Citi: The Fiscal Cliff Is 'SO RIDICULOUSLY LARGE'

TBI ^ | 5-1-2012 | Joe Weisenthal

[blam]

Citi: The Fiscal Cliff Is 'SO RIDICULOUSLY LARGE'

Joe Weisenthal
May 1, 2012

A quick paragraph from Citi's Steven Wieting which we found amusing, the gist of which is basically: The fiscal cliff coming in 2012 is so big, it's good, because it will have to get fixed.

The size of the so-called fiscal cliff at year end, which would unwind a decade’s worth of tax cuts and temporary income supports, is so “ridiculously” large relative to near- term growth prospects that markets may take some comfort in its scale. As Fed Chairman Bernanke warned Congress, the Fed would have “no chance” of offsetting an instantaneous shock so severe and noted he was “hoping” Congress would take action.

Wieting goes on...

The combined size of the year-end fiscal cliff implied in current law seems so flatly ridiculous relative to near-term growth prospects, that markets may in fact be feeling some calm that the resolve to once again delay and diffuse it will be found. In late 2010, figure 1 looked substantially the same before fiscal tightening pains were delayed to the period beyond the November 2012 elections. Since then, the size of the cliff grew with prospective spending cuts. Yet some doubt should remain, and we gather build at some point as to whether Congress and the President will be too divided to find an alternative to current law, particularly before the year is out and the new Congress is seated.

Here are the two charts showing the ridiculous changes in tax receipts and federal consumption.

[cuban leaf]

Opinions vary. ;-)

[editor-surveyor]

Thankfully, or FR could not exist.

[cuban leaf]

Hey editor. My last response was from my cell phone while eating at a restaurant. Let me be more “verbose”.

I think there is a misunderstanding here. Maybe you were having a bad day or something. As I read through your posts, it appears we are on the same page with a lot of this stuff.

My tag line used to be “The USA Today: Revelation 18:4”. Now, to be blunt, I really mean “the world culture”. It is LITERALLY why I moved to central KY. To get out of “spiritual” babylon. And it was a successful move.

BTW, a lot of people ask me if I think Obama is the antichrist. First I correct them and say “I think you mean the ‘Beast’ in Revelation.” They always say yes. Then I answer.

[cuban leaf]

—If you are on your own, then you are NOT one of YHWH’s elect.—

I completely agree. I was talking about our relationship with the government. After all, “we” includes me and my wife, within the context of my statement.

But Jesus is ALWAYS with me. When I am “on my own” it means it is just me and Jesus.

A visiting pastor to my old church, about 30 years ago, said something that has always stuck with me: Where would the early church have been if they had put their faith in Rome?

[cuban leaf]

—Are you watching for the abomination? Do you know what it will be? WHO it will represent?—

I’ve been watching for it since the early 1980’s.
There are many theories on what it will be. Some are interesting. Some are really clutching at straws. I don’t know what you are looking for when you say “who it will represent”. It is obviously part of Satan’s plan and therefore represents him in a way. Or are you hinting at the Jupiter statue or something like that?

Sometimes, when people ask questions as you are, there can be multiple “correct” answers, but there is one specific one you are looking for.

AN example: Finish this sentence: Your car is...

[editor-surveyor]

>> “I’ve been watching for it since the early 1980’s” <<

.
Sort of a trick question, really. Until the star Wormwood arrives and bumps our calendar back to the 360 day year that is needed for the rest of the prophecies to mesh properly, it isn’t really time to watch. But the Prince of Wales holds the winning ticket to be the “man of sin” when it all begins.

[cuban leaf]

The problem with the whole thing is so much of it is really just opinion. The Left Behind book series makes me sick, but a LOT of people believe the author’s version of end time events as though it is obvious fact.

It’s why everything I say, regarding end times prophesy, is opinion, and nowhere near as important as things like understanding grace.

[cuban leaf]

—Sort of a trick question, really.—

It’s kind of the way I took it.

I do think that certain things still need to happen before Jesus’ return, but I’m looking anyway, because I’d hate to find out I had it wrong, so I didn’t bother to make sure my lamp had oil since I thought it was too soon. ;-)