Government Shutdown Day 15: Obama Rejects House Proposal Before Hearing It; D-Day Approaches

October has always such a great time for a market crash, why not now?

Markets didn't seem to like the antics down in DC, closing at the lows of the day. More of that may be coming into focus soon.

Obama rejected a House proposal before the Republicans even announced what it was, a sure "jump the shark (and the snark)" moment for the worst-ever US president, and that's saying quite a bit, since there have been some notoriously bad ones.

Supposedly, the nation goes over the Default Deadline (it's total BS, like everything else coming out from inside the Beltway, after midnight tomorrow. While that's not exactly a true deadline, those in or near urban centers may have a few weeks to escape to the hinterlands before all hell breaks loose, which seems to be at the heart of the government's intent.

The Obamacare rollout has to be the worst ever in the history of government programs, again, saying quite a bit, since government work is usually quite shoddy.

Here's a quote that really nails it:

Let me get this straight. We've been "gifted" with a health care plan we are forced to purchase and "taxed" if we don't, written by a committee whose chairman says he doesn't understand it, declared deficit neutral by a CBO that only underestimated SS and medicare costs by about 100 trillion dollars, give or take a few trillion, passed by a Congress that hasn't read it but exempts themselves from it, gaveled into law by a Speaker who states we have to pass the damnthing to find out what's in it, signed into law by a President who smokes, supported by a first diet guru with a derriere the size of a battleship beam, exclaimed to be a big friggindeal by a sleepy VP with Attention Deficit Disorder and a really bad plug job, considered to be such a great plan by the unions that hundreds of them supported it, then promptly applied for and were granted exemptions from it, enforced by an Attorney General with a terrible case of amnesia, policed by 16,000 new IRS agents who are "here to help you", with funding administered by a Treasury Secretary who "forgot" to pay his taxes, overseen by a Surgeon General who's obese, and financed by a country that's broke. What could possibly go wrong?

--posted as FoxNews comment by madashe11

Awesome video which explains the differences in economic philosophies of John Maynard Keynes and F.A. Hayek with a rap theme:


Dow 15,168.01, -133.25 (0.87%)
Nasdaq 3,794.01, -21.26 (0.56%)
S&P 500 1,698.06, -12.08 (0.71%)
10-Yr Bond 2.72%, +0.03
NYSE Volume 3,312,423,250
Nasdaq Volume 1,694,419,125
Combined NYSE & NASDAQ Advance - Decline: 1445-4147
Combined NYSE & NASDAQ New highs - New lows: 299-71
WTI crude oil: 101.21, -1.20
Gold: 1,273.20, -3.40
Silver: 21.19, -0.163
Corn: 443.50, +6.50

Government Shutdown Day 14: Excuse Me, But These People Are Idiots; I Withdraw My Consent

I, along with likely millions of other Americans, have had it with the sloths in Washington.

THEY DO NOT GOVERN ME.

They are, by far, the most incompetent assemblage of buffoons masquerading as political, cultural and economic leaders as has ever been encountered in hundreds of years of parliamentary-style government.

They do not have the consent of the people, as the majority of Americans able to vote have not voted for them. They are, therefore, illegitimate, and the sooner the American people awaken to this fact, the better off we shall be as a nation.

They have not come to any kind of agreement on either a continuing resolution or a raising of the debt ceiling, both of which are merely stop-gap measures, designed only to keep the status quo intact.

As far as I am concerned, they can take their deliberations and negotiations and shove them up their collective arses. They are not worthy of governing me, you or anybody on the planet.

I will no longer engage in the dubious practice of analyzing their moves, their motivations, their duplicitous machinations of public policy. The current senators, representatives in the house, the president and the supreme court, have shown, by their actions, to be incapable of carrying out their most basic duty, that being the upholding and defense of the constitution.

I will no longer abide by any federal laws nor be subject to fines or penalties in defiance of them.

I withdraw my consent.

I attest to these statements under clear mind and conscience, this fourteenth day of October, 2013.

