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President is elected every 4 years. A significant part of Congress is up every 2 years. It's clear from their actions at the ballot box that American voters simply do not care about fiscal responsibility at the federal level.

Agreed. Caffeine is a drug for pussies who can't cope with too little sleep. Aspirin is a drug for pussies who can't cope with a little physical pain. Beta blockers are a drug for pussies who can't cope with an audience. Pepto is a drug for pussies who can't cope with a little...

Ain't nobody waiting "two weeks" - have you seen the latest Economist cover? Oy.

This has been all over the news, talked about on CSPAN, bill text posted all over the blogosphere - nobody is hiding it, not sure how you missed it. The now-infamous Sunday night conference call between Treasury and SIFMA members - recorded and torrented - talked about this specifically...

Human nature.

He's not. How much more obvious does this need to be made?

But - they can't. And somewhere between one and two trillion dollars worth of that crap was sold to the very people who fund the profligate sending. So now what? There is at least one Treasury auction every week of the year...

Given that foreigner funds are what support the federal budget, this would seem a prudent "don't bite the hand that feeds you" thing to do. And ask for what, exactly? The only way to balance the budget quickly is through massive spending cuts - like skipping every second social security...

Seems to happen to you quite frequently around here. :p I'd take it as a compliment.

FDIC is both a moral hazard AND a very regressive tax as FDIC is nowhere near self-funding and the vast majority of Americans cannot come close to the existing limit. The limits should be reduced to $10k per person, per bank, along with a clear unambiguous statement from the Treasury that...

Car dealerships are so last-century. It's long past time the middlemen and inventory-stacking problems were dealt with. I could easily see more than half the dealerships getting wiped out - and it would be good for consumers.

There are going to be a hell of a lot more than 12 votes switching from "Nay" to "Yay".

Given that the foreign folks are funding the ginormous US federal debt - and given that there is no balanced budget anywhere in sight - it would seem that helping out the foreign folks is a prudent thing to do. Going cold-turkey on the deficit would be an incredibly painful thing to do. The...

If that's the case, then we should reconsider the fundamental viability of the banking model. If the entire industry goes insolvent every time the bogeyman shows up, it's either not worth saving, or the insurance premiums on deposits need to be dramatically increased. Otherwise, what you're...

That's a dreadful idea. FDIC can't even cover the $100k limit and stay solvent - this would add yet another enormous unfunded liability to the gov't books. And it sends exactly the wrong moral hazard message to depositors - instead of requiring people to actually think about where they put...

If you have a direct line to God, it might help.

Maybe Paulson says "fuck you, House, no bill, no rate cut" and they just let the markets tank. It's not like either he or his boss is going to be sitting in the Big Chair come January.

The usual clap-trap. However, it didn't change the outcome, R leadership is using this as a smoke screen to avoid talking about the fact that they couldn't deliver the promised votes. Very poor political leadership from both sides of the House on this issue.

Here's an earlier thread with links to the recorded call: http://www.elitetrader.com/vb/showthread.php?threadid=138763

This evening Treasury had a conference call with the SIFMA crowd. Someone took the time to record the call and share it. Torrent: http://thepiratebay.org/torrent/4418763 Podcast: itpc://drop.io/5rlhe4g2t4ueejlvzfow/64ecf0263b93a4210e3a483ab66fcb7b80022d26/sacrealstats001/podcast.rss...