Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?

Vodpod videos no longer available.

Rep Ryan on Squawk Box this morning discussing his budget.

Gen X will be the first to hit the new Medicare Premium Assistance Program in 2022.

We always knew it would be us. At this point I am GLAD it is us. The Boomers don’t have the fortitude of their parents and all they do is consume.

Only the Thirteenth Generation aka Gen X, is prepared to sacrifice.

After all, we are used to it. We expected it. Hell, we have been waiting for the other shoe to drop on us since our first experience following Boomers, the Carter years, and then the pain of Volcker slaying inflation during Reagan’s recession. And don’t forget the FICA tax increase we got to pay for Boomers’ retirement, the $$ that is now-gone and which we will have to pay, again.

Fact is, we are a small enough generational cohort that the pols feel comfy shafting us, always have, always will.

Heaven forfend someone should ask the frakkin Boomers to share the pain. They still think they are God’s gift to the world.

So instead of righting the ship immediately, which we could do if the Boomers would give something up, we in Gen X will take the first hit.

So here we are, stepping up, ready to share the burden.

FIX IT NOW. CUT NOW. WE ARE READY.

We are the Eeyores of the current populace and we have always been ready to get the shaft, at least let us do it now so we feel we contributed something meaningful while we got screwed…

and PS-Thank you Rep. Ryan!

Andrew Stiles breaks out some numbers on NRO:

$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.

$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.

2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).

20 percent — Target spending levels (as a percentage of GDP).

$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.

$4.7 trillion — Total debt reduction relative to Obama’s budget.

$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.

$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.

2022 — Year that proposed Medicare reforms would take effect.

25 percent — The top tax rate proposed for both individuals and companies.

18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.

$800 billion — Total amount of tax increases eliminated by repealing Obamacare.

1 million — Private-sector jobs created over the next year.

4 percent — Projected unemployment rate by 2015.

$1.5 trillion — Projected growth in real GDP over the next decade.

$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.

10 percent — Proposed reduction to the federal workforce over the next three years.

$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.

Update: Oh here we go, Boomers whining about not having enough to live in style in retirement. Cry me a frakkin river dudes, you spent it all and THEN some (and once again Gen X, following your shenanigans, got the 1st 10 yr run with no $$ in stocks) but dont worry your Berbanke is printing just as fast as he can so you can continue to take cruises every spring (until stagflation catches up to us).

Your idiotic brain trust picked out Obama to be POTUS! There are no more resources for you to consume! Jeebus, get a grip!

The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.

1st collector for Video~ Paul Ryan unveils budget~ Gen X is ready…
Follow my videos on vodpod

April 5, 2011. Tags: , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

Updates: These short positions GS took are the AIG CDS’ we lost billions on?! Golden Slacks getting hammered by SEC fraud charges…

Update: Oh shxt! I didnt realize the short positions they are talking about are the damn AIG CDS!!! Oh snap! These are the frakkin CDS we lost BILLIONS on via AIG! h/t doc holiday:

Skeptical CPA: December 2008Re: “Some of AIG’s speculative bets were tied to a group of [CDOs] named ‘Abacus,’ created by [GSG]. … In what amounted to a side bet on the value of these holdings, AIG agreed to pay [GSG] if the mortgage debt declined in value and would receive money is it rose. … The plan has resulted in banks in North America and Europe emerging as winners: They have kept the collateral they previously received from AIG and received the rest of the securities’ value in the form of cash from Maiden Lane III. … It also has been a double boon to banks and financial institutions that specifically bought protection on now shaky mortgage securities and are effectively being made whole on those positions by AIG and the [Fed]”, my emphasis, Serena Ng, Carrick Mollenkamp & Michael Siconolfi at the WSJ, 10 December 2008.”

Update: Cramer is all over CNBC saying his confidential high sources say GS had a position , long, in the CDO, really laying it on shilling for Golden, really sad. Saying its caveat emptor the German bank who took losses is responsible, while he is saying GS was long the position. Shill Jim shill. wow some guy(silvan raines, sp?) says Cramer takes money from GS to his face on the air just now, heh.

