everything you need to know about how seriously they’re taking this.

Unbelievable.

Jay Mac on July 14, 2011 at 6:15 AM

“I’m going to the American people with this.”

Why doesn’t the GOP bring the budget out to the American people? How difficult does this have to be? If Obama isn’t going to cut then the GOP needs to get radio and TV commercials out educating the American people on what Obama could do! Bring it to the floor in the House! Show the amount of money the government takes in each month. People don’t stop paying their taxes, with-holdings don’t end just because the debt ceiling isn’t raised. Show the budget, show the portions for SS and so forth, show all the essentials and then show your cuts that can be made without raising the debt ceiling.

If he’s not going to freaking lead then get out there and lead it yourselves! Show the American people you can do his job! Instruct them on what Obama needs to do! It will drive him insane and it will also expose him for what he could be doing but isn’t! Stop sitting there and just whining and capitulating!

Seriously, how many new tax payers would we get if Obama followed the court order and started issuing drilling permits in the Gulf! How many thousands of jobs would we get back with a stroke of the pen? How many other thousands of jobs would we get back quickly, and thus new tax payers, if Obama quit obstructing! Take this to the American people!

Cut the EPA by 30% Cut other Depts like the IRS by 30%! You can’t tell me there isn’t enough fat in these other bureaucracies that they can’t be cut! Stop foreign aid to countries like Greece! Stop our Mosque building programs in the middle east!
Call Obama’s bluff, use this golden opportunity to once again show the American people what kinds of things Obama refuses to cut and what kinds of jobs he is obstructing! Show they American people that Obama would rather spend money to build mosques for Muslims than pay our seniors their social security!
The GOP does not have to sit their and act like there is nothing they can do! If I can think up things like this then why can’ they?!

JellyToast on July 14, 2011 at 6:43 AM

I bet Obama thinks that McConnell is his ace up a sleeve to come up with some insane plan that actually assists Obama and sells out the rest of the country…. and he’s probably right. RINOs/Rockefellers/Moderates- socialist enablers, always and forever.

JimP on July 14, 2011 at 6:52 AM

Boehner should hold a presser and announce that Republicans have agreed to a dollar for dollar revenue increase to match the President’s spending cuts: TWO BILLION DOLLARS

Honestly, it chafes my big ole southern butt to hear the media spinners say with a straight face that Obama has offered 3 dollars in spending cuts to every dollar in revenue. (Yeah. In 2022)

Dumbasses.

BigAlSouth on July 14, 2011 at 7:01 AM

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