The GOP is bolting, not from the President’s proposal, but from House Speaker Boehner’s. (Can you say Speaker Cantor?)

Note this headline was from 4:46 PM ET on Thursday:  U.S. Stocks Advance as Boehner Vows to Work With Obama.

Only not so much.

 

 

See also:
Asian Stocks Gain as U.S. Economic Data Lifts Confidence (Bloomberg)

House GOP Cancels ‘Fiscal Cliff’ Vote  (WSJ)

Boehner Drops ‘Plan B’ As Budget Effort Turns to Disarray (Bloomberg)

G.O.P. Leaders in House Pull Tax Bill, Citing Lack of Votes (NYT)

Boehner abandons plan to avoid ‘fiscal cliff’ (Washington Post)

Stocks Drop on U.S. Budget Concern; Treasuries, Yen Rise (Bloomberg)

 

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

41 Responses to “Look Out Below, Republican Revolt edition”

  1. sellstop says:

    This will be the last good chance to sell bonds. Or short bonds.
    gh

  2. Did anyone think this would get solved before going “over the cliff”?

  3. Bill Wilson says:

    I think we get another compromise rumor by tomorrow morning.

  4. TLH says:

    It is time for the President to lead. He needs to form a coalition to solve the problem. The Republicans have failed.

  5. ToNYC says:

    Sen. Patty Murray (D-WA) had it right from the get-go. The only way is to walk away and let it go; let the real men then step up and take flame for what they really think.

  6. VennData says:

    The GOP can no longer pretend they are competent. Iran, Afghaistan, George Bush, Medicare Part D and now this.

    Oh and they’re adjourning for the holidays.

    Yeah, you upside-down flaggers are right, you’re in Distress alright, but it’s the GOP’s fault, no Obama’s.

  7. VennData says:

    Sorry, I mean it’s the Mayan Doomsday!

    Handle your snakes and fire your guns in the air GOPers. It’s your Personal Rapture.

    You idiots.

  8. VennData says:

    The GOP is a serious political party? That cares about the deficit?

    It’s the “Immaculate Deception.”

  9. Bob A says:

    I don’t think they (republicans) were ever serious about letting anything get done at all.

  10. Rich in NJ says:

    “I don’t think they (republicans) were ever serious about letting anything get done at all.”

    As of this moment, I don’t think there is a unified entity that can be called “republicans.”

  11. Larry says:

    The Republicans have just shown that they are incapable of being adults and agreeing to any kind of sensible compromise. It will be long after Jan 1 before any deal gets done, and only if/when the markets hold their feet to the fire. The debt ceiling in March ain’t gonna be a picnic.

  12. b_thunder says:

    In 2008 ‘the market” effectively scared the Congress to vote for TARP. 180 Dow points won’t do the same trick now, especially since there’s nobody with Hank Paulson’s “street cred” to scare living sh*t out of the elected puppets. If wall st. really wants “the deal,” the market will have to go down by at least 500 points in 2 days or less.

    Also,
    I bet that Sen. Chuck Schumer is about to make a phone call to Chairman Bernanke: “Get to work Mr. Chairman!”

  13. 4whatitsworth says:

    Bummer I am not a trader.. I suspect that there is good money to be made on the theater play!

    One million dollars for that rug ridiculous.. I am leaving! Honey talk to him…

  14. Rich in NJ says:

    Emerging from a hurriedly-called evening meeting of House Republicans, Ohio Rep. Steve LaTourette said Boehner had told lawmakers he’s “going to call the president and he’s going to go down and talk to him and maybe they can hammer something out.”

    link

  15. RW says:

    Well, I was never worried about the fiscal curb but I do entertain an amusing thought: In order to retain power (and stick it to asshat Cantor) Boehner allies himself and a few dozen safe-district Republicans with Democrats, gives Pelosi the chair of the Rules Committee, throws the rest of the Republican caucus under the bus (some of whom will become his BFF’s when they realize it is the only way to retain any legislative relevance), and does a deal with Obama.

    Yeah, I know, not very likely: But not a bad thought for the Winter Solstice and the end of the Mayan calendar IMHO.

