Supercommittee Fails: Congratulations! - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Supercommittee Fails: Congratulations!
Started:November 23rd, 2011 (02:10 AM) by Quick Summary Views / Replies:517 / 0
Last Reply:November 23rd, 2011 (02:10 AM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Supercommittee Fails: Congratulations!

Old November 23rd, 2011, 02:10 AM   #1 (permalink)
Quick Summary
Supercommittee Fails: Congratulations!

This article originally appeared on the Daily Capitalist on November 21st, 2011


Now that the supercommittee has failed to reach a budget compromise we hear about how things don’t work in D.C. any more. There is a nostalgic longing for the good old days when collegial legislators could get together and act for the benefit of the nation.

What a crock.

Another way to look at it is that finally someone stood for something and refused to compromise basic principles.

If you are looking for a golden age of politics your search will be futile. It never existed. Any study of the political history of the U.S. reveals, if anything, politics today are cleaner than they ever were. After George Washington’s presidency, it didn’t take long for the mud to fly. Crooked deals, patronage, nepotism, vote fixing, and smoke filled rooms were the rule not the exception. Jack Kennedy understood his father bought him a presidency. Lyndon Johnson was in the pocket of Brown & Root who bought his election to Congress. Spiro Agnew was taking bribes while he was Nixon’s VP. Etcetera.

It’s easy to be collegial when your party is in power as the Democrats were from 1932 (FDR) to 1968 (Nixon). In those days the Republicans were for the most part powerless and the good old boys who ran the place, Democratic Speakers from Sam Rayburn to Tip O’Neill, did what their president commanded. They didn’t lose their hold on Congress until 1994 when Gingrich pulled off a Republican victory.

So now, when Washington’s reckless fiscal stewardship of the U.S. has run us insolvent, the mainstream media complain when legislators can’t get together and “do something.” They blame these politicians for putting politics ahead of the country. La-di-da, la-di-da, la la, as Diane Keaton said in Annie Hall.

Republicans were dead set against tax increases, the third rail of right wing politics, and the Democrats wouldn’t compromise on their demand for increased taxes on the “rich.” Both parties were playing to their bases in an election year, so everything is entirely understandable.

Perhaps we should be celebrating someone on the Hill for standing up for a principle that they weren’t willing to compromise. I will assume, and the reports seem to support this, that the main problem was the Republicans who wouldn’t agree to any tax raise. If that is the case, then I salute those intransigent bastards for finally showing some courage in defense of a no tax increase pledge.

When you think about it automatic across the board spending cuts is a good thing. If they can’t figure 0ut how to cut $120 billion (3.3%) each year out of a $3.6 trillion budget, then you understand the depth of the problem.

The problem is that the federal government is too important. It was not designed that way. Originally it was the States that were important. But their power has been drained away and the Constitution has been jettisoned to create an all powerful federal government. Now money flocks to Washington to seek favors because politicians have the power to grant them.

The system is broken, but not in the way the MSM is saying. What’s broken is a system that can’t be fixed. Kumbayah is not the answer. Perhaps forced cuts are the only way to achieve fiscal sanity. The message to voters is: you decide.

More on ZeroHedge...

Reply to share your thoughts on this current event.


Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Supercommittee Fails: Congratulations!

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
When the Super Committee Fails... tradebaron Stocks and ETFs Trading 1 November 21st, 2011 03:24 PM
Spain Election Fails to Bring Relief for Euro Zone Quick Summary News and Current Events 0 November 21st, 2011 09:30 AM
Game Over Berlusconi? Italian Anti-Crisis Bill Fails Quick Summary News and Current Events 0 November 2nd, 2011 08:50 PM
Supercommittee’s lack of progress ..... kbit News and Current Events 0 October 20th, 2011 11:41 AM
Congratulations sam028! Big Mike Feedback and Announcements 11 June 17th, 2010 06:05 AM

All times are GMT -4. The time now is 02:13 PM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-22 in 0.07 seconds with 19 queries on phoenix via your IP