Richard A. Gagliano
Freeman, New York

By the way, take a look at those volume figures. The system is grinding to a complete halt and there's nothing they or anybody else can do about it.

DEAL WITH IT.

Silver and corn is an excellent correlation pair trade, if you have the stomach for it.

Dow 15,301.26, +64.15 (0.42%)
Nasdaq 3,815.27, +23.40 (0.62%)
S&P 500 1,710.14, +6.94 (0.41%)
10-Yr Bond 2.69%, +0.01
NYSE Volume 2,582,783,750
Nasdaq Volume 1,451,667,000
Combined NYSE & NASDAQ Advance - Decline: 3269-2200
Combined NYSE & NASDAQ New highs - New lows: 393-51
WTI crude oil: 102.41, -0.39
Gold: 1,276.60, +8.40
Silver: 21.35, +0.095
Corn: 437.00, +3.75

Government Shutdown Day 13: Senate Talks Break Down; Negotiations Back to Square One

Hard to believe that there could be more buffoonish characters in the world than those currently heading the US federal government, those self-important, distinguished leaders who can't agree on a budget and prefer to keep sinkng the nation further and further into debt servitude rather than address the pressing problems facing the nation.

On Sunday, both sides seemed relaxed about taking a day off, the negotiations between Senate leaders McConnell and Reid having completely broken down with absolutely nothing resolved.

While the partial government shutdown (86% of the government is still on the job, but NOT getting paid) proceeds into a two-week ordeal on Monday (Columbus Day, an official holiday, BTW), Republicans and Democrats are possibly further apart than they were at the beginning of the latest fiasco.

More to come when financial markets open on Monday, which, on Wall Street, at least, is not a holiday.

Government Shutdown Day 12: Wait a Minute... Obama Rejects Republican Proposals

The stock market added more than 500 points off its Wednesday lows through the end of the week, believing that the pols in Washington had gotten their collective acts together enough to begin talking about a deal that would re-open the government and avoid a debt ceiling impasse. Most media outlets (including Money Daily) had expected a deal to be worked out by Monday.

That seems to be seriously in doubt, now.

As of Saturday afternoon, Speaker of the House, John Boehner, told his Republican caucus that the president has rejected all of his proposals.

The Washington Post reports that senate leaders Mitch McConnell (R) and Harry Reid (D) are beginning talks aimed at ending the stalemate over the government closure and raising the debt ceiling.

Even though nearly 70% of Americans (proven wrong, time and again) blame the Republican Party for shutting down the government, Thomas Sowell correctly points out that the Democrats are chiefly to blame.

So far, nothing "catastrophic" - as promised - has occurred, but, we're still only less than two weeks into this mess, which should have been handled months ago. We technically breached the debt ceiling in May, but treasury secretary Jack Lew has been raiding federal pension funds and using other "extraordinary measures" since.

The government hasn't had an actual budget since 2007, passing only continuing resolutions since then.

It's NOT over. Stay tuned.

Government Shutdown Day 11: It's Over

As usual, the Republican leadership folded like a cheap suit.

The status quo will remain.

Sorry to have gotten all worked up about it the past few weeks. It's obvious that neither party wishes to change anything.

In 1492, Christopher Columbus discovered what would be known as the "New World." Turns out, it's been so plundered and beaten and exploited that now it looks just like the Old World, a feudal socialistic state which benefits old money and the oligarchy atop the human pyramid.

Good luck with that.

Dow 15,237.11. +111.04 (0.73%)
Nasdaq 3,791.87, +31.13 (0.83%)
S&P 500 1,703.20, +10.64 (0.63%)
10-Yr Bond 2.68% 0.00
NYSE Volume 2,942,500,500
Nasdaq Volume 1,721,708,875
Combined NYSE & NASDAQ Advance - Decline: 4125-1472
Combined NYSE & NASDAQ New highs - New lows: 343-43
WTI crude oil: 102.02, -0.99
Gold: 1,268.20, -28.70
Silver: 21.26, -0.637
Corn: 433.25, -5.00