Author Topic: After 31517 Everything will grind to a halt-David Stockman  (Read 932 times)

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Offline RomanCatholic1953

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After 31517 Everything will grind to a halt-David Stockman
« on: February 26, 2017, 09:16:41 PM »
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  • Two weeks after David Stockman warned that "the market is apparently pricing in a huge Trump stimulus. But if you just look at the real world out there, the only thing that's going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S. history" and exclaimed that, when looking at markets, "what's going on today is complete insanity" he is back with another interview, this time with Greg Hunter of USAWatchdog in which he, once again warns, that a giant fiscal bloodbatch is coming soon, and urges listeners to pay especially close attention to the March 15, 2017 debt ceiling deadling, at which point everything could "grind to a halt."

    As Greg Hunter writes, former Reagan Administration White House Budget Director David Stockman says financial pain is a mathematical certainty. Stockman explains, “I think we are likely to have more of a fiscal bloodbath rather than fiscal stimulus.  Unfortunately for Donald Trump, not only did the public vote the establishment out, they left on his doorstep the inheritance of 30 years of debt build-up and a fiscal policy that’s been really reckless in the extreme.  People would like to think he’s the second coming of Ronald Reagan and we are going to have morning in America.  Unfortunately, I don’t think it looks that promising because Trump is inheriting a mess that pales into insignificance what we had to deal with in January of 1981 when I joined the Reagan White House as Budget Director.”

    So, can the Trump bump in the stock market keep going? Stockman, who wrote a book titled “Trumped” predicting a Trump victory in 2016, says, “I don’t think there is a snowball’s chance in the hot place that’s going to happen. This is delusional.  This is the greatest suckers’ rally of all time.  It is based on pure hopium and not any analysis at all as what it will take to push through a big tax cut.  Donald Trump is in a trap.  Today the debt is $20 trillion.  It’s 106% of GDP. . . .Trump is inheriting a built-in deficit of $10 trillion over the next decade under current policies that are built in.  Yet, he wants more defense spending, not less.  He wants drastic sweeping tax cuts for corporations and individuals.  He wants to spend more money on border security and law enforcement.  He’s going to do more for the veterans.  He wants this big trillion dollar infrastructure program.  You put all that together and it’s madness.  It doesn’t even begin to add up, and it won’t happen when you are struggling with the $10 trillion of debt that’s coming down the pike and the $20 trillion that’s already on the books.”

    Then, Stockman drops this bomb and says:



    “I think what people are missing is this date, March 15th 2017.  That’s the day that this debt ceiling holiday that Obama and Boehner put together right before the last election in October of 2015.  That holiday expires.  The debt ceiling will freeze in at $20 trillion.  It will then be law.  It will be a hard stop.  The Treasury will have roughly $200 billion in cash.  We are burning cash at a $75 billion a month rate.  By summer, they will be out of cash.  Then we will be in the mother of all debt ceiling crises.  Everything will grind to a halt.  I think we will have a government shutdown.  There will not be Obama Care repeal and replace.  There will be no tax cut.  There will be no infrastructure stimulus.  There will be just one giant fiscal bloodbath over a debt ceiling that has to be increased and no one wants to vote for.”

    Article by by Tyler Durden
    Feb 26, 2017 3:50 PM



    http://www.zerohedge.com/news/2017-02-26/stockman-after-march-15-everything-will-grind-halt

    Offline Truth is Eternal

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #1 on: March 13, 2017, 06:45:56 PM »
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  • MARCH 15TH: ROTHSCHILD, DEBT CEILING & DEMISE OF THE DOLLAR

    [youtube]https://www.youtube.com/embed/XpV1xV2mKhw[/youtube]
    "I Think it is Time Cathinfo Has a Public Profession of Belief." "Thank you for publicly affirming the necessity of believing, without innovations, all Infallibly Defined Dogmas of the One, Holy, Catholic, and Apostolic Church."


    Offline JezusDeKoning

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #2 on: March 13, 2017, 10:40:21 PM »
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  • That's Wednesday. Things don't happen that quickly.
    If it's 2017 where you are, have a blessed new year filled with God's grace, love and Wisdom. Stay close to the Eucharist and the Mass, the single greatest sign of Christ's love for us.

