MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

House GOP Proposes Own Bill W/2 Days to Go

scott
edited October 2013 in Off-Topic
http://www.zerohedge.com/news/2013-10-15/two-days-go-house-gop-splinters-senate-propose-its-own-bill

Again, these people are nuts. I am not going to say invest in other parts of the world entirely, I think you have to be diversified globally and there are some great companies in this country.

That said, watching these proceedings, I think I could invest more in energy in this country, but we have no energy plan/policy and a government that can't agree on anything. Maybe think of it this way: hope that they don't turn their focus on all the energy being found in this country because their inability to agree on anything might screw that up?

Comments

  • scott
    edited October 2013
    Updated: "*BOEHNER SAID TO CALL SENATE PROPOSAL A HAND GRENADE"

    CNBC also: "WHITE HOUSE: LATEST GOP PROPOSAL IS ANOTHER RANSOM DEMAND."

    Boehner press conference: "The idea of default is wrong, we shouldn't get anywhere close to it." Uh, welllllll....?

    So, there's that.

    This will likely be the status for a while:

  • MarkMark
    edited October 2013
    The man has either spent too much time in the sun or been whacked too many times in the head with golf balls and clubs when he should have been working. As an effort of last resort is he going to cry if he doesn't get everything he wants?
  • TSP_TransferTSP_Transfer
    Scott,like you've said, crises to crises to crisis for the forseeable future.
    David Frum:
    "so brace yourself for more crises ahead."
    http://www.thedailybeast.com/articles/2013/10/15/debt-ceiling-deal-may-be-struck-but-the-crisis-is-not-over-yet.html?
  • JunksterJunkster
    I have NEVER said anything political in all my years on various forums. But this latest fiasco was too much. Just to vent my frustrations, I sent an e-mail to my two Senators - Mitch McConnell and Rand Paul - as well as the Speaker of the House and told them I am ashamed to be a Republican. I echoed the sentiments of many that I would not be voting for any Republican incumbents in the next couple elections.
  • AnnaAnna
    Reply to @Junkster:

    I think when the guys lose their Congress jobs, they just move on to their promised $1M+/year lobby, contractor, ... jobs. I know they act like reelection is important but I sometimes wonder why they want to keep a job that they don't particularly want to do. I'm talking about "serving the American people", of course.
  • scott
    Reply to @TSP_Transfer: It's really unfortunate because it's a terrible way for a country to proceed, it looks terrible globally and what's particularly sad is that all it would take to start going in the right direction is for these people to start acting like adults and sit down and talk with one another.

    I think if this is worked out and we are going to have three more years of going from crisis-to-crisis that has to be factored in to some degree by investors both here and abroad.

    Also, Reid said in his speech earlier that the US would be downgraded again as early as tonight if something is not worked out. Truth or empty threat? I guess we'll see.
  • Old_JoeOld_Joe
    edited October 2013
    Reply to @Junkster:

    Well, I can't make that same claim, for sure. While I have enthusiastically responded when others have stated these discussions, I prefer not to initiate them. It's notable that those of us of the "left coast" persuasion have really not had to say much throughout this fiasco. The situation is so obviously and painfully lopsided that it speaks for itself, unfortunately.

    And it really is unfortunate: I don't trust "our side" any more than the "other side" with unbridled power. For many years there was sufficient middle ground for each side to act as a brake on the more extreme positions of the other, and things worked reasonably well, actually. No matter how this turns out, I'm not at all sure that the average citizen is going to be a winner.
  • MOZART325
    I'm surprised the market has not been more volatile. It reminds me of Alfred E. Neuman of Mad magazine- "What me Worry?". If the Dow were to drop a few thousand points, it might wake up Congress.
  • scott
    Reply to @MOZART325: I think that's the interesting thing. I think there was some desire by government that the financial markets have a reaction that would put pressure on a deal being made, but the market has largely - and rather bizarrely, as nothing has indicated positive progress - gone in the opposite direction.

    Article by Felix Salmon:

    http://seekingalpha.com/article/1744922-the-default-has-already-begun
  • JunksterJunkster
    edited October 2013
    Reply to @Old_Joe: Old Joe, I may be a registered Republican (since the late 60s) but more of your "left coast persuasion" than you might imagine. For instance, I am a liberal on most social issues and an *extreme* ultra left wing radical on the environment. The later because that's what happens to those who spend most of their waking hours in our national forests/parks.
  • scott
    edited October 2013
    And speak of the market not reacting and it does. Senate fiscal negotiations suspended until House Republicans work out plan to raise debt limit and government funding, according to Sen. Durbin.

