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A poorly kept secret, the congressional supercommittee makes it official, announcing it cannot...

A poorly kept secret, the congressional supercommittee makes it official, announcing it cannot reach a deficit-cutting deal. "After months of hard work and intense deliberations, it will not be possible to make any bipartisan agreement." The good news: no more supercommittee?
Comments (60)
  • Hahahahaha, USA USA USA #1
    21 Nov 2011, 04:53 PM Reply Like
  • As if anyone really expected one of the most dysfunctional bodies on the planet to work for once


    21 Nov 2011, 04:55 PM Reply Like
  • No surprise. We are broken politically and thus we are broken financially. Why would anyone think this commission would work? It is just a microcosm of WDC.
    21 Nov 2011, 04:55 PM Reply Like
  • It's more like a microbe of Washington D.C. that need to be eradicated.


    The curious thing is, if everyone had such low or no expectations from the committee, why did the market react so negatively. Nothing really changed and we still have both time and resources that can get us moving in the right direction.
    21 Nov 2011, 10:58 PM Reply Like
  • My take is that the market is usually postive until a crisis is right in its face. Root cause is likely because the chatter comes from people who have a vested interest in the market going up.


    So this is why you have dramatic drops at times as the market ignores warning signs and problem trend lines and then finally the evidence becomes overwhelming of serious problems and then nothing can hold the market up.
    22 Nov 2011, 11:28 PM Reply Like
  • We should hold recall elections for every single one of them. The written statement not only shows their cowardice, but their insanity. "We remain united in needing to address this problem." Awful people.
    21 Nov 2011, 04:56 PM Reply Like
  • How about expanding the recalls or impeachments of all the Republicans that signed the Grover Norquist "no tax pledge?
    21 Nov 2011, 10:59 PM Reply Like
  • Is that like the Dems signing the no cuts pledge?
    21 Nov 2011, 11:31 PM Reply Like
  • Didn't SA say ALLLLLLLLL!!!!!!!
    21 Nov 2011, 11:32 PM Reply Like
  • Absolutely agree with you. I was a Republican once but became an independent when I realized both parties are corrupt. The super committee folly is but one example. An even worse one is the scandal over the common practice of Congressmen making millions in insider trading. We need a movement to get their names and vote them out: both Super committee and Inside Traders. Note, Senator Kerry is high on both lists. Is there a web site that provides information on other names in this category?
    21 Nov 2011, 11:49 PM Reply Like
  • I think this image says it all, denhamw:


    By the way, shouldn't John Corzine be behind bars by now, or at least... pepper-sprayed!?
    22 Nov 2011, 04:09 AM Reply Like
  • A pox on all their houses! Let's get the all out, regardless of party affiliation. The corruption runs deep and wide.
    22 Nov 2011, 08:44 AM Reply Like
  • Good graphic, mitrado. I watch American Greed occasionally, but they are having to dig pretty deep these days for the small fish. It occurred to me, I want to see the GS story, how they ran up the price of oil to $144/bbl for example, but I think I'll be waiting a long time for that one. American Greed is only about the "criminals".
    22 Nov 2011, 09:51 AM Reply Like
  • Most all GOP signed unconstitutional pledge to not ever make wealthy pay 1% more, while cuts to social security was the top priority.
    21 Nov 2011, 05:00 PM Reply Like
  • Grover Norquist is a little squirt that needs to be popped like a pimple.
    21 Nov 2011, 05:03 PM Reply Like
  • Where is this in the constitution?
    22 Nov 2011, 11:31 PM Reply Like
  • They got thier pay raise voted through... before they all went on the winter break.
    21 Nov 2011, 05:03 PM Reply Like
  • Now comes the media blitz about how terrible the automatic cuts will be for the economy and defense. In the end, no cuts at all.
    21 Nov 2011, 05:05 PM Reply Like
  • I'll bet they had some pretty good meals on our dime in these months that have led up to them ultimately not doing their job.


    It's not a 'classic' yet, though.... It will be when they weasel their way out of the 'automatic cuts'.