    Offline Marlelar

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #3 on: March 14, 2017, 01:05:47 PM »
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  •  :popcorn:

    Offline JezusDeKoning

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #4 on: March 15, 2017, 12:55:57 AM »
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  • 12:45AM. Nothing.

    Some of you have to stop believing these sensationalist websites. God gave you a brain and it led you... you know, NOT at Lesbian Heretic Catholic Community. So you can use that to discern good sources.
    If it's 2017 where you are, have a blessed new year filled with God's grace, love and Wisdom. Stay close to the Eucharist and the Mass, the single greatest sign of Christ's love for us.


    Offline Neil Obstat

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #5 on: March 15, 2017, 01:07:17 AM »
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  • Can't it wait until after St. Patrick's Day, at least??

    .--. .-.-.- ... .-.-.- ..-. --- .-. - .... . -.- .. -. --. -.. --- -- --..-- - .... . .--. --- .-- . .-. .- -. -.. -....- -....- .--- ..- ... - -.- .. -.. -.. .. -. --. .-.-.

    Offline Croix de Fer

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #6 on: March 15, 2017, 03:52:29 PM »
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  • The rigged stock market (DOW index) is approaching 21,000 again.  :laugh1: That really sounds like "grinding to a halt".  :laugh2:

    Basically, whatever these talking heads are allowed to say to the public regarding "the coming crash", the opposite will likely happen. It's a way to embed the "boy who cried wolf" syndrome into everyone so they're least prepared and caught off guard when it really does happen, while at the same time, mocking everyone who made and fell for the prediction.

    The Bankersteins yank our chains by inverting reality and predictions made about their systems of deception.
    Blessed be the Lord my God, who teacheth my hands to fight, and my fingers to war. ~ Psalms 143:1 (Douay-Rheims)

    Offline Dolores

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #7 on: March 16, 2017, 08:35:10 AM »
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  • Another prediction about economic collapse that turned out to be false.  Make sure you keep posting them RomanCatholic1953!  :facepalm:


    Offline RomanCatholic1953

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #8 on: March 16, 2017, 06:09:56 PM »
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  • What was meant by 3-15-17 is the date that debt limit of 20 trillion dollars
    has been reached. While ignoring the unfunded liabilities are in the
    quadrillion dollars owed such as future social security payments, pensions,
    and the promise of funding these and other liabilities at a future date.
    Unless the debt limit is raised into the trillions of dollars, the government
    will run out of monies by August-September of this year.
    Instead of giving the Pentagon 55 billion dollars for more wars and
    military equipment.Let them fish around for the billions dollars missing from
    wasted and overcharges and black projects.
    Remember when the plane crashed into Pentagon on 9-11-01.  Just in
    the area where the auditors were looking for the 6 billion missing that
    was reported on the news the day before.

    Offline RomanCatholic1953

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    After 31517 Everything will grind to a halt-David Stockman
    « Reply #9 on: March 18, 2017, 01:28:15 PM »
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  • The Debt Ceiling Deadline Has Passed, And Now The Biggest Test Of Donald Trump’s Presidency Begins…
     By Michael Snyder, on March 16th, 2017

    Economiccollapseblog.com

    On Wednesday, the temporary suspension of the debt ceiling ended, and so now the federal government is not going to be able to go into any more debt until the debt ceiling is raised.  For the moment, the Trump administration can implement “emergency measures” to stay under the debt limit, but it won’t be too long before we get to a major crisis point because the federal government is quickly running out of cash.  Already, the U.S. Treasury has less cash on hand than Apple or Google, and that cash balance is going to keep on dropping until the debt ceiling is finally lifted.

    You may remember that the debt ceiling became a major issue a couple of times during the Obama years.  Last time around, Barack Obama and the Republicans in Congress agreed to a horrendous deal which suspended the debt ceiling until several months after the 2016 election…

    Since President Barack Obama signed the “Bipartisan Budget Act” on Nov. 2, 2015 there had been no legal limit on the amount of money the federal government could borrow until now. That law included a section entitled “Temporary Extension of Public Debt Limit.” It said that the law imposing a limit on the federal debt “shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2017.”

    During the 16 and a half months between the signing of that deal and today, the U.S. national debt rose by a whopping $1,414,397,000,000.

    But now the U.S. national debt will not be allowed to rise by another penny until the debt ceiling is raised or suspended once again.

