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XMFSinchiruna (27.78)

Wag the Dog: Political Theatrics Add Insult to Injury

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April 11, 2011 – Comments (21)

That Friday night theater was truly shameful. The congratulations and kudos that circulated thereafter were designed as mouthwash to remove the nasty taste in your mouth left by their preceding betrayal of the public interest. Let your elected representatives know what you think of their performance.

21 Comments – Post Your Own

#1) On April 11, 2011 at 9:25 AM, OneLegged (< 20) wrote:

Amen.

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#2) On April 11, 2011 at 9:33 AM, reinman60 (< 20) wrote:

I agree 100%

As far as letting my elected representatives know how I feel, I won't.  It's a complete waste of time. Better to put the effort into researching PM investments.  We must protect ourselves, and not depend on our politicians to do it.  If we do, we're doomed.

Has anybody read Clive Crook's commentary "A debt disaster behind a comic book budget squabble" in the FT.  I'd link it, but its behind the pay wall, although I think you can read several pieces a week there for free.  At any rate, he gets things right.  The money quote " It has come to something when the White House makes eventual fiscal collapse official policy"

In a year, when all of this is still going on, QE4 is in full swing, and gold and silver have risen to new heights, we'll all be thankful that we took the time now to position ourselves in the PM sector.

 

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#3) On April 11, 2011 at 9:34 AM, reinman60 (< 20) wrote:

I agree 100%

As far as letting my elected representatives know how I feel, I won't.  It's a complete waste of time. Better to put the effort into researching PM investments.  We must protect ourselves, and not depend on our politicians to do it.  If we do, we're doomed.

Has anybody read Clive Crook's commentary "A debt disaster behind a comic book budget squabble" in the FT.  I'd link it, but its behind the pay wall, although I think you can read several pieces a week there for free.  At any rate, he gets things right.  The money quote " It has come to something when the White House makes eventual fiscal collapse official policy"

In a year, when all of this is still going on, QE4 is in full swing, and gold and silver have risen to new heights, we'll all be thankful that we took the time now to position ourselves in the PM sector.

 

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#4) On April 11, 2011 at 9:34 AM, reinman60 (< 20) wrote:

Sorry for the double post.

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#5) On April 11, 2011 at 9:38 AM, drgroup (69.27) wrote:

Thank you for being calm and collected enough to make a cogent statement regarding the farce we all were subjected to over the past few weeks. I have not seen such a display of outright deceit sense my childhood visit to the PT Barnum sideshows at the circus. It is so painfully obvious that the socialist progressive dems run the congress, in spite of the republican majority in the house. G-d help us all....

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#6) On April 11, 2011 at 10:00 AM, 4everlost (29.33) wrote:

Are they ignorant or irresponsible?  Maybe both?  Some of them described the cuts as "draconian".  Are you kidding me?  We need a congress and president that no longer live in the bubble that obscures the current Washington DC view of reality.  Every expenditure needs to be on the table!  Please put all special interests aside - including the Federal Reserve Bank which is the largest, most detrimental special interst there is.

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#7) On April 11, 2011 at 11:39 AM, Gonzhouse (78.11) wrote:

Forrest Gump said it best:  Stupid is as stupid does.

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#8) On April 11, 2011 at 12:38 PM, leohaas (32.24) wrote:

He drgroup, so now the Tea Party is socialist?

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#9) On April 11, 2011 at 1:55 PM, whereaminow (< 20) wrote:

Statism = socialism

The whole charade was political theater, a total joke, designed to make you feel like government is important, which it is DEFINITELY NOT.

Government is the biggest waste of space of time on this planet. It is a meaningless collection of morons and barbarians.

That I should even worry for 2 milliseconds that it would shut itself down, leaving me in unbridled non-governmental chaos (Heavens, no!)......

The entire charade should have been on page 40 of the local paper, if in it at all.

I was highly amused that my military friends on Facebook were just ALL fired up about the prospect of not getting paid. I kind of wish that had happened. But I had no doubt whatsoever that a "compromise" would be reached.

And none of these are real cuts by the way, just cuts in the RATE OF INCREASE.

Yawn.

Buy more gold. Buy more silver. Continue to laugh at liberals and conservatives who act as though their arguments mean something and are totally flabbergasted that the dollar keeps dropping relative to monetary metals.

David in Qatar

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#10) On April 11, 2011 at 2:41 PM, mtf00l (45.13) wrote:

Are you kidding?!  Those fools are getting gold and silver for free from their lobyist! =D

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#11) On April 11, 2011 at 2:48 PM, rfaramir (29.29) wrote:

Reposted to my facebook friends.

Question: Is the budget baseline last year's budget or last year's budget plus a percentage (8% rings a bell)?

If the latter, these aren't cuts (as David asserts) at all.

But David, if this is "a total joke", the joke is on us. Government definitely not important??? How is a deadly infection not important? How are wolves howling at the door not important? This government is the gravest threat we face today. Not just indisputably to our Liberties, but certainly to our Property, and possibly (if it all crashes badly) to our very Lives.

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#12) On April 11, 2011 at 3:22 PM, kdakota630 (29.50) wrote:

John Stossel - Clueless Media

Federal spending rose by more than a trillion dollars during Bush’s first seven years, and then by almost another trillion in barely three fiscal years. And then we had a titanic battle over whether to trim $38 billion.

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#13) On April 11, 2011 at 3:53 PM, Betapeg (< 20) wrote:

Medicare, social security, and defense should be on agenda. They're cutting peanuts when we need to cut fat. Defunding Planned Parenthood? Seriously??? What are Republicans thinking? That we're stupid? Wait. Nevermind. Americans are stupid (voted for Bush Jr. twice). 

Anyways, Chile provides a great example of entitlement reform. Give all workers the choice of paying 10% of their income into the social security system or paying 10% of their income into a strictly regulated private pension fund where they get to decide where the money goes. For example, in Chile, workers get to choose among five funds A-E, A being the riskiest, and E being the safest. 

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#14) On April 11, 2011 at 4:30 PM, rfaramir (29.29) wrote:

Reposting the first comment from Stossel's blog by "Erica":

"$38 Billion in cuts but, they spend 4 Billion a day in debt. All this arguing, all this claim to success and all you did was not borrow money from China for 9 and a half DAYS!"

Minor quibbles: actually, the Fed is buying more of our debt than China is, about 70% of each issuance I hear, and is holding more in total, at the moment. Also, we're spending 10.1 billion a day, 4 billion of which is borrowed each day (i.e. overspent). (So she's right with the rest of her calculations, that that is how much we borrow each day.)

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#15) On April 11, 2011 at 4:40 PM, ag77840 (21.92) wrote:

Gentlemen, 

 First of all thanks for educating a 20 year old on the realities of the system we live in today. I got into silver before 2011 hit and I am very grateful for those of you covering PM's so extensively. 

 My question is this... I am currently in small cap miners and continue to hold.  My largest two positions are Gammon Gold and Endeavour Silver. I currently have no physical holdings. In a worst case scenario where we completely devalue the crap out of our currency (something similar to the Weimar Republic), will these equities hold any value?  Should I be thinking physical holdings now and use my brokerage account to solely trade non-commodities stocks? 

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#16) On April 11, 2011 at 4:54 PM, whereaminow (< 20) wrote:

rfarmir,

The joke was not on us. You and I understand what the State is and what it is not. The joke was on those that do not understand, and perhaps because of this, these people actually worried that the government would shut itself down.

There was zero chance of a government shutdown.

On a secondary and deeper level, the question should be asked by all, "why do I care if the government shuts down?" The point was to make this whole thing seem like a giant disaster that would plunge the nation into chaos. No such thing is true. :Life would have continued the next day as before.

(Note how the Statists always accuse liberty-lovers of being hyperventilating gloom-and-doomers, but check out their reaction to the impending disaster of a day without their coercive overlords? Why, they almost sh*t their man-sized diapers!)

This was a charade. The intent was to trick a large enough portion of the voting block that the politicos are very serious about the fiscal disasters they have inherited and/or created.

Did it work? Probably a little bit, but less than it would have 10 years ago.

That's progress, I suppose.

David in Qatar

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#17) On April 11, 2011 at 10:10 PM, skypilot2005 (< 20) wrote:

David in Qatar wrote:

 “There was zero chance of a government shutdown.”

 I agree.

This has been about politics not the economy for the last two years.

If one decides deficit spending is the appropriate way to stimulate an economy, having the government decide how to spend the money is the least effective way to do it.  History has shown that lowering taxes and letting consumers decide how to spend the money is the best way to stimulate an economy.

The President and Congress were presented with the two choices above.  They chose government deficit spending in the face of clear evidence that the method was questionable and that lowering taxes was another viable choice.  I believe their reason(s) were primarily political because they wanted to reward their constituents.  They rewarded their constituents and our great grandchildren will still be paying for it.

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#18) On April 11, 2011 at 10:27 PM, DDawkins20 (< 20) wrote:

Agreed Gonz!  Stupid is as stupid does.  What a better illustration of that then is article.  Def adds insult to injury.  I must say there was no chance of a shutdown though.

 

Dave

www.capitalira.com

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#19) On April 11, 2011 at 11:46 PM, silverminer (31.11) wrote:

By the sound of it, you are already better-protected than the vast majority of investors. I would not make wholesale changes from this point forward, since you already have core positions in quality miners of both silver and gold that are indeed likely to appreciate handsomely to help alleviate the financial impact of a major follow-on scenario to the crisis. You may see them, and any mining shares, dip during the initial phases of any systemic deleveraging evemt, but it is my opinion that miners of gold and silver will experience among the shortest-lived and shallowest dips of any sector out there.

Physical exposure does offer another attractive piece of the pie, but I see it as an addition to quality miners rather than an either/or equation.

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#20) On April 12, 2011 at 8:57 AM, Jbay76 (< 20) wrote:

Double that silverminer!

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#21) On April 18, 2011 at 10:49 AM, drgroup (69.27) wrote:

"He drgroup, so now the Tea Party is socialist?"

Your words leohaas, not mine...

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