THE SEQUESTER THREAD!!! NO DEAL!!! US Navy Announces Brutal And 'Deeply Regrettable' Cuts!!!

zerohedge‏@zerohedge

US debt has risen by $250 billion in the period it has had no debt ceiling.

Business Insider‏@businessinsider

STOCKS RISE AFTER SEQUESTER BEGINS: Here's What You Need To Know $DIA $SPY $QQQ by @bySamRo [link to read.bi]

How in the hell can they saying anything is a cut, when they want to replace it immediately with more tax money? Insanity is now officially owned by Obama.

Thread: 170,000,000 Jobs Lost and it is the Republican's Fault

Business Insider‏@businessinsider

The Sequestration Has Begun, And Here's The Most Pathetic Part About It All [link to read.bi]

Last night, Obama signed an executive order, bringing the dreaded "sequestration" into effect.

That sequestration will lop off $85 billion from government spending this year, via across-the-board cuts to defense and every domestic agency.

Economically, the austerity is dumb (because the economy is still weak) and pragmatically, the across-the-board nature of the cuts is a silly way to cut spending.

And yet, for now, sequestration is here.

What makes it really pathetic is this chart, which our Walter Hickey recently published, and which comes from the Bipartisan Policy Center.

It shows that there's virtually no change to any of our debt dynamic metrics as a result of these cuts. Yes, the cuts might reduce deficits by a little bit (although they might not, if the economy slows too much) but the trajectory of things is virtually identical.

Bipartisan Policy Center


Even for avowed budget cutters, the win is Pyrrhic.

As NYT/CNBC's John Harwood tweeted this morning.

It seems pretty clear that Obama is open to (at least some modest) tweaks to entitlements. But to make them palatable, he wants them paired with higher taxes, which is an impossibility in this Congress.

So we got these dumb cuts that don't do anything about current debt dynamics.


Read more: [link to www.businessinsider.com]

Thread: Sequester will lead to bank run/collapse/choas

“House Republicans are offering to give Mr. Obama even more flexibility, yet the President won’t take yes for an answer. Mull that one over: the president wants to deny himself and his executive branch the authority to do less harm. Don’t stop me before I kill myself again.”-Wall Street Journal, “Obamageddon,” March 1, 2013, editorializing on the bill to give Obama authority to decide how to administer the sequester cuts rather than just chop off funding for all programs, even those he declares are critical if hit. [link to www.mmacycles.com]

Nevertheless, even though it was a tough week for the President again and his image took another hard knock, there will be another opportunity shortly for him and his team to score a huge victory in public opinion. As described at length in the Forecast 2013 book, the grand trine of Jupiter, Saturn, and Neptune in mid-July, 2013 will present a rare opportunity to close the deal on a Grand Bargain that everyone wants. Because Pluto is also involved in what will become a Kite pattern at the same time, this will involve the possibility of a major tax reform. If it succeeds, the USA could be able to reverse this debilitating debt problem accrued over the past decade. That’s not all. As reported before, I think the USA tax revenues coming in this spring will be at a record level. That too will help move down the current debt trajectory.


The sequestration may have started last week, but it is not the frightening disaster politicians have made it out to be. Come on, it is only 2.4% of the annual spending, which has already been over $1 trillion above revenues for the past four years. This is what happens when you don’t have a budget to go by. To the contrary, I believe the failure to resolve the sequester issue last week will be a psychological stimulus to now form a grand bargain that can truly revamp this hideous deficit problem that has plagued Washington for far too long. This has made everyone the world over so exhausted and weary with one fiscal crisis after another. They will now have a chance to redeem themselves and show real leadership. Let’s hope they will come to an agreement, the “Grand Bargain,” by this summer when the stars are in almost perfect alignment for such a historic decision – if they truly want to do it. To quote the shared mantra of both Republicans and Obama, now: “Washington has to get past its obsession with focusing on the next election instead of the next generation.” Words do matter, and so do numbers. Politicians: your time is coming. Please step up to the plate and do the right thing for the next generation, for the people you represent who voted you into office, and for your own legacy. [link to www.mmacycles.com]

Sequester blame game continues as cuts take effect
$85 billion in cuts officially rolled in [link to www.marketwatch.com]

zerohedge‏@zerohedge

Guest Post: Personal Incomes & The Decline Of The American Saver [link to www.zerohedge.com] …

From Drudge- Charles Krauthammer

Hail Armageddon (snip)

“The worst-case scenario for us,” a leading anti-budget-cuts lobbyist told The Post, “is the sequester hits and nothing bad really happens.”

