Keith condemns this God Damn deal and calls for 60s, 70's type protests!

[justintempler]

We've got Asia who would rather invest in Euros: http://www.marketwatch.com/story/asi...=home_carousel
You've got Putin calling us parasite over our debt: http://online.wsj.com/article/SB1000...855894302.html

If you want to keep borrowing money and running up even further debt, there aren't going to be any buyers to buy US Treasury Bonds and you'll be wishing for the good old days of Jimmy Carter.

[jaysalti]

KILL WHITEY!!!!

[lxskllr]

Curiously, I tend to agree with Olbermann's general points, but damn that guy irritates me. He's like a half retarded Hitler. He has the volume, but not the true passion. It's like watching a dramatic scene from an almost competent high school drama club. All the words are there, but they come out flat and lifeless.

Anyway, this country's fuxxored. Nobody is going to make the changes that need to be made. That would mean paying more in taxes, paying more for products/services, and having fewer government services. I really liked Ice's analogy from awhile ago, 'The only free cheese is in the trap'.

[texastorm]

If we stop spending the economy will tank.
If we don't lower taxes the economy will tank.

huh?

The New Deal proved that spending is only a patch and never addresses the underlying issue. The Bush tax cuts proved that in a bad economy tax cuts evidently aren't a cure either.
But a world war proved that when we drop an A-bomb on someones head people shut up and buy American.

Not saying that's what we should do... I am just saying is all.

[ABW]

Keith is a douche...

[Bigblue1]

Are we having a popularity decided by the Users of YouTube now Joe?

Well in that case, you win. Just like when Obama won the popularity contest and we had that great stimulus package that was going to fix the economy...... How that work out?

I can't believe he posted youtubers comments as proof to a point. I'm seriously roflpm

[Crow]

RE: The deal

The 14th amendment should have been invoked a long time ago. Now we have a deal with no increased revenue, and it is disappointing... But it's nothing to 'take to the streets' over.

----------------------
RE: Keith Olbermann

I'll be honest, I've stopped watching Keith since he moved to Current (except for one or two episodes to see what the new show was like).

I'm sorry, but that show will be a failure without more hosted programming. What other programming does that channel have besides Keith Olbermann? He can't hold that network up on his own. I hate to say it, but he's becoming less and less relevant every day.

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

An excellent piece from last night. Here is Keith Olbermann's replacement: Lawrence O'Donnell.

I think the higher-ups at MSNBC made the right move by letting Keith go, and giving his timeslot to Lawrence.

[justintempler]

RE: The deal

The 14th amendment should have been invoked a long time ago. Now we have a deal with no increased revenue, and it is disappointing... But it's nothing to 'take to the streets' over.

The 14th amendment was not an option. Obama doesn't have the authority to invoke the 14th amendment, that's why he told La Raza he'd like to but that it wasn't going to happen.

For all the bitchin' and moaning it's business as usual and things aren't going to get better any time soon.

Reuters - Gregg Easterbrook - The phony-as-a-$3-bill debt deal - http://blogs.reuters.com/gregg-easte...ill-debt-deal/

BBC - South Korea buys gold as safe haven, first time since '98 (Translation: We don't want your stinking US dollars) - http://www.bbc.co.uk/news/business-14368064

Fed May Weigh More Stimulus on Slow Recovery (with 2.4 trillion on the nation's credit card Keynes still alive) - http://www.bloomberg.com/news/2011-0...omy-slows.html

[RobsanX]

I didn't watch any of the videos, but that Alex Jones guy is a year younger than me, looks and sounds 10 years older than me, and is going to give himself an aneurism...

[sgreger1]

This is the debt deal in a nutshel:

We're going to spend 100% more and cut spending by 10%= we're spending 90% more.

The news reports this as: We cut 10% of spending!"

