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Citi: The Fiscal Cliff Is 'SO RIDICULOUSLY LARGE'
TBI ^ | 5-1-2012 | Joe Weisenthal

Posted on 05/01/2012 5:43:13 AM PDT by 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.


(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: economy; finance; investing; taxes
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To: Hardraade

You need to read Revelation 18 more carefully.

Mystery Babylon, both secular and ecclesiastical, will be crashing soon, without W or the Kenyan doing anything.

You need to get ready yourself; are you a ‘Wise virgin,’ or a foolish one?

Do you know what to look for, and WHEN to look for it?

Your post tells me that you do not.
.


41 posted on 05/01/2012 2:38:59 PM PDT by editor-surveyor
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To: cuban leaf

>> “In a very real sense, we are all on our own.” <<

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

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

Keyboard economists are as useful as the crew of the Titanic was as the water approached the floor of the Bridge.
.


42 posted on 05/01/2012 2:46:05 PM PDT by editor-surveyor
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To: Opinionated Blowhard
The irony is that Wall Street seems to think that money is taken out of the economy if the government stops spending. It isn’t.

What do you expect with economists like Reich and Krugman.

43 posted on 05/01/2012 2:46:33 PM PDT by JediJones (From the makers of Romney, Bloomberg/Schwarzenegger 2016. Because the GOP can never go too far left.)
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To: editor-surveyor

Whenever I hear “Wise Virgin”, “Wise as snakes”, or “YHVES elect”, I know I’m very far outside the beaten track of rational thought. Or even just thought.


44 posted on 05/01/2012 4:54:44 PM PDT by Hardraade (http://junipersec.wordpress.com (nobody gives me warheads anyway))
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To: Hardraade

As I perceived, you are simply one of the lost, as your post indicated.

No wonder you’re thrashing.


45 posted on 05/01/2012 8:14:39 PM PDT by editor-surveyor
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To: editor-surveyor

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

Does the Pope wear a funny hat?

i.e. I’ve been studying it since 1983.


46 posted on 05/01/2012 9:08:58 PM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: appalachian_dweller; OldPossum; DuncanWaring; VirginiaMom; CodeToad; goosie; kalee; ...

We’ve kicked the can so far down the road that we are running out of road and can which was once the size of a soft drink can is now the size of an oil drum (Try kicking that!

For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:

http://tomeaker.com/kart/Preparedness1j.pdf

NOTE! THIS IS A FREE DOWNLOAD. I DO NOT MAKE ONE CENT OFF MY PREPAREDNESS MANUAL!

For those of you who haven’t started already it’s time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.

As the LDS say “When the emergency is upon us the time for preparedness has past.”

Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3

Lastly this for the doubters and the scoffers.

“There is no greater disaster than to underestimate danger.

Underestimation can be fatal.”


47 posted on 05/02/2012 10:20:19 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: LibsRJerks
bs...the root of ALL the US's trouble is its lack of morality, values, character...

and Pauly doesn't give a hoot about any of that....legal porn...legal drugs...legal prostitution...homos doing whatever they want to whoever they want.....

have character and values and morality and it doesn't matter if the economy goes ballistic or we have world war....WE WILL SURVIVE!

48 posted on 05/02/2012 10:32:52 AM PDT by cherry
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To: cuban leaf
and what if it is the "end times"....do you think people that sat on the side lines not involved, not helping, not working to solve the problems will be judged politely by a God who gave us everything on this earth?....and not to fight the good fight?...to surrender like a lot of freepers have....

yeah, but don't vote for Romney...no just keep obamey in there...

yep...that's the ticket...

49 posted on 05/02/2012 10:36:35 AM PDT by cherry
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To: NELSON111
I always wondered what would be the mechanism that would FORCE all the countries to give up their currency

You need only look to the Eurozone to see why that will not happen in our lifetimes.

50 posted on 05/02/2012 10:43:23 AM PDT by Publius Valerius
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To: cherry

—...do you think people that sat on the side lines not involved...—

Christianity is about two things:
1. My personal relationships with other human beings.
2. My personal relationship with God.

Politics does not directly enter into that. Jesus, nor his apostles ever discussed political activism or politics in general. They did not fight against corrupt leaders. It was not even on the agenda.

In a constitutional republic that is collapsing before my very eyes, I am not focusing on and working toward political solutions. I’m focusing on the two things above. And if I am part of the phoenix that rises from the coming ashes I hope I can be positively productive.

I am not sitting on the sidelines. I’m fighting a different battle than you. I spend a LOT of time discussing religion and politics with non-believers and liberals.

I wonder sometimes if Obama is the one to be so incompetent that he sends us into the arms of “the beast”.


51 posted on 05/02/2012 10:43:23 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: blam
unwind a decade’s worth of tax cuts

Stopped right there. I smell BS.

52 posted on 05/02/2012 10:46:42 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: cuban leaf

So you’re predicting the Rapture is imminent?


53 posted on 05/02/2012 11:03:34 AM PDT by Obadiah
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To: Obadiah

—So you’re predicting the Rapture is imminent?—

Nope. I’m “post-trib, pre-wrath”. Used to be pre-trib though.


54 posted on 05/02/2012 11:14:37 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: cuban leaf

It’s not the “fall” which will kill America; it’s the “sudden stop” at the bottom.


55 posted on 05/02/2012 11:58:08 AM PDT by carriage_hill (((.)))
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To: Opinionated Blowhard
Our society is addicted to the heroin of government spending.

To be accurate, only a portion of our society is addicted. Personally, I would not shed a tear if Welfare were eliminated. Along with the EPA, FDA, BATFE, IRS and on and on and on. There are so many programs that are useless that clearly half of the current government could be trimmed away and no one would notice. Except those who would now be forced to find REAL work and those who suck at the teat.

56 posted on 05/02/2012 1:47:38 PM PDT by Bloody Sam Roberts (I will not comply. I will NEVER submit.)
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To: cuban leaf

Then you should have been able to answer the simple questions that I asked, but you didn’t.

Hmmm...


57 posted on 05/02/2012 7:23:17 PM PDT by editor-surveyor
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To: Publius Valerius; NELSON111

.
>> “You need only look to the Eurozone to see why that will not happen in our lifetimes.” <<

.
Wishful thinking.

The deliberate infusion of debt is the vehicle, and it is rolling down the ever-increasing slope without brakes.
.


58 posted on 05/02/2012 7:27:35 PM PDT by editor-surveyor
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To: editor-surveyor

—Then you should have been able to answer the simple questions that I asked, but you didn’t.—

I can answer it, but it is self evident. There was no need. There IS no need. You are not looking for information. You are testing me. That does not always justify an answer.


59 posted on 05/03/2012 5:08:00 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: cuban leaf

No Mr talk, I’ll gladly give you the information that baffles you, but I do wonder if your receptors are even enabled.

You type by the ton, and inform by the grain, but then, that’s apparently all you have.


60 posted on 05/03/2012 2:32:31 PM PDT by editor-surveyor
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