Update: Here is Boehner stmt, he calls GS Pres Obamas top Wall St Ally, oohhh, nice:

“These are very serious charges against a key supporter of President Obama’s bill to create a permanent Wall Street bailout fund.  Despite President Obama’s rhetoric, his permanent bailout bill gives Goldman Sachs and other big Wall Street banks a permanent, taxpayer-funded safety net by designating them ‘too  big to fail.’  Just whose side is President Obama on?

“Instead of permanent bailouts for President Obama’s Wall Street allies, Republicans believe the best way to protect taxpayers is by reforming Fannie Mae and Freddie Mac, the government-sponsored companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it.”

NOTE: Goldman Sachs was President Obama’s top Wall Street contributor during the 2008 election cycle, donating nearly $1 million to his campaign.

Update: John Boehner GOP minority leader House, just put a wicked spin on that ball, his statement said these charges against GS a partner in Pres Obamas Fin Reg Plan are very concerning, that the FIn Reg Reform Bill will protect GS as too big to fail, Boehner said, whose side is President Obama on? oooooohhhh!! ^5 to Boehner

Update: So I was thinking the Volcker Rule is gonna make a BIG comeback off this, ya know? I mean WSJ was just declaring it dead, again, this week and I do not see how the banks are gonna fight Volcker Rule and the Consumer Protection Thingy in the face of the headlines the lamestream put together off this. And it is things like this that kill the markets for everyone, thanks GS you frakkers.

12:51pm EST: DOW down 153 now, back under 11k, like Spinal Tap, it goes to eleven..that’s about all that number was worth…S&P back under the big 1200 the traders were so excited about…GLD, OIL, all down…

Update: Steve Liesman – Paulson’s right hand man, Pelligrini,  was source of confirmation for the fraud charges in re his selection of the ‘lousy’ subprime securities that went into the CDO. He left Paulson in 2009. Steve says what Paulson did is likely not illegal, the issue is disclosure and that is all on GS…

Paging Andrew Cuomo, will Andrew Cuomo please file an indictment on the white courtesy phone….

Update: WSJ has the SEC complaint up in pdf here

Update Q/A Adam Schapiro of FoxBiz asks other fin firms did this, on synthetic CDOs like Deutsche Bank, are they facing charges?

ongoing investigation is the answer

DOW is tanking, down 75 now, GS down 20 (12%)

Q- Why Paulson not charged?

A- Paulson didnt make the representation to the long investors, GS did.

Update:11:11 am est:  SEC conf call LIVE on CNBC now!

they chose which MBS would make up this CDO, J Paulson had significant role in building product, had incentive to choose worst rated MBS to put in the CDO and then they took a short position against it

the prospectus for the long investors in the CDO revealed none of this including Paulsons role..

long investors lost $1b, paulson made $1b

Sing with me!

Karma chameleon baby

CNBC Chyron: SEC charges GS with FRAUD ON SUBPRIME SECURITIES

Muhhuuuuhaaaaa!!!!!

SEC: GS misstated, omitted key facts related to subprime products

SEC: (John) Paulson & Co had hand in structuring CDO in question

SEC grew a pair, hoocodanode!

April 16, 2010. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

SCOTUS rejects Campaign Finance Law…

Instapundit links to the opinion : Link to opinion (which I have not read yet) is here. Lots of concur, dissent, in part…

KENNEDY, J., delivered the opinion of the Court, in which ROBERTS,
C. J., and SCALIA and ALITO, JJ., joined, in which THOMAS, J., joined as to all but Part IV, and in which STEVENS, GINSBURG, BREYER, and SO-TOMAYOR, JJ., joined as to Part IV. ROBERTS, C. J., filed a concurring opinion, in which ALITO, J., joined. SCALIA, J., filed a concurring opin-ion, in which ALITO, J., joined, and in which THOMAS, J., joined in part. STEVENS, J., filed an opinion concurring in part and dissenting in part,in which GINSBURG, BREYER, and SOTOMAYOR, JJ., joined. THOMAS, J., filed an opinion concurring in part and dissenting in part.