[Joe234]

Stocks fall again on economic worries

08/02/2011 7:20 PM

By Todd Wallack, Globe Staff

The stock market plummeted again yesterday on growing worries about about the ailing US economy, despite the fact that President Obama signed legislation to raise the debt ceiling and avert a potentially disastrous default on the country’s debt.

The Dow Jones industrial average dropped 266 points, or more than 2 percent yesterday, the eighth straight day the stock market has slumped and the longest losing streak since the financial crisis in October 2008. Overall, the Dow has dropped 6.7 percent in the past eight days and is at lowest point since March 18, though the market still remains up slightly for the year.

Analysts said the market has beaten down by a wave of bad economic news in the past week, in addition to anxiety about a potential default. The Commerce Department said yesterday that consumer spending dropped 0.2 percent in June, the first decline in nearly two years. And that followed a weak manufacturing report on Monday and a dour study on Friday that showed the economy has been growing even more slowly than previously thought.

In addition, some investors are now beginning to fret that the debt ceiling deal could actually further weaken the economy by cutting government spending before the economy has fully recovered from the recession. As part of the deal, Congress and the White House agreed to cut spending more than $2 trillion over the next decade.

“The austerity measures are necessary to improve our longterm fiscal health, but in the near term these measures will act as a headwind against growth,” said Paul R. Touchstone, senior investment strategist for Stone & Youngberg LLC, a financial services firm in San Francisco. Touchstone said his firm was previously optimistic that the economy would improve in the second half of the year, but plans to revisit that prediction in light of the latest numbers.

The S&P 500 and Nasdaq indices fell by even wider margins yesterday. The S&P 500 slipped 2.75 percent, while Nasdaq dropped 2.56 percent.

And the stock market could be shaken again in coming days if new jobs data comes in weaker than expected. The Department of Labor is slated to issue its monthly unemployment report on Friday, while ADP, a major payroll company, unveils its own estimates for private sector job growth today. Economists expect the government to report that the country created 85,000 new jobs in July, according to a Reuters poll.

“Jobs will certainly drive the tone of the market for the remainder for the week and will probably overshadow any strong earnings for corporations,” Touchstone said.

Beverly investment adviser Gale L. Smith said she thinks the market has also been driven down in part because people were pocketing some of their profits after the market soared earlier in this year.

Smith said she doubted the market would fall much more since the debt deal erased a major threat hanging over the market. In fact, she believes the market will likely rally in early September as companies report strong earnings and because there has been such a steep selloff in recent days.

“There’s a lot of relief that the August 2 deadline has been removed,” said Smith, president of Gale L. Smith & Co., a portfolio management firm.

Todd Wallack can be reached at twallack@globe.com

READER C

[Crow]

The 14th amendment was not an option. Obama doesn't have the authority to invoke the 14th amendment, that's why he told La Raza he'd like to but that it wasn't going to happen.

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

I think he had the authority to do it, but he didn't act on it (for reasons of political manuevering).

Apparently Pelosi, Clyburn, et al. felt he had the authority to invoke the 14th.

But, none of this matters now. What's done is done.

[justintempler]

I think he had the authority to do it, but he didn't act on it (for reasons of political manuevering).

But, none of this matters now. What's done is done.

The key words in the 14th amendment is the phrase: "authorized by law"

The President doesn't have the authority, only Congress is "authorized by law"

http://www.frumforum.com/wh-rules-ou...-on-debt-limit

In addition to his warnings about the cost of a default, officials said, Mr. Geithner told the lawmakers the White House did not believe it had the authority, under the Constitution, to continue issuing debt if it reached the debt ceiling. Nobody in the room disputed Mr. Geithner’s bleak assessment, the officials said.

[Joe234]

Al Gore on Keith Olbermann's Countdown "This whole process has been disgusting." 08/02/2011

Al Gore calls for an "American Spring", mass protests, via The Internet.

[GoVegan]

You know what? I am just elated that the price of oil went down a bunch! Hopefully we will see our gas prices lower a few cents as a result.