McConnell: No real deficit deal until Obama is gone

[8537]

LOL. No Really. Obama sounded like the receptionist at Bernie Madoff's old firm.

Where's our money?

If we could withdraw it , we would

Well of course we can't all withdraw it. It's loaned out for other uses - kinda like at a bank. When the other folks repay their loan, you can get your money (or, when Congress decided they don't want to honor all of the debts to SS, which is the far more likely scenario).

You don't think the bank keeps Frank's money in a little can in the back, do ya?

Stop Reading Krugman!

I never started.

Write this down: a Ponzi Scheme is when the only way they can pay off old investors is with new money.

That might define Ponzi Scheme. It also defines Life Insurance, Annuities etc...

 

[Sallow]

Stop Reading Krugman!

Write this down: a Ponzi Scheme is when the only way they can pay off old investors is with new money.

They're not liquidating "assets" in the "trust fund" they can only pay by raising new money.

Ponzi

You were a big fan of Bernie Madoff weren't ya..

I did some IT work in his office..I thought I saw you there!

No, but I'm still amazed my old Boss never put a dime in with Madoff, he never trusted him from the get go.

Cool.

But what makes Madoff different from Dick Fuld..or John Thain?

 

[CrusaderFrank]

Well of course we can't all withdraw it. It's loaned out for other uses - kinda like at a bank. When the other folks repay their loan, you can get your money (or, when Congress decided they don't want to honor all of the debts to SS, which is the far more likely scenario).

You don't think the bank keeps Frank's money in a little can in the back, do ya?

So, there's nothing in the Trust Fund. This must have been what the Bernie Madoff investors felt like when they started asking for their money.

Yes, there's nothing in the Trust Fund...in the same sense that there's nothing in your savings account, nothing in your CD and nothing in any money market funds you hold.

I know how this works, Dear.

When I want to withdraw funds at Fidelity, they don't tell me that they used all my money to fund their operations and that have to sell stock or debt to pay me off.

See the difference?

 

[Rinata]

Has it ever occurred to you dingbat lieberals that McConnel might have a little more information on the subject than you have? I bet he does. People don't say shit like that unless they have a good reason. He's smart enough to know he'll have to back it up. I know I know dimwits just don't like hearing the truth and the truth is obiedoodle promised during his campaign that

Americans would pay more for gasoline, more for coal, and more for their groceries and that he intended to redistribute the wealth. I'm with McConnell there will be no agreement til obiedoodle is gone.

You have said stupid things before, but this deserves a prize. Your love of country is so inspiring.

 

[C_Clayton_Jones]

McConnell has stated he wants Obama to be a one term President..and now has stated that he won't do a deal until Obama is out of office.

Perhaps Obama will at last realize what he’s dealing with.

 

[8537]

LOL. No Really. Obama sounded like the receptionist at Bernie Madoff's old firm.

Where's our money?

If we could withdraw it , we would

Well of course we can't all withdraw it. It's loaned out for other uses - kinda like at a bank. When the other folks repay their loan, you can get your money (or, when Congress decided they don't want to honor all of the debts to SS, which is the far more likely scenario).

You don't think the bank keeps Frank's money in a little can in the back, do ya?

I get the impression he absolutely thinks that.

Nah, Frank's a conservative (...and therefore he's almost always wrong, and mildly ignorant. And perhaps suffering from chronic absence of sex in his life...)

But Frank ain't dumb.

 

[CrusaderFrank]

Well of course we can't all withdraw it. It's loaned out for other uses - kinda like at a bank. When the other folks repay their loan, you can get your money (or, when Congress decided they don't want to honor all of the debts to SS, which is the far more likely scenario).

You don't think the bank keeps Frank's money in a little can in the back, do ya?

Stop Reading Krugman!

I never started.

Write this down: a Ponzi Scheme is when the only way they can pay off old investors is with new money.

That might define Ponzi Scheme. It also defines Life Insurance, Annuities etc...

Wow.

That's staggering.

I used to give you credit for some basic degree of financial literacy but that's just jaw dropping.

You have no idea how this works do you? Do you know what "Float" is in insurance?

The equivalent would be if you filed a claim with your insurance carrier and they told you "We have to raise new cash to pay you because we used your premiums to fund our operations"

 

[8537]

But what makes Madoff different from Dick Fuld..or John Thain?

A whole, whole lot. For all his recent missteps, Dick Fuld was a brilliant financier and he did a shitload of good for a shitload of people - and ran a great company. He also bet on the wrong side of a coin like so many others, and was too slow to see it. But until someone demonstrates he intentionally violated the law and swindled people out of billions he's no Madoff.

 

[8537]

So, there's nothing in the Trust Fund. This must have been what the Bernie Madoff investors felt like when they started asking for their money.

Yes, there's nothing in the Trust Fund...in the same sense that there's nothing in your savings account, nothing in your CD and nothing in any money market funds you hold.

I know how this works, Dear.

When I want to withdraw funds at Fidelity, they don't tell me that they used all my money to fund their operations and that have to sell stock or debt to pay me off.

See the difference?

Yes, the difference is that Fidelity doesn't tell you that part - they just do it. Or they take money coming in from a new client and use it to pay you...or they use cash reserves.

 

[8537]

Stop Reading Krugman!

I never started.

Write this down: a Ponzi Scheme is when the only way they can pay off old investors is with new money.

That might define Ponzi Scheme. It also defines Life Insurance, Annuities etc...

Wow.

That's staggering.

