Good News: It's Almost Over After Pelosi Says Congress Looking At "Two-Tiered" Deal [Zero Hedge]

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#1 Sat, Jul 23, 2011 - 9:43pm
Violent Rhetoric
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Good News: It's Almost Over After Pelosi Says Congress Looking At "Two-Tiered" Deal [Zero Hedge]

I think most of you read Zero Hedge but here is a thread for comments for those not registered over there. Me thinks 3 month extensions should be bad for fiat and good for metals if indeed we do get 300 more in debt with no spending cuts. I think the trend is our (PM's) friend.

https://www.zerohedge.com/article/good-news-its-almost-over-after-pelosi-says-congress-looking-two-tiered-deal

Alas this now appears to be a mirage: at best the Republicans will agree to a $200-300 billion extension to get the Treasury through for another 2 months (although at the delayed run rate, Geithner needs to issue $350 billion in debt right now just to catch up with where bond issuance should be).

Edited by: Violent Rhetoric on Nov 8, 2014 - 5:05am
Sat, Jul 23, 2011 - 10:04pm
Violent Rhetoric
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Memphis, TN
Joined: Jun 16, 2011
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Alas I can't edit the opening

Alas I can't edit the opening post so here goes...

Me thinks 3 month extensions should be bad for fiat and good for metals [not necessarily short term but medium term] if indeed we do get 300 more in debt with no spending cuts. I think the trend is our (PM's) friend. Ha, but what do I know - I would love to hear an opposing view if you have it.

I saved a little power in the hopes for a pull back on Monday or Tuesday when we get an announcement.

UPDATE: Maybe there are some cuts in the short term deal...

https://www.washingtonpost.com/business/economy/no-hints-of-breakthrough-in-white-house-debt-talks/2011/07/23/gIQAdDxKVI_story.html?wpisrc=al_national

Top Republican aides said Boehner envisions a short-term extension of the debt limit that would include spending cuts that meet or exceed the debt limit increase. That would be paired with a strategy for finding additional savings. Options include a new super committee of the sort proposed by Senate Majority Leader Harry M. Reid (D-Nev.). Another option would be to tell existing legislative committees to make policy changes over the next few months aimed at meeting the savings targets.

Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” ~ Robert Heinlein

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