WSJ has it up

breaking CNBC chyron…and to think it is a case by the dirtbags at ‘citizens united’ and we all know the extended acronym, that was trying to keep Hill out would be the case to overturn this law….

since Obama is bent on playing Mr Populist vs Wall St Bankstas now maybe corporate America will WAKE UP and realize these people are NOT their friends, American consumers are their friends and we need JOBS to buy their products!

Obama is taking Volcker out of mothballs to prop him up as his cred for attacking banks today….

…MNCs who think the American consumer is done and are moving to india and china for consumer spending should rethink ……America baby…..

January 21, 2010. Tags: , , , , . Politics. Comments off.

Update: Anyone? Bueller? Market Mover Monday: Smoot-Hawley rises from the grave and TOTUS to ‘admonish’ and ‘push’ for his regulatory scheme today…

Update 2: BWAAAHAA!!! Bob Pisani of CNBC says the traders have been passing around the Ben Stein Smoot Hawley Tariff scene from Ferris Bueller on the floor this morning!! lol..

Update: OMG in his opening remarks TOTUS recognizes Barney Frank D-MA as the man who will be instrumental in leading our financial policies and regulatory reforms. OH NOES! The guy who gave FAN FRED a pass?

He mentions Paul Volcker (who seems to serve primarily as TOTUS’ figurative crucifix against the vampires of reality who note TOTUS is fumbling the economy and implementing disastrous policies) Why does Volcker let himself be used this way? Sad. TOTUS is touting him as the CHIEF of his council of something or other, and we all KNOW Volcker is being ignored..Our previous posts on Volcker here. And here is one of interest concerning his speech in February wherein he said ‘MOST aspects of capitalism will survive’.

Apparently no one ever told TOTUS you don’t start a land war with Asia and you don’t start a trade war with your banker..

TOTUS’ decision to put a tariff on Chinese Tire imports is well..untimely…to say the least. Timmeh Geithner just got back from another round of promising China we would restrain our deficit (AS IF!) and now here is TOTUS starting a trade war. At whose behest?? LABOR OF COURSE!!! Good grief! Our previous post on Smoot Hawley here

…China indicated Sunday it would restrict U.S. imports of chicken and auto products after Washington’s move to slap punitive sanctions on Chinese tire imports, raising tensions in a trade dispute ahead of two planned meetings between the countries’ leaders.

Citing a jump in Chinese imports, the Obama administration said Friday it would impose stiff tariffs on Chinese-made tires for the next three years, invoking a section of trade law that China agreed to as a condition for its joining the World Trade Organization in 2001. The move essentially would cut off the source of nearly 17% of all tires sold in the U.S. last year and hit cost-conscious consumers particularly hard, as retailers will have to find alternative sources for the lower-end tires that make up much of what China sends to the U.S….

wall_st_bear_smallAnd just to follow up, TOTUS will come on down to Wall St to give another lecture and remind everyone that they are bad bad people. Despite Sheila Bair’s resistance, TOTUS is leaning HARD on FDIC and SEC to give Treasury and the Fed expanded powers..

WSJ:

President Barack Obama, speaking on Wall Street Monday on the first anniversary of the crescendo of the financial crisis, will discuss the administration’s plans “to wind down government involvement in the financial sector,” will push for “immediate action” on regulatory changes need to prevent future crises and admonish Wall Street to avoid the practices that led to the crisis, an administration official said. The president’s remarks, follow similar comments from the Treasury and Federal Reserve aimed at blunting criticism that they lack an “exit strategy” for withdrawing their support for the financial system with speeches and documents timed for the first anniversary of the worst moments of the crisis.

More after the break:

(more…)

September 14, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Finance, Obama Administration, Politics, Popular Culture, Wall St. Comments off.

%d bloggers like this: