“So far, Russia has failed to take any of the steps that I have mentioned. In fact, Russia’s support for the separatists and violations of Ukraine’s sovereignty has continued.”

So, President Obama is gonna up the sanctions. Get real tough, so to speak. I guess a few travel restrictions didn't really get their attention, huh? I'm sure that this new sanction will be super-duper, tough.

NEW SANCTION: "The new measures will severely restrict access to American debt markets for the targeted companies."

Ooooooh, snap! We won't loan some Russian companies some money.

That's the kind of tough sanction that's sure to cripple the Russian Bear, because nothing says you're serious like refusing to finance your adversary. Hey, you! Quit beating up on that small kid, or I'll...I'll refuse to loan you money.

Yup. I'm sure that this set of sanctions will work. Seriously, you guys.

Sumter Man Attempts to Pay Applebee's Tab with $1Trillion Dollar Bill

Applebee's declined. As an aside, the piece doesn't say how much his tab was. I'm assuming that it was substantially less than one trillion dollars, since Applebee's is a pretty good value.

Hey, he was probably just following the advice of noted economist Paul Krugman.

Debt Ceiling Being Raised - GOP Surrender

Sorry I haven't had a post in awhile. I was busy lawyerin'.

Hey! Remember when the GOP was going to fight Obama on the debt ceiling and try to get cuts equivalent to any raise in the borrowing level? Good times.

Looks like the GOP has decided to waive the white flag and raise the debt ceiling in exchange for nothing. The second part of the bill (withholding pay for Congress if no budget is passed) is just a gimmick.

Does anyone really think Congress is going to withhold their own pay? Yeah, me either.

Surrender. Get used to it, GOP.

Fiscal Cliff Negotiations

Ok, fine. I'm giving up on the the "no politics" rule. President Obama finally came out with his offer to solve the fiscal cliff "problem" that Congress created. It's not really a problem, because that's what everyone agreed would happen. Both houses of Congress and the president all agreed on this horrible event. Let's not forget that. In any event, here's Obama's opening bid:

Treasury Secretary Timothy F. Geithner presented the House speaker, John A. Boehner, a detailed proposal on Thursday to avert the year-end fiscal crisis with $1.6 trillion in tax increases over 10 years, $50 billion in immediate stimulus spending, home mortgage refinancing and a permanent end to Congressional control over statutory borrowing limits.

Ok. Taxes go up, we spend more, and Congress can't control how much we borrow anymore. Wait, what? I get that Obama wants to start with taxes, but he wants to now have more stimulus spending, and Congress won't be allowed to control the debt ceiling anymore. Is this plan supposed to reduce the deficit? I don't really get this at all, except that I'm pretty sure the Republicans are going to cave on this eventually. Here is what I expect to happen:

We'll have moderately long negotiations, lots of bluster, and right before the cliff hits, the Republicans agree to tax increases on high earners, more spending, and some theoretical cuts to be named later...maybe. The GOP will say "This was the best deal we could get". The economy will continue to suck, and the GOP will get blamed for not having even higher tax cuts and more stimulus spending.

Here is what I would do if I were in charge of the Republicans. I like to call it the "Joshua" strategy. (You'll see why a the end.) I know the economy is going to suck as long as we keep spending and taxing. I know the media and the Democrats (but I repeat myself) are going to blame me for it. Either way, if I agree to a deal or not, the economy is going to stay in this horrible shape or get worse. The only question is how do I not be held responsible for the cratering value of the dollar, the higher taxes, inflation, and high unemployment.

Let it Burn.

I tell Obama in a public press conference that I am against raising taxes on anyone, and I am against spending more Federal spending. However, I tell him that I am going to give him everything he wants without asking anything in return. He wants taxes? However much he wants on whatever income levels...fine. He wants more Federal spending? Sure. Spend as much as you like. Heck, even have a budget. Or not. Either way, he can simply write down what he wants to do, I'm going to say "Sure, pal. You can do whatever you want, but I'm telling you now that it's not going to work. Don't come crying to me later."

All the GOP members vote "Present", and the bill can pass through the house and senate with universal Democrat support. Obama signs it and everything will be peachy. Or it will burn, and then we get back to basics.

Watch the video below. If you don't know this movie, stop reading my blog, go watch the movie and come back. I'll wait.

Strange game, this "politics". The only winning move is not to play.

Debt Ceiling Strategy Predicted by Marc Ambinder...

in December of last year. But the President wasn't worried. Just like the Cassandra of Greek mythology, Ambinder predicts the future but is not believed.


No further commentary necessary.

A Visualization of the USA Debt

This is a great link if you're more of a visual person, rather than a numbers person.
The USA Debt in Pictures
[H/T SayUncle]

Debt Ceiling Update: Math Always Beats up on Words (Dirty Harry Edition)

Ever since Obama couldn't guarantee that Social Security checks would go out, the Washington Examiner has done the unthinkable; they've obtained the hard numbers and done the math.

Actual math below the jump. For those of you who avoid math at all costs, just move along. Nothing to see here.

Debt Ceiling Deadline

So, you know how our President has kept telling everyone that August 2 is the "big deadline" to get the debt ceiling done? The investigative journalists over at Legal Insurrection have figured out why, and it has nothing to do with the Treasury.

Donald Trump Says the GOP is folding their hand.

Rounders.



Listen, here's the thing. If you can't spot the sucker in the first half hour at the table, then you ARE the sucker. 

Debt Ceiling Update: McConnell Pushes Back Hard...

No "Real Solution" is possible with Obama in the White House

Apparently, McConnell doesn't just want to "eat his peas". This doesn't strike me as the rhetoric of someone still looking to negotiate and just gain a tactical advantage. This sounds like someone who had declared an impasse and is now assigning blame. Regardless of what side you come down on here, did you think that the ol' boy from Kentucky had this much moxy? I didn't.


I've always thought that McConnell looks like "Cecil the Turtle" from the old Bugs Bunny cartoons. Don't mess with that turtle too much though...he'll throw down. Your move, Obama.


                                                   Cecil the Turtle

Mitch McConnell

Brilliant New Idea!

The Democrats want to take $2 Trillion from the Private Sector

Genius! If you're looking for fresh ideas...well....you're looking in the wrong place. The more things change, the more they stay the same.

Playing Chicken on the Debt Ceiling

Obama's Rose Garden Position

Is Obama pulling a "crazy Ivan" and signaling a veto of a deal on the debt ceiling that does not include higher taxes? Is this bluffing, or is he committed to this position now? Will the GOP leadership cave and agree to a tax hike? Even if they do, will the GOP rank and file go along with it? There doesn't appear to be much room for middle ground here. Just remember, every statement from Obama comes with an expiration date and the GOP isn't as tough as everyone thinks it is.

As Capt. Bart Mancuso said: "The hard part about playing chicken is knowin' when to flinch."