…and, of course, more taxes, because someone has to pay for all of this borrowing, you see. You debt slaves out there aren’t deep enough in it yet. I can still see the tops of some of your heads. How the hell do you expect us to do a thorough asset-stripping if you still have uncommitted cash flow? Some of you are still able to pay for your homes AND buy food, for crying out loud. THIS IS NOT ACCEPTABLE.

Timmy does an interview, reported by Bloomberg:

    U.S. Treasury Secretary Timothy F. Geithner said he hopes lawmakers can agree on the framework of a debt-limit agreement today because the House of Representatives must start deliberations tomorrow to meet the Aug. 2 deadline.

    “They need to get this process moving in the House by Monday night,” Geithner said today on ABC’s “This Week” program. “To achieve that deadline, they need to have a framework that they know with complete confidence will pass both houses of Congress that is acceptable to the president. That should happen today.”

Now, for some facts: the August 2 deadline is completely phony. There is plenty of cash flow coming in to the Treasury to continue making interest payments on the national debt. Some people will not get paid, but that is not a debt default, no matter how much the socialists want you to think it is. Note: It is entirely within the power of the entrenched banking interests, interests that control the financial markets, to “cause” a financial market panic such as Obummer describes below. Such a move wouldn’t surprise me one tiny little bit. These are the same interests who wielded the Armageddon Hammer and extorted the heinous, bipartisan $700 Billion TARP bank bailout program, every last dime of it paid for with debt, and since then repaid with Federal Reserve QE dollars.


And if all of that isn’t enough fun for you, why don’t we just brush aside this silly facade of representative government, clung to under a belief system tied to a set of rules known as a “constitution,” so that the elites can do what they know is best? If the stupid, uninformed unwashed masses don’t know that more debt is good for them, why not just ignore them? They don’t seem to like our “14th Amendment Authority” idea, either.

Huffpo reports:

    ‘Super Congress’: Debt Ceiling Negotiators Aim To Create New Legislative Body
    WASHINGTON — Debt ceiling negotiators think they’ve hit on a solution to address the debt ceiling impasse and the public’s unwillingness to let go of benefits such as Medicare and Social Security that have been earned over a lifetime of work: Create a new Congress.

    This “Super Congress,” composed of members of both chambers and both parties, isn’t mentioned anywhere in the Constitution, but would be granted extraordinary new powers. [Just what the government needs: Extraordinary new powers, granted to themselves, by….themselves! Damn, they’re clever!] Under a plan put forth by Senate Minority Leader Mitch McConnell (R-Ky.) and his counterpart Majority Leader Harry Reid (D-Nev.), legislation to lift the debt ceiling would be accompanied by the creation of a 12-member panel made up of 12 lawmakers — six from each chamber and six from each party.

    Legislation approved by the Super Congress — which some on Capitol Hill are calling the “super committee” — would then be fast-tracked through both chambers, where it couldn’t be amended by simple, regular lawmakers, who’d have the ability only to cast an up or down vote.

So, if you’re not represented by one of those Supers, then it’s “taxation without representation” time.