Thursday, October 17, 2013

OK, Back to Work, Slaves! S&P Hits All-Time High

Grateful that the shutdown is behind us, President Disingenuous could help but take a victory lap with a press conference this morning (Why is he always late? Very annoying.) reminding all the faithful citizens that those overpaid, barely-stressed government workers are patriot and essential. Funny, we thought they furloughed the non-essential ones. And, yes, they're all getting paid for the two weeks they didn't work.

Oh, well.

People better get straight with this and quick. The debt limit was NOT increased, it was SUSPENDED, the President now having authority to issue as much debt as he pleases, unless congress disapproves via a joint resolution - which the president would veto - and the congress would need a 2/3rds majority to override, which, with the current makeup on congress, is all but impossible.

So, essentially, there is no debt limit any more, thanks to provisions in the bill supported by Mitch McConnell (that's right, numbskulls, there's no Red team or Blue team, just one team) and signed into law by the supine congress on Wednesday, October 16, 2013.

That explains why the president, when asked last night if we'll be doing this all over again in three months, quickly turned on his heels while heading for the exit after his presser, and replied simply, "No."

This also explains quite a bit about how things actually operate in the capitol. They scare us to bejeezus, and then, in the dead of the night, right before their artificial deadline, when everybody is zoned out from boredom or anxiety, throw in language that subverts and changes the way they do business.

From here on out, the president can just run the tab up as high as he likes, and congress won't make a peep about it, because, as they'll surely tell us, they can't muster the votes to override a veto. Essentially, the United States no longer has a debt limit or debt ceiling, call it what you like. It has been suspended.

Read the actual bill:

Nice job, for government work.

PS: We're screwed.

On the other hand, we all might take this advice: Why I Stopped Worrying and Learned to Love the Currency Collapse

Dow 15,371.65, -2.18 (0.01%)
Nasdaq 3,863.15, +23.71 (0.62%)
S&P 500 1,733.15, +11.61 (0.67%)
10-Yr Bond 2.59%, -0.08
NYSE Volume 3,433,423,500
Nasdaq Volume 1,931,481,625
Combined NYSE & NASDAQ Advance - Decline: 4282-1351
Combined NYSE & NASDAQ New highs - New lows: 554-41
WTI crude oil: 100.67, -1.62
Gold: 1,323.00, +40.70
Silver: 21.95, +0.582
Corn: 443.00, +0.25

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