The mother of all fiscal cliff deals … breaking, final vote to be held soon

9:00 PM it passes! Fiscal cliff averted, fiscal cliff averted!

 

8: 20 PM Central Update: If people hogged the mic like this in a workplace meeting you’d want them fired, immediately. They think about 10 PM 11 PM central still to final vote. Unrelated note, pretty sure Dreier (R-Douche) copped to climate change data, awfully convenient since he is leaving the House.

7:40 House back in session, bill called up for one hour of debate then there will be a vote. This mess could soon be over folks. It’s funny, even moving at breakneck emergency ramming speed the House talking heads can barely keep my attention during this debate.

Breaking Update 7:30 PM Central: Vote could begin early! It’s intresting enough that I’m glued to CSPAN now. It was mostly House repubs whining about the debt they created with tax cuts, two wars, and an utter and complete demonstration of the catastrophic result of deregulation on the financial products industry. But this is a death rattle, The bell just rang to bring them back and I think this will pass. EtV, estimated time of vote? Supposedly 9:00 – 9:30 PM but it could start any minute now. It takes 218 voites to pass, there are currently 242 republicans and 193 democrats in the House of Representatives. [Read more...]

Ignore history and you are doomed to repeat it

wapo_cbpp_debt

The chart provides a quick reminder of how we got here: tax cuts, deregulation leading to the banking meltdown, and war. Of the current 13.6 trillion dollar national debt, 10 trillion dollars were piled up under Republican presidents. The remaining 3.6 trillion could be attributed to Obama in the sense he was sworn in when it accrued, but that does not tell the whole story. The vast majority of “Obama’s debt” came from the Bush tax cuts, the Bush wars, and the Bush recession. A stark contrast with Reagan and Bush II, both of whom inherited a balanced budget. The one thing Obama actually did do, the stimulus, was a tiny, one time addition to the treasure trove lost thanks to conservative policies. And note the one thing you don’t see on that chart: Social Security and Medicare. Keep that in mind as you hear conservatives howl in anger this week demanding we punish future recipients of earned benefits for past Republican cluster fucks.

Will democrats snatch defeat from the jaws of certain victory?

Victory is ours! If nothing is done taxes go up on everyone at the first of next month, and everyone in DC will rush to cut taxes in January. The Senate will prevent any bill that includes tax cuts on the highest incomes from even reaching the President’s desk, so there’s no need to veto anything. Large majorities support raising taxes on taxable gross income over 250k, large majorities do not want Medicare benefits reduced in anyway, and a big nasty election was just won on both those ideas. So how could democrats in DC possibly fuck it up? [Read more...]

Anyday now they’ll start calling us angry

When the pampered Wall Street CEO class nuked the economy, shown by the red-colored needle shaped drop in corporate profits just before 2010, it was US wage earners who rode to their rescue, securing their multimillion dollar bonuses and cushy jobs. The same working middle class whose wages shown in blue never recovered. At first the CEO class strutted around and scolding us for taking on the debt to save them [Read more...]

Ethan Rome takes the wood to spoiled CEOs

Let’s say you’re a pampered CEO making millions, and you create the most toxic debt known to mankind, debt so poisonous it blows up and crashes the entire US economy, throwing millions of taxpayers like me into the snapping jaws of unemployment and misery. Then tax payers like me bail your rich ass out to the tune of a trillion bucks securing your multi-million dollar bonuses and luxurious retirement. How would you reward those taxpayers? If you’re a Wall Street investment banker, you scold us over the national debt and tell us we must sacrifice more: [Read more...]

Buffet brings the wood to Republican apologists for zillionaires

It remains to be seen what kind of deal Obama will be able to wrestle out of the House this year or next, but in the meantime billionaire investor Warren Buffet paddles the spoiled rich with a vengeance in the NYT. Billmon follows up with up a salient point where upon the GOP toys with throwing their mildly affluent base under the bus in favor of Kochwhores. First an excerpt from Buffet’s op-ed, which I highly recommend should be read in its entirety, titled Stop Coddling the Super Rich: [Read more...]

They really don’t get it

I was hanging with some friends this weekend who just don’t get why their ideology is doomed. One was the usual “He’s a Muslim because his dad was a Muslim and so …” where so is never filled in. More detailed was an exec friend who was bummed because his entry-level employees are unmotivated to try for a bonus he devised because “They’re all moochers who worry they won’t qualify for WIC or food stamps if they make any more money”. The bonus was an extra fifty cents to a dollar on top of the nine dollars an hour they make. Now, he’s a got a point: if only there were no food stamps or WIC he would have even more power over his employees miserable lives because they would have even fewer options on how they manage their bleak, endless poverty. [Read more...]