    There is no hope. It's depressing.
    21 Nov 2011, 05:07 PM Reply Like
  • Pathetic. How hard is it, in a worst case scenario, to slash 10% off every item in the budget? Even a monkey could at least do that, even if they are not bright enuf to make discerning cuts to their out of control spending.
    21 Nov 2011, 05:13 PM Reply Like
  • 1.2 Trillion over the next 10 years isn't even 10% I think its more like 2% of projected federal spending (thats off the top of my head though).


    Cowards and Traitors is an apt summary.
    21 Nov 2011, 05:35 PM Reply Like
  • DC can't even pass a ludicrous joke of farcical legislation anymore. They only thing that could wake up those pampered, corrupt idiots will be consequences for their actions and inactions.


    But the American people may still believe in their gimmicks over realistic substance, so Congressional inaction remains our best hope at present.
    21 Nov 2011, 05:13 PM Reply Like
  • Maybe they should put the members of the super committee in a room and tell them they are going to throw the key away if they do not come up with a compromise. Or maybe just do it? Throw key away?
    21 Nov 2011, 05:14 PM Reply Like
  • Encouragement a'la the 'Saw' movies might work. And if it didn't, would it be so horrible?
    21 Nov 2011, 05:25 PM Reply Like
  • The super committee was designed to fail because it suited the political agendas of both parties. The Reps pretend to stand for smaller gov't by insisting on no tax increases; although they have no problem borrowing and spending when they are in power. The Dems are powerless without their social welfare parasite base and won't cut spending unless they can be seen to stick it to the rich. The 2012 election probably won't solve anything because the country is divided between the two extremes. Civil disobedience will increase until the military steps in.
    21 Nov 2011, 05:24 PM Reply Like
  • You make good points. The polarization needs to stop. Rush Limbaugh needs to shut his pie-hole along with the rest of the other "conservative" shock-jocks. As well as their counterparts on the Left. They aren't conservative, they are only profiting off the emotional stupidity of the average American.


    Honestly, the people that are profiting and preying off this nonsense need to be quelled. Its gone beyond "freedom of speech" or whatever other nonsense you want to call it. It has become treasonous.
    21 Nov 2011, 07:32 PM Reply Like
  • Censoring the mouth bags isn't the answer. I stand firm on The Bill of Rights. Unfortunately, the limited powers bestowed upon the Federal gov't by the Constitution have morphed into unlimited favors for votes. I don't think it matters who you put in office when politicians see their job as bringing home the bacon or greasing the palms of the voters and fund raisers. Let's face it, gov't benefits and defense appropriations are massively over subscribed. 
    21 Nov 2011, 08:12 PM Reply Like
  • Its time to vote both parties out of power - elect independents and third party candidates. The country is being run for the benefit of public unions/bureaucrats, politicians, and the financial elite. Until we elect people that don't give a damn about raising money, fancy dinners, and future millions our country is going to suffer. Its truly sad the total lack of leadership in Washington DC. These "leaders" are basically saying that they can't even make a dent in a budget that borrows 40 cents of every dollar being spent - not even a dent? Cowards and Traitors - and they should be treated as such.
    21 Nov 2011, 05:38 PM Reply Like
  • If it were not a 'wasted' vote, I'd go third-party / Independent. This coming election, however, I'll vote the safest choice to get the current President out of the White House.


    That's not saying that I think the Republicans are innocent, or anything... But I feel that's the strongest message we as a country can send - fire the HPIC (Head Politician In Charge).
    21 Nov 2011, 05:50 PM Reply Like
  • Most of the Republicans have little to offer as well. We have a republican Governor here in Fl who is almost as dysfunctional and almost as popular as Congress. We are damned either way. We need to do something different.


    You nailed it in the first paragraph - I'd vote independent too if I could. I've lived in other countries that have more than two parties. In those systems, if any party really screws up, they are gone forever. That makes those in "poly ticks" a lot more accountable. Also, the big parties rarely have over 50% of the vote so they are forced to make alliances with smaller parties. Everyone gets something. Compromise is essential.


    We, on the other hand, have a choice between two evils and which party supported by lobbiests we want to vote for.
    22 Nov 2011, 12:00 AM Reply Like
  • No surprise. Surely nobody thought any type of a budget deal would be forthcoming.
    21 Nov 2011, 06:14 PM Reply Like
  • I am in the UK right now and it provides a little view of what the US will end up like if we don't watch our step. Gas is priced at over $9 per gallon as the government taxes it to raise funds. This makes it impossible for middle and lower class people to buy a car as they cannot afford it. So they cannot travel as easily as they are dependent on public transportation. Rode the tube at rush hour and it sucked. Small cars and people jammed in them.


    Health care is rationed through a passive system that only reacts when someone really is suspected of having a problem. Your only hope is to hope it is not really serious by that time as you will dead. They will run batteries of tests at that time but not until. Single mothers get around $9K per illegetimate kid and housing provided for them by the government. If you have 4 kids you get around $40K plus a 3 bedroom flat. Today the government announced they are going to try and stimulate the housing market by the government funding new construction loans for first time home buyers. Housing is becoming a right. Just more of the same government interference. General sense is that Browne spent money like crazy to get relected and now he left a big debt for the country to work through.


    People in the know don't think Greece has any intention of being austere so failure is a matter of time.


    Western economies are in trouble and that starts with T and rhymes with D and stands for DEBT. Standards of living are coming down.
    21 Nov 2011, 06:25 PM Reply Like
  • Tomas,
    "Single mothers get around $9K per illegetimate kid and housing provided for them by the government. If you have 4 kids you get around $40K plus a 3 bedroom flat"
    That is ridiculous.People get rewarded for having illegitimate kids in the States, but not on that scale.
    22 Nov 2011, 12:27 AM Reply Like
  • AM


    I am talking about in the the first sentence.
    22 Nov 2011, 11:34 PM Reply Like
  • A few more notes from my UK travels:


    They also have a OWS type protest crowd. They are becoming really dirty and there are druggies in the midst doing drugs with children present. The police moved in and removed some children for their safety. It appears these aimless protests are going to run their course and probably something tragic is going to happen as they are not safe. My opinion..........high on ideals but low on brains.


    Funniest story was when I left the UK I tipped the hotel doorman in USD's for getting me a cab. I told him "I don't know if this is worth anything anymore but here you go." He laughed and said he would "put it towards our $15 Trillion debt." We laughed for 5 minutes but I was really surprised he knew our debt load here in the US.


    David Cameron the PM of UK said they are not meeting their debt reduction targets and the debt was constraining growth. Another government official said that "western economies were in a terrible mess." They are much more frank over there about the state of the economy.


    Finally Cameron also repeated that they need to grow their exports to grow their economy. Every country is saying that so who is buying all this stuff? Obama says the same thing. Typically poorer countries export more than they import as they mature their economies and as they prosper they import more. On the other hand maybe all the western economies are getting poorer so therefore they need to export to the rest of the world. We become the new banana republics.
    22 Nov 2011, 11:53 PM Reply Like
  • We continue to follow the path of Greece rather than the path of Canada. Canada had similar issues in the 90's and decided to cut spending to increasing taxes on about a 7 to 1 ratio....and it worked!


    Today confirms we are arrogantly following a similar path of Greece claiming it will never happen here rather than a more responsible path of Canada.
    21 Nov 2011, 06:33 PM Reply Like
  • I don't live to far from Western Canada, and everytime I visit there I am struck by the Canadian willingness to make use of natural resources. Something the NIMBY's in the USA fight every step of the way. Where they don't, such as North Dakota, the economy is doing just fine. My Nephew leaves for Williston tonight.
    21 Nov 2011, 08:08 PM Reply Like
  • Best of luck to your forward thinking nephew. There is real work to be done to increase oil production in the Bakken play.


    Remind him that it will be chilly on the rig in January, like 30 below. He will earn his paycheck.


    BTW, he will be helping to reduce the U.S. balance of payments problem that we have had for many years. The 200,000 BOPD of domestic production that we scorned oilmen have put into the system in the last 2 years has reduced our balance of payments by $20,000,000 per day.


    $20,000,000 per day. Every day. For us, not for Chavez, or the Saudis.


    Obama should be praising our merits.


    I'm waiting.
    22 Nov 2011, 02:09 AM Reply Like
  • MK,
    Interesting link and stats on how Canada reduced their budget deficits in the 1990's and comparison to the US debt now.
    22 Nov 2011, 05:59 AM Reply Like
  • UI,


    One interesting point that I take from that link is OPTIMISM for a real fix that will work. We need more optimism in this country else we will create our own downward spiral, but I surely understand why we lack the optimism as I'm as disgusted with what goes on as the next person, if not more disgusted.


    We can fix this and put ourselves on a better looking path...but as long as the masses believe the rich are evil, successful businesses must have used questionable/illegal methods, and that everyone successful isn't doing their fair share...we are unlikely to make the moves necessary and will just follow the path of Greece rather than responsible Canada.
    22 Nov 2011, 09:26 AM Reply Like
  • They trained him to drive trucks, drilling mud or something. Of all the difficulties he may encounter, I warned him the hardest of all will be holding onto the money he earns. Fast cars and shiney 4X4's are terribly tempting to a single young man with a fat wallet.


    You will be waiting a long time for that thank you, I'm afraid. I work in process controls myself and am amazed at how many people think an economy can be sustained by selling Chinese imports or working for the government.
    22 Nov 2011, 10:10 AM Reply Like
  • MK


    Optimism needs to be based on something that people can see. All they see now is mounting debt and terrible or absent leadership.


    Everyone has become cynical for good reason and are just waiting for the next shoe to drop. Which does not have to happen if we can take strong action. That is a big "if."
    22 Nov 2011, 11:37 PM Reply Like
  • More disgusting than parasitic oligarchs in DC destroying our future are their Wallstreet cronies manipulating the markets. As of 5pm PST, futures are up... why?
    21 Nov 2011, 08:40 PM Reply Like
  • Why do you care? If futures are up that does not mean they will stay up or that anyone taking long positions will not have their head handed to them in the morning. I don't pay attention to up or down until at least 1 hour into the trading session.
    22 Nov 2011, 11:42 PM Reply Like
  • You are right. Was just venting a little. Feel much better now.
    23 Nov 2011, 11:40 AM Reply Like
  • Unfortunately, Congress is a reflection on our society, and since the majority of people now are relatively well paid by tax dollars (eg. teachers, government workers, Defense contractors, etc.) or otherwise dependent on tax dollars (eg. welfare, health care, etc.), they will continue to vote for Dems and RINOs that promise to feed the socialist beast, resulting in a democracy that spirals out of control until the last working man standing gives up their last piece of gold. Only a radical like Ron Paul can break the cycle of kicking the can down the road.
    21 Nov 2011, 08:58 PM Reply Like
  • The Constitution was supposed to prevent the Federal gov't from most of its present activity. Ron Paul can do nothing but point out that the dam has burst. The only solution is civil disobedience.
    21 Nov 2011, 09:35 PM Reply Like
  • Yeah, but not OWS style.
    22 Nov 2011, 12:38 AM Reply Like
  • The funny thing is that Greece will eventually do what iceland did and let the banks count their losses including all the useless bondholders who are crying like babies because they might have to take a loss. So Greece will potentially be better off than Europe and the US when you see it from the perspective of the citizen.
    I agree Ron Paul is the only one who may be able to bring change. As long as congress is ruled by lobbyists and credit default swaps there is no hope for anything to change.
    A million people need to march on Washington and tell congress that if they don't do their job they are fired without pay.
    21 Nov 2011, 09:30 PM Reply Like
  • All it proves is they can't work together, which we already knew. We also knew they'd never get anything done and will spend the next year trying (failing) to put together a deal before the automatic spending cuts start in 2013. And even if they do get an agreement Congress has to approve it! And if they don't get an agreement the new Congress and new President can always cancel the 2013 spending cuts anyway. Business as usual in the good old US of A!
    21 Nov 2011, 10:55 PM Reply Like
  • The problem is bigger than two extremely polarized parties that are inept beyond the point of any functional compromise. The other problem I'm referring to are lobbyists and third part interests. It's a money game and we're caught in the middle; any of you remember Jack Abramoff? Google and watch "Casino Jack and the United Stated of Money".
    21 Nov 2011, 11:00 PM Reply Like
  • I dont understand why the elderly are so averse to accepting a retirement age increase. It makes Americans look like the French. The retirement age should be going up as life expectancy goes up, and NO ONE should be getting more out of Medicare/SS than they put in (with inflation and a risk free rate accounted for.) Simpson Bowles was a great idea, but they all screwed that up.
    22 Nov 2011, 12:23 AM Reply Like
  • It was supposed to fail, because they still have another year before the automatic cuts set in anyways. They still have a year people. Why do you think it was no big deal to have a deal? The left side gets what they want if there is no deal. Status quo on social programs, massive cuts to defense spending and a massive tax increas when the tax cuts expire...what would motivate them to actually cooperate when their objectives are reached with failure, and just making the right side look bad?
    22 Nov 2011, 12:30 AM Reply Like
  • "Massive cuts" to defense spending? Defense spending will be more or less caped at current historically high levels. How much of the total global "defense" does our single country expend? What are we getting for that? Do we really need to continue to invade foreign countries for the next 40 years?