I used to give you credit for some basic degree of financial literacy but that's just jaw dropping.

You have no idea how this works do you? Do you know what "Float" is in insurance?

I have a passing familiarity with how the system works, Frank.

The equivalent would be if you filed a claim with your insurance carrier and they told you "We have to raise new cash to pay you because we used your premiums to fund our operations"

No, the equivalent would be if you filed a claim with your insurance carrier and they paid you out of interest on investments and/or out of the current stream of revenues.

Kinda like, well, social security.

 

[CrusaderFrank]

Yes, there's nothing in the Trust Fund...in the same sense that there's nothing in your savings account, nothing in your CD and nothing in any money market funds you hold.

I know how this works, Dear.

When I want to withdraw funds at Fidelity, they don't tell me that they used all my money to fund their operations and that have to sell stock or debt to pay me off.

See the difference?

Yes, the difference is that Fidelity doesn't tell you that part - they just do it. Or they take money coming in from a new client and use it to pay you...or they use cash reserves.

No, really, this isn't funny. When I call in a Sell order, my stuff gets sold. You example is NOT what Obama suggested. He said there's nothing in the Social Security "Trust Fund" but broken promises. He can only pay off existing investors. not by selling their assets, but by bringing in fresh cash from new investors.

You're not making yourself look good.

 

[Rinata]

President Obama currently has medicaid, medicare, and social security cuts on the table. Meanwhile, the GOP won't even close tax loopholes or cut the defense budget. And you think they want to do meaningful cuts?

But it's not only that.

McConnell has stated he wants Obama to be a one term President..and now has stated that he won't do a deal until Obama is out of office.

Sounds like he his dictating who the American people should elect next time around.

That's not his place.

Really? Who did he dictate that we should elect? Give me a name.

You are so stupid!!! He said he wants Obama out and he will not deal with him. He wants him to be a one term president!!! Why are you asking for a name, you big dummy??? Obviously he wants whatever Republican idiot gets the nod for the nomination to win in 2012.

 

[Rinata]

After years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is probably unattainable,"

Just wow.

That's amazing.

His ass really needs a recall.

he's mentally deranged.

doesn't he look like an angry turtle?

Yes!!!! I call him, "The Turtle". He looks just like one.

 

[8537]

No, really, this isn't funny. When I call in a Sell order, my stuff gets sold.

Perhaps you should read the examples i provided. Now get on the phone with your life insurance provider and tell call a sell order. See how that works out for ya, Frank.

Do the same with your savings account at Bank of the Crusades. Again, see how it works out.

You're not making yourself look good.

I'm quite certain I look just fine, Frank. Perhaps you need to read what I write instead of what you wish I wrote.

 

[Rozman]

McConnell: No real deficit deal until Obama is gone - Political Hotsheet - CBS News

The Senate's top Republican said Tuesday that he did not see a way for Republicans and Democrats to come to agreement on meaningful deficit reduction as long as President Obama remains in office.

Republicans are looking to cut trillions of dollars in federal spending, while Democrats are pushing for a more "balanced approach," which would include both spending cuts and higher revenue to the government.

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

Wow, I thought when Republicans blackmailed the president into extending the Bush tax cuts by telling him they would cut off unemployment for millions of Americans was stepping "way over" the line.

But this? Blackmailing the entire country? Threatening the American people with economic collapse simply to get the black guy out of the WHITE House?

The number of government workers is 500,000 less than when Obama took office. We went from losing 800,000 jobs a month to positive job growth for 15 straight months. The DOW has gone up over 6,000 points. Obama got Bin Laden.

So what has Obama done that's so bad? Besides being "black"? And when you say things like "Colonial Kenyan Mau Mau", there is no doubt it's all about race. No doubt at all.

I think this shows the Republican's "True Colors".

But this? Blackmailing the entire country? Threatening the American people with economic collapse simply to get the black guy out of the WHITE House?

The only one making any of this about race are some that have issues with white people as a rule...The only one I see making this about race is you Sparky....

 

[Gadawg73]

Obama is using rhetoric to scare people such as "Granny is not going to get her check".
BS
I don't deal with bull shitters. Play with and school them here but in business and politics I attempt to run them off.
And I am not a fan of McConnell but on this one he is using the exact same strategy I would.

 

[CrusaderFrank]

I have to do this slowly.

Here's what Obama did NOT say: Seniors should not have to worry about getting their Social Security because we will sell the assets in the trust fund to keep their checks flowing, since we are not issuing new debt it does not count against the ceiling

Here's what he said: There's NOTHING IN THE TRUST FUND!! IT'S BROKE!!

 

[MarcATL]

The RepubliCON$ aren't serious.

They simply, just. don't. care.

In fact, they are rather dangerous to this country.

They WILL be PUNISHED by the voters.

Watch....

 

[8537]

I have to do this slowly.

Here's what Obama did NOT say: Seniors should not have to worry about getting their Social Security because we will sell the assets in the trust fund to keep their checks flowing, since we are not issuing new debt it does not count against the ceiling

Here's what he said: There's NOTHING IN THE TRUST FUND!! IT'S BROKE!!

No, what he said was that the people that borrowed from the Trust Fund aren't willing to pay their debts.

This ain't complicated, Frank.

 

[Harry Dresden]

But it's not only that.

McConnell has stated he wants Obama to be a one term President..and now has stated that he won't do a deal until Obama is out of office.

Sounds like he his dictating who the American people should elect next time around.

That's not his place.

how is he dictating anything to me by that statement?