    The Trump administration is pushing hard to get the debt ceiling raised, and this is a complete reversal from how Donald Trump felt about the debt ceiling back in 2013.  The following comes from the L.A. Times…

    Trump sided with hard-liners in 2013, publicly opposing an increase. “I cannot believe the Republicans are extending the debt ceiling — I am a Republican & I am embarrassed!” he tweeted then.

    Trump was actually right about the debt ceiling in 2013, and he is wrong now.

    We simply cannot afford to keep adding trillions of dollars to the national debt.  What we are doing to future generations of Americans is beyond criminal, because we are literally destroying their future just so that we can enjoy an inflated standard of living that we do not deserve today.

    Treasury Secretary Steven Mnuchin has already begun to implement “extraordinary measures” to keep us under the debt ceiling.  The first step that was taken was the suspension of the sale of SLGS securities…

    “Today,” Mnuchin wrote, “Treasury is announcing that it will suspend the sale of State and Local Government Series (SLGS) securities. SLGS are special-purpose Treasury securities issued to states and municipalities to assist them in conforming to certain tax rules. These securities count against the debt limit. The suspension of SLGS sales will commence on March 15, 2017, and continue until the debt limit is either raised or suspended. As in the past, it is likely Treasury will utilize additional extraordinary measures.”

    The federal government will be able to keep going for a little while by implementing such “extraordinary measures”, but the Treasury cash balance is going to continue to dwindle and at some point a major squeeze is going to happen.

    As things get tighter and tighter, the Trump administration will become increasingly desperate to get the debt ceiling raised.  As I wrote about yesterday, the key for Trump is going to be finding 218 votes in the House of Representatives that will be willing to go along with him.

    You would think that since Republicans control the House that this should be easy, but the truth is that there are a lot of conservative Republicans that are not inclined to agree to a debt ceiling increase without substantial accompanying budget cuts.

    The proposed budget that Trump released this week is getting a lot of criticism from the left for cuts to social programs, but the truth is that it actually doesn’t reduce the deficit at all…

    President Trump’s “skinny” budget blueprint for 2018 features a proposed $54 billion increase in defense spending and an equal number of spending cuts from the smallest part of the federal budget.

    That means his changes won’t add to next year’s projected $487 billion deficit. But they won’t reduce it, either.

    And remember, that “$487 billion” figure is just for show.  During the Obama years the U.S. national debt increased by an average of well over a trillion dollars a year, and that is almost certainly going to continue for years to come as long as the debt ceiling is raised.

    Republicans are supposed to be the party of fiscal responsibility.

    So now is their big test.

    If they raise the debt ceiling and continue adding more than a trillion dollars a year to the national debt, they will lose all credibility with conservative voters on fiscal issues.

    But if they try to force the federal government to start living within its means that is going to severely harm the economy in the short-term.

    Donald Trump is going to have to try to figure out a way to navigate this crisis.  He has already promised that he will not touch Social Security and Medicare, and those are the two biggest drivers of our budget deficits.  In fact, it is being projected that entitlement spending and interest on the debt will eat up every single penny that the federal government takes in within 20 years.

    So if Trump won’t touch the big entitlement programs, where will he possibly find enough cuts to satisfy the fiscal conservatives in Congress?

    Without them, Trump does not have enough votes to raise the debt ceiling.

    In addition, many of the conservatives in Congress absolutely hate the new Republican health care plan, and they hope to use this debt ceiling crisis as leverage to change the bill.

    If Trump can’t work out something with conservatives, perhaps he could turn to the Democrats.  But most Democrats are extremely resistant to work with him on anything after all that has been said and done, and so for Trump to get a deal with them he would have to make extreme concessions.

    This represents the biggest political test for the Trump presidency so far, and if we get down the road a couple of months and nothing gets done, this debt ceiling crisis could spark the kind of financial crisis that I describe in my novel entitled “The Beginning Of The End“.

    Barack Obama pushed things right to the brink a couple of times, but he was savvy enough politically to never let things go over the edge.

    Now it is Trump’s turn, and somehow he has got to find a way to get the debt ceiling raised without making extremely deep compromises that would gut the rest of his agenda.

    And he had better get to work on this quickly, because time is running out and the clock is ticking…

    http://theeconomiccollapseblog.com/archives/the-debt-ceiling-deadline-has-passed-and-now-the-biggest-test-of-donald-trumps-presidency-begins


     

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