    I wouldn't call it a cut unless it actually decreases. And a massive cut would have to decrease a lot. . . I'm not seeing a cut of any sort.


    And I wouldn't call it defense unless it happen on our soil. War profiteering is a much better term.


    We can not talk about the budget and ignore some of the biggest costs - so called defense is one of them. Social programs are another.


    Don't worry so much about the right side looking bad. Of course they do, but so does the left. . . The system is dysfunctional at this point and very few engaged in "poly ticks" has much street cred.
    24 Nov 2011, 03:59 PM Reply Like
  • I never defended out current waste of defense budget when you see Raytheon show casing exo-skeleton suits that while cool, serve no purpose. Who is funding that one?


    Of course we have to cut defense. We don't need to spend more than 300-400 bil on defense. There is a base where I live, and they have what is called a "bone yard" where they scrap old fighters and cargo planes. It angers me to see F-18s, F-14s, F-15s, A-10s, F-5s and F-16s. Its one thing if they are defective, but another to just say well, we have a 2 billion per aircraft that will replace it. When those only cost 22 mil a pop and no other country can hold a stick to our older planes.


    At any rate, investors need to know the REAL deadline is next year, nothing is going to happen until the last moment, and everyone panicked when they declared an impasse. It shows how out of touch investors are with the actual story under the headline, they trade the head line and not the news. Its become even more abbreviated than before.


    When is the SEC going to crack down on HFT machines and bring to light who and what they are capable of? Why are they not discussing creating two markets:


    A retail investor market and a large cap market for the back stabbers and HFT mafia.


    Why is no one looking out for the little guy?
    27 Nov 2011, 06:13 PM Reply Like
  • the leadership on the left has created yet another banner for 2012: translation:
    "super-committee"= blame congress
    (by design)
    go play distract and divide in another country.
    22 Nov 2011, 06:28 AM Reply Like
  • How about super committee = Lame Duck
    22 Nov 2011, 07:47 AM Reply Like
  • Both of these parties have become albatrosses. Its time for a third party that represents the taxpayers and not a small self centered governing elite, that has only its own self interest in mind.
    22 Nov 2011, 07:46 AM Reply Like
  • So, automatic cuts were programmed in and everyone had a chance to come up with a better plan and decided to go with plan A instead. Yawn. Case closed.
    22 Nov 2011, 08:33 AM Reply Like
  • Patty Murray, as one example, was just re-elected by the birkenstock set in King County Washington last year. A perfect fit for the committee as she doesn't face voters for 5 years. A very calculated assignment. I wonder how many others on the stupid committee were given the assignment similarly?
    22 Nov 2011, 10:16 AM Reply Like
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