  16. RW says:

    PS: I really hope Wallstreet panics in a major way because I’ve got some fresh cash I’d like to put to work. I love the smell of panic in the morning …it reminds me of …profit!

  17. VennData says:

    “Oh, we HAVE the votes.”

    – Cantor.

  18. capitalistic says:

    @TLH
    “It is time for the President to lead. He needs to form a coalition to solve the problem.”

    I guess you’ve missed the last 4 years: the GOP refuses to compromise. It makes me wonder why poor/middle income people support the GOP…

  19. VennData says:

    “…One first-termer, Rep. Tim Huelskamp, said the developments were “a victory for Republican principles.” The Kansas Republican is one of three lawmakers recently stripped of favored committee assignments for bucking the leadership…”

    The tabloidization of the GOP is complete.

    Hey you “principled” Republicans, you can all have a con-call on those those black-and-white movie crank phones, talk about writing our you platform on parchment in quill, and running Calvin Coolidge in 2016.

    http://abcnews.go.com/Politics/wireStory/now-gops-plan-real-compromise-18026595#.UNPRZGJQBPK

  20. A says:

    I watched an episode of The West Wing tonight.

    It was intelligent, inspiring, thought-provoking and believable.

    Unlike the fiction of today’s version of the Keystone Cops.

  21. rd says:

    I don’t see Boehner surviving this.

    It would not surprise me if Cantor ends up working deal with Obama with a new Plan B at $500k-$750 once he has deposed Boehner.

    It is likely that there will not be a deal until the new Congress is sworn in with more Democrats and fewer Republicans.

  22. wally says:

    Cantor will have less party loyalty than Boehner.
    That party is falling apart. I wish the mid-terms were not 2 years away.

  23. Iamthe50percent says:

    Don’t worry, Obama will step up and save Boehner. Maybe he’ll offer actual SS benefit cuts now.

    ~~~

    BR: I’m curious as to what SS has to do with the current or even near future fiscal situation

  24. msnthrop says:

    I’ve thought since the election that Obama is essentially just going to have to keep campaigning for the next two years…the only reason the Republicans held on to the House in November was because of gerrymandering congressional districts…I expect Obama’s team of computer nerds has already picked out 30 or so Republican house seats that are iffy and plans are already under way to get them in the D column in 2014…cans will be kicked until then I expect.

  25. Rich in NJ says:

    “I wish the mid-terms were not 2 years away.”

    Between the census-induced redistricting after the 2010 wave election and the usual composition of off-year election voters (which produced the wave election), it will be tough to drive these guys out until the next census.

  26. raholco says:

    Speaker Bachmann, Majority Leader Louie Gohmert.

  27. Concerned Neighbour says:

    No doubt Maria Bartiromo will blame Harry Reid for this.

  28. louis says:

    What b thunder said .

  29. DSS10 says:

    This is the plan and has always been the plan. Pay no attention to the kabuki theatre, we will be off the cliff like wile e coyote holding an acme anvil only to be rescued a week later and the public, not the parties, have softened their stance regarding both taxes and entitlements. This is the only way that every one on capital hill can save face. As to Cantor (miserable little twerp that he is), his home district would be decimated by the defense cuts needed to meet the financial targets outlined in the sequester and their would be one more democrat or middle of the road republican in the house which he will not let happen (unless he is planning on joining Demint at Heritage or getting a plum role in the RNC).

    December 6th, 2012 at 10:41 am
    Grover Norquist’s Dirty Little Secret:
    “Norquist has already articulated a flexible standard for those who want to play with wolves but stay in the fold. As long as Republicans don’t have their “fingerprints on the murder weapon” — that is, as long as they aren’t the architects of any plan for new taxes — he will judge them to have kept their pledge. They would then be free to “run against the Obama tax hike” without Norquistian interference in 2014.
    That argues for a New Year’s Eve scenario whereby the Bush tax cuts expire and are then restored — fully for the middle class and partially for the wealthy — moments after the champagne corks are popped. Republicans can say they delivered a tax cut to everyone, including the top 2 percent, and Obama and the Democrats can say they cut taxes for the middle class and raised them on the wealthy.
    In other words, everyone gets what he needs. Especially Grover Norquist.”

