Posted on 10/10/2013 7:14:53 PM PDT by markomalley
Political Director of ABC News, Rick Klein pleaded with investors today to tank the stock market in order to “shake things loose” in the GOP ranks.
In his ABC’s The Note piece today, Klein seriously proposed a stock sell-off designed for the express purpose of breaking the will of Republicans.
When does Wall Street cast its vote? Bipartisan meetings are nice, and new plans that depend on the other side budging certainly can’t hurt at this stage of a standoff. But there may be only one way to jolt the system: SELL.
Klein’s rationale: recent talks with beltway strategists suggest the GOP is dug in so deep, only an earth-rattling disaster could force them out. Klein’s solution? To avoid one manufactured crisis, we should manufacture another in the form of a market collapse.
Conversations with Republican strategists in recent days suggest that only a major event, most likely in the form of a major southward turn in the markets, could shake things loose inside the GOP conference enough to push away from the current crises. That’s what will draw constituent phone calls, and what will turn anger into action – more so, certainly, than vague threats of primary challenges engineered by business interests.
As Breitbart’s John Nolte puts it in his reaction piece:
Klein made clear that his desire to see the market slide to a point where a national panic sets in has nothing to do with budging a president who refuses to negotiate.
Here's hoping no one takes Klein's proposal as seriously as ABC apparently does.
The American "News" Media is first.
>>Tank the market: Risk the nation.
Risk? That’s not the plan. The goal of communism is to end the idea of nations. They want a borderless world where all workers are equal (equally poor, that is). That’s why Obama doesn’t seem to care about the pain he’s inflicting on Americans to see his agenda enacted—its because he wants the pain. He would destroy the nation, because that is is goal. Its not a side-effect or an accident. It is the plan.
I've been wondering about that for a long time.
In 2004 I was involved in one of the most effective political efforts in memory; the veteran-led revolt against John Kerry. John McCain trashed us a "dishonest and dishonorable." Meanwhile, Karl-the-genius Rove pissed away $200 million on a campaign calling Kerry a "flip-flopper."
On second thought, compromised and clueless probably explains most of it.
I’m just thinking about all the money those insiders in DC will make on the ‘short’ while we take it in the shorts!
If I were a conspiracy theorist, I’d say that is the plan.
It will hurt democraps too.
Good Wall Street sharks make money when the market goes up and make money when the market goes down matters little.
Liberals don’t own no stock! Why would they care if the market plummeted? /s
Crash the stock market to teach the GOP a “lesson.” And libs support that crap.
There is $85 billion per month keeping the market afloat, provided by our state of the art printing presses at the Fed.
The SEC should have a serious conversation with this asshole.
Well, they did want us to lose in Iraq just to make President Bush look bad, so color me surprised.
If by “tank” he means “adjust to accurate levels”, then I’m all for it. The Fed has pumped several trillion into the Market and the sooner that hammer falls, the less drawn out the pain will be when it actually tanks.
Good Lord! Looking at that picture, I wonder: are they hiring high school kids these days? He knows NOTHING about the truth of the Reagan economy of the eighties, let alone anything that happened before that....and he’s ABCs “expert”?
One only wonders at what point is violence against such skulduggery justified?
Does the man have unlimited freedom of action?
Is he necessary for anything?
Where does he live?
That would be illegal collusion. It’s also called “price fixing.”
It wasn’t the small individual investors that crashed the market in 2008. It was Soros and his buddies. They are evil. To get what they want, they crushed millions of people’s savings, investments and retirement.
It wasn't either of them. It sounds good for party politics, but it's too simplistic. You get 2008 after a decade of foolish monitary and fiscal policy. The bubble popped when it became obvious that you can't base a healthy economy where everyone gets a McMansion with a workforce full of mortgage brokers and wedding planners.
Why would any parent name their little girl “Rick”?
The reality of a real debt limit:
http://www.freerepublic.com/focus/news/3076090/posts?page=1
The Debt Ceiling is the Law of the Land
redstate.com ^ | 10/6/13 | Daniel Horowitz
Posted on Monday, October 07, 2013 6:07:28 PM by cotton1706
Over the past few weeks, Democrats have indicated that they have no intention of negotiating over Obamacare, opting instead to shut down the government. They are justifying their obstinacy by asserting that Obamacare is the law of the land. Well, if that is the game they want to play, we should return the favor with the debt ceiling. The debt ceiling, pursuant to the Second Liberty Bond Act of 1917, is the law of the land. And it has been so for far longer than Obamacare.
Throughout this debate over funding Obamacare in the budget bill, House GOP leaders have stressed how the debt ceiling was the more appropriate means of fighting Obamacare. After all, it was “the next fight.” But as if on cue, some Republicans are already using the same Democrat talking points about the risk of default.
We are going to hear this erroneous talking point propagated by both parties over the next few weeks, so let’s put the myth to rest. The only way we default on the debt is if we fail to pay the interest on the public debt. According to the updated budget projection from the CBO, interest on the debt will be roughly $237 billion for 2014. Thanks to the short-term revenue benefits of the fiscal cliff and Obamacare tax hikes, the federal government is expected to rake in a record $3.042 trillion from the private economy this year.
Let’s engage in a simple math exercise. $3.042 trillion – $237 billion = $2.805 trillion. As long as the Treasury pays the first $237 billion in revenue to the shareholders of our debt, there will be no default, and we will have $2.805 trillion left to spend. Again, default is taken off the table. Discussion over.
What do you do with the remaining funds? You start funding core functions of government and those programs that people are already dependent on.
Social Security (retirement and disability) – $848 billion
Medicare – $505 billion
Medicaid – $298 billion
Defense – $582 billion
Veterans – $83 billion
Those expenditures account for roughly $2.3 trillion. The remaining half trillion can be prioritized as needed for other functions related to homeland security, national parks, or any other limited function.
Hence, the debt ceiling is a built-in balanced budget mechanism. If Democrats want to fund other functions of government, they need to commit to a balanced budget. If they want to fund the HHS and the IRS, they need to get rid of Obamacare. If they want to fund the EPA, they need to get rid of the war on coal.
The power of the purse manifest in the House of Representatives, in conjunction with the debt ceiling law, reflects democracy at work, especially with divided government. It’s time we stop peddling the myth of default, and start using our leverage to restore constitutional government and bring relief to those who are losing jobs and suffering from the high cost of living engendered by the harmful activities of the unconstitutional aspects of government.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.