    U.S. SENATE FISCAL NEGOTIATIONS SUSPENDED UNTIL HOUSE REPUBLICANS WORK OUT PLAN TO PROCEED ON DEBT LIMIT, GOVT FUNDING-SEN. DURBIN

    SEN. FEINSTEIN SAYS `IT'S ALL FALLEN APART' ON BUDGET TALKS

    So Citigroup, State St, Fidelity, JP Morgan and others reducing very short-term treasuries, no progress in government on a plan and people still think something will be worked out at the last minute. Citi apparently made a particular note about reducing treasury holdings in their conference call.

    http://blogs.marketwatch.com/thetell/2013/10/15/citigroup-cfo-reveals-bank-has-sold-its-short-term-treasurys/

    -----------------------

    Liesman (er, Leisman) on CNBC:

    "What the Fed Can Do" ("Fed to Save the Day?")

    * Treat defaulted securities as money-good.
    * Buy defaulted securities.
    * Swap defaulted bills for money-good securities.
    * Rule no additional reserves required for institutions with defaulted securities.

    Oh, well, good then. lol.
  • catch22catch22
    edited October 2013
    The business in D.C. brought this to mind.

    "We didn't start the fire" could always be a chosen excuse, for some of those fighting this most serious social/political war, eh? Reflecting a broad sense of, "Its not my fault."
    The below video statement may not have any direct bearing on this thread, with the exception of power struggles to infinity. To the very least, the events portrayed in the video for the 40 year period did help shape events of today; including some of the folks reading this.

    Junkster noted writing to his officials. I do assume that opinions are noted from emails sent to D.C. I have never received a reply that was related to a direct and straight forward question asked of our D.C. folks.

    My inflation adjusted 2 cents................

    A few of the events that have shaped the globe from 1949-1989 in the below two links



  • Old_JoeOld_Joe
    A new Pew Research Center poll shows a majority of Republicans and many independents are just fine with the idea of not raising the debt limit by the Treasury Department’s deadline of Oct. 17.

    The poll shows 52 percent of Republicans, 38 percent of independents and 36 percent of Americans overall say the country can go past that deadline without major economic problems.
    Washington Post Article
  • TSP_TransferTSP_Transfer
    Reply to @Junkster: From Huntington EcoLogical Fund's Fact Sheet:Sustainability and environmental stewardship
    continues to grow in importance across
    the globe. We believe the companies in the
    portfolio are well positioned with regard to
    these growing themes
    http://www.huntingtonstrategyshares.com/shares/snapshot.php?fundid=1
    Hadn't heard of this fund until researching construction firm Mastec,a top ten holding.Share your views .Especially concerning the environment.Added HECO to my watch list
  • scott
    edited October 2013
    Reply to @Old_Joe: I think that's hilarious in the worst possible way. There seems to be a lack of comprehension as to what the negative effects may be for one, not to mention how this appears on the global stage.
  • scott
    edited October 2013
    Reply to @scott: "Also, Reid said in his speech earlier that the US would be downgraded again as early as tonight if something is not worked out. "

    Fitch puts USA on ratings watch negative. "By Ben Eisen
    NEW YORK (MarketWatch) -- Fitch Ratings put its AAA credit rating of the U.S. on negative watch Tuesday, citing the prolonged congressional negotiations over a hike to the borrowing limit. The U.S. is set to hit its debt ceiling on Thursday without a deal to increase its ability to borrow. "The prolonged negotiations over raising the debt ceiling (following the episode in August 2011) risks undermining confidence in the role of the U.S.dollar as the preeminent global reserve currency, by casting doubt over the full faith and credit of the U.S," the agency said in a statement. Senate Majority Leader Harry Reid had warned that a rating downgrade could come as soon as Tuesday. "

    http://www.marketwatch.com/story/fitch-us-aaa-rating-on-watch-over-debt-debate-2013-10-15?link=MW_home_latest_news

    http://business.financialpost.com/2013/10/15/us-dollar-supremacy-decline/
  • Hogan
    I think a lot of people think our economy is fake because of QE. So in their minds we will be reverting to the mean if we default, we also get runaway government spending under control, and we win politically. People who equate kitchen table economics with the macro economy are clueless. In the end it is not about deficits it is about control.
  • CharlesCharles
    What a mess.
Sign In or Register to comment.