The latest from Reuters, on the late news that Obama will both extend Unemployment Insurance for 13 months, and extend the Bush tax cuts for 2 years:
- Obama: has reached a framework for compromise with Republicans to extend all Bush tax cuts for two years
- Obama: compromise also calls for extending jobless benefits for 13 months, and calls for 2% payroll tax cuts next year, and for extension of estate tax
- Obama: says compromise is an essential step on the road to economic recovery
- Obama: he is confident that Congress will ultimately ‘do the right thing’
We just hope that the prostituting administration will finally float the one proposal we have all been waiting for: free blow jobs for everyone in perpetuity, funded by the Federal Reserve's monetization of the Sinking Hooker fund.
Submitted by Tyler Durden on 12/06/2010 17:20 -0500
One of the Fed's more arrogant former apparatchiks (of the "100% confidence" interval) Larry Meyer, currently at expert network Macroeconomic Advisors which is used by the likes of Pimco to get inside information on what the Fed will do at its upcoming meetings, appeared on CNBC earlier and attempted to school David Einhorn on "Economics 101." What ensued was yet another confirmation that these Ph.D's (a term we always use in the most pejorative, NC-17 context possible) who destroyed the world, have absolutely no idea what the hell they talk about, and make up bullshit scenarios on the fly. Luckily, it has gotten to a point where every incremental statement catches them in one lie or another. It has become grotesquely comic to watch their faces (as in Bernanke of 60 Minutes infamy) squirm as they realize that the end of the system they created and subsequently destroyed, is near.