Think about that. Worst case? That a government drowning in debt should cut back by 2.2 percent — and the country survives. That a government now borrowing 35 cents of every dollar it spends reduces that borrowing by two cents “and nothing bad really happens.” Oh, the humanity!

A normal citizen might think this a good thing. For reactionary liberalism, however, whatever sum our ever-inflating government happens to spend today (now double what Bill Clinton spent in his last year) is the Platonic ideal — the reduction of which, however minuscule, is a national calamity.

Or damn well should be. Otherwise, people might get the idea that we can shrink government and live on.

[link to www.washingtonpost.com]

Last Edited by Hard Eight on 03/02/2013 04:41 PM

Business Insider‏@businessinsider

BOEHNER: I Have No Idea If The Sequester Is Going To Hurt The Economy Or How We'll Get It Resolved by @brettlogiurato [link to read.bi]

CBS New York‏@CBSNewYork

Cuomo: Sequester Already Creating ‘Anxiety’ For New Yorkers [link to cbsloc.al]

zerohedge‏@zerohedge

"total disaster" coming to US? RT @Reuters: Obama to nominate Walmart foundation head Burwell as White House budget chief on Monday

WASHINGTON (MarketWatch) — Republican leaders on Sunday insisted they won’t relent in their goal to reduce government spending or shut off a so-called sequester that will require tens of billions in cuts over the next six months and beyond.

Under a law passed two years ago, the federal government is required to slice as much as $85 billion in spending in the fiscal year that ends in September. The across-the-board cuts in defense and domestic programs began to kick in on Friday after Democrats and Republicans failed to agree on an alternative.

Democrats wanted to raise taxes again to offset some of the cuts, but Republicans ruled out any more tax increases.
[link to www.marketwatch.com]

zerohedge‏@zerohedge

Obama Nominations (And Potentially A Sequestration Snipe) - Live Webcast [link to www.zerohedge.com] …

the us military is the most overpaid, overbloated institution in the whole world, I would love to see the faggots of the pentatagon go unfunded for the next 10 years...suk muk duk military fags

I heard Customs will be taking longer to inspect packages incoming into the USA from now on also, for those of you that get packages via international mail.

I have a package inbound, I hope I get it soon. I had a few things I bought the wife from eBay come just fine last week and this week, but these changes will be affecting the mail that is just entering the USA as of the weekend until present.

Seriously the 2 party system is old and outdated, we need a couple new political parties that aren't bought and paid for by the bankers, monopoly man, and big business. Afraid its much too late to fix much of anything now though, these demons will ride our coat-tails and finish sucking us dry as they plunge the world straight into hell.

Business Insider‏@businessinsider

REPUBLICAN CONGRESSMAN: Military 'Lives Are At Risk' Because Of The Sequester by @brettlogiurato [link to read.bi]

Bloomberg News‏@BloombergNews

Pentagon sequestration cuts hit accounts that pay Lockheed, Raytheon | [link to bloom.bg]

Just got an internal email from the Director of our program that we'll have 5% cuts effective last Friday (3/3/13) due to the sequester deal. No layoffs projected, but some benefit reductions will happen.

Bloomberg News‏@BloombergNews

New York Senate Republicans are pushing for more than $2 billion in tax cuts, credits | [link to bloom.bg]

Business Insider‏@businessinsider

US Navy Budget Cuts Force Retreat In War On Drugs by @paulszoldra [link to read.bi]

Our all ready weak economy is subtly growing weaker by the day.

Doom on....

It's going to be a long, hot summer.

And I'm not talking about the Paul Newman flick, either.

7News‏@7News

Sequester cuts already being felt at nation's airports. How it could affect you - coming up on #7News STREAMING LIVE: [link to on.whdh.com]

We need substantially more cuts; more sequestration; and no exemptions; whatsoever, for the military.

Business Insider‏@businessinsider

The OMB's Report On Sequester Spending Cuts Will Make Big Goverment Haters Sick [link to read.bi]