    http://www.bloomberg.com/news/2012-12-05/grover-norquist-s-dirty-little-secret.html

  30. howardoark says:

    I think what VennData and his buds are forgetting is that the Tea Party is against defense spending (if Europe wants to be defended from Russia and Japan is antsy about China, the tax payers over there can pay for it). They’re as much for the sequester part of the fiscal cliff as they’re against the tax increases. The Tea Party is first and foremost about doing something about the national debt and the fiscal cliff will do that in spades. They don’t care that that might trigger a depression since they’re pretty sure we’re headed to the dark ages anyway (the secular humanists with their gay marriage and free sex and everything). BR’s been assuring us for weeks now that going over the fiscal cliff won’t actually do anything to the economy, but I think he thinks that some kind of deal will be hammered out shortly after going over the cliff. The Tea Baggers want to go over the cliff and stay there.

    Of course, the adults in the Republican party will work some sort of deal with Obama. But that will destroy the Republican Party. It will be interesting to see how many Democrats the party that comes off the moderate side of the Republican party can peal off. They’ll for sure get me.

  31. Joe Friday says:

    So much for the so-called political experts claiming that Obama had to allow Boehner to “save face” by making concessions to him.

    The Republicans are like monkeys throwing feces in a zoo.

  32. PeterR says:

    Let the Santa Rally kick into gear!

    Asia and Europe off less than 1% early Friday morning EST.

    Could be a bottom IMO.

    Apple at 387 Euros in Frankfurt, off less than 2%.

    Is the “Financial Cliff” already factored in to all stock pricing at this point?

    Bring it on!

  33. PeterR says:

    PS — Winter Solstice at 0612 EST.

    Hook up the sleighs, and mush on!

  34. Chad says:

    This is so depressing. Just once in this new century it would be nice to see everyone do the right thing. The entire Fail Blog could just be of Republicans. I can’t believe I actually thought they had the answer when I started voting 20 years ago.

  35. Bill Wilson says:

    The power of the no tax pledge is incredible.
    Republicans really blew a strategic opportunity last night. If they had passed Speaker Boehner’s plan, it would have forced Democrats to vote against a tax break, and a tax increase for millionaires. Also, once the sequestration goes into effect, Republicans will be in a weak position to bargain for lower taxes.
    Grover Norquist has said that Republicans will be breaking the pledge if they let the Bush tax cuts expire, then vote to lower taxes if there is a net increase. I can’t wait to see him back-peddle on that one.

  36. Moss says:

    The GOP has pulled a Trojan Horse subterfuge with full effect. They pulled off the redistricting to get the Tea Party patriots elected, got Elizabeth Warren elected, reelected Jim DeMint, got Mitt Romney tangled up in blues, have Ditto heads brainwashed, let racketeers Koch brothers, Adelson, Trump, Morris, Rove, and Fox define the narrative. This is to be expected.

  37. whskyjack says:

    “BR: I’m curious as to what SS has to do with the current or even near future fiscal situation”

    Oh but it does, you need to quit listening to the nut cases and pay attention the really serious people.

    just in case you were wondering.

    Jack

  38. AHodge says:

    yes probably engineered by cantor
    Cantor makes my skin crawl
    he just creepy–so fake and santimonious
    curiously my friend Rudy says he makes most Republicans —at least moderates– skin crawl
    they cant get why he got this far
    not a good sign for the next two years if cantor is speaker-
    not to mention needing to barf at newshour

    this is indicator that the speakership may be in play

  39. WFTA says:

    Howard,

    Only one flaw in the theory: there are no adults remaining in the Republican party. As close as it gets is freshmen reading Ayn Rand.

    It is not realistic to expect governance from bomb-throwing anarchists.

    I’ll take the cuts to defense even if it is by mistake.

    Happy Holidays to all.

  40. bart says:

    It’s ALL the Republicans fault and no one anywhere else or at any time has any responsibility, and they all should be [censored] and [censored].

    /sarc