Senior Banking Officials Confirm That O!ministration’s Talk of Default is Blatant Fearmongering

Because through back channels the administration is going out of their way to assure banks that a default just isn't happening. From Charles Gasparino at Fox Business:
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn't raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn't raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn't raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
A senior banking official told FOX Business that administration officials have provided guidance to them that even though a default is off the table, a downgrade "is a real possibility for no other reason than S&P and Moody's have to cover (themselves) since they've been speaking out on the debt cap so much."
This guidance is a big reason why Wall Street has largely dismissed the possibility of default, and though the markets have been jittery amid the talk of default, they haven't imploded as would be the case, many economists fear, if the nation missed a payment on its debt.
The banking official said the administration understands that if there were to be a default, it would likely spark another financial crisis.
"They also know they can pay the debt with cash on hand," this official told FOX Business. The Treasury collects around $2 trillion in tax revenues, and is scheduled to pay out $200 billion in interest to bond holders. In order to meet its obligations to contractors, social security recipients and others, the administration would have to raise another $1 trillion either through cuts, higher tax revenues, the issuance of debt or a combination of all three.
So if this is the case, how much credibility can be put into the Treasury Secretary's words? And what of the President himself? Are we to assume it's merely a white lie, to help move the debt ceiling negotiations along at the pace he prefers? Or as some have suggested it is part of a much larger, more cynical plan to pin the blame for the bad economy on the GOP; that next year he'll counter assertions that he has been a poor steward of the economy by counter-asserting that everything was fine until the Wingnut Tea-Baggerz wrecked it with their irresponsible demands during the debt ceiling increase debate.
What this does seem to indicate is that there is more breathing room for negotiations that Mr. Obama or the Democrats want to admit, and that they're more than willing to frighten the public in order to advance their political agenda. Which, if you recall, was one of Obama's major, damning, criticisms of the GOP during the campaign of 2008; their willingness to engage in fear-mongering to divide the American people. Not to mention their most recent mediscare demagoguery...
But is any of this really shocking, coming from the crew that subscribes to the maxim, "BY ANY MEANS NECESSARY!"
What do you think, kind reader?
Is The President a Pathalogical Liar?

Uncle O! wants YOU! to believe whatever he says
To which I respond all of the usual and customary replies to any uber obvious question; is the Pope Catholic? Does a bear, well, you know...
The Washington Times' James Curl:
In the weird world that is Washington, men and women say things daily, hourly, even minutely, that they know deep down are simply not true. Inside the Beltway, we all call those utterances “rhetoric.”
But across the rest of the country, plain ol’ folk call ‘em lies. Bald-faced (even bold-faced) lies. Those folks have a tried-and-true way of determining a lie: If you know what you’re saying is patently false, then it’s a lie. Simple.
And lately, the president has been lying so much that his pants could burst into flames at any moment.
His late-evening news conference Friday was a tour de force of flat-out, unadulterated mendacity — and we’ve gotten a first-hand insider’s view of the president’s long list of lies.
Curl goes on to provide a first-class "fisking" of Mr. Obama's Friday afternoon press conference foot-stamping temper tantrum. As we often say, read the whole thing...
President Gutsy McKickazz rides lies again

YOU LIE!
And since as we are all aware Mr. Obama likes to "go big", these are some real whoppers. In the words of Ronald Reagan, "There you go again":
CBS’ Mark Knoller, covering a town hall on the economy with the president this morning, reports: “President Obama blames high unemployment rate on ‘huge layoffs of government workers’ at federal, state and local levels.”
“The reason the unemployment rate is still as high as it is, in part, is because there have been huge layoffs of government workers at the federal level, at the state level, at the local level,” he said. “Teachers, police officers, firefighters, social workers– they have really taken it in the chin over the last several months. And so, what we’re trying to do is to see if we can stabilize the budget.”
Of course, to statists like Mr. Obama, government jobs are really the most vital of all:
OBAMA: Let me just first of all say that workers like you, for the federal, state, and local governments, are so important for our vital services. And it frustrates me sometimes when people talk about ‘government jobs’ as if somehow those are worth less than private sector jobs. I think there is nothing more important than working on behalf of the American people.
FEDERAL WORKER: I thought I would be more important and secure.
OBAMA: I agree with you.
Sure they are...Much more vital than private sector jobs...The kind that the President didn't have any trouble calling on private industry to create more of; despite his administration's hostile attitude towards American business. The same attitude evidenced by his deafening silence in the matter of the NLRB's gratuitous, over-reaching, lawsuit against Boeing to halt their new plant in South Carolina from going into operation. A move, Boeing's attorneys argue, will directly cost that state thousands of jobs, and may lead to much greater job losses nationwide.
Anyway, Jim Geraghty at the corner looks into this claim more closely and, well, finds the facts to be at odds with the President's desired narrative™ . Here's the figures he got from the Bureau of Labor Statistics.
He also puts up the figures on state and local government employment levels, and notes:
As you can see, in terms of total number of Americans employed in government, there has been no real discernible recession. In fact, the number has increased slightly.
Obama is not even a little bit right. Will anyone call him out on this?
That, Jim, is the 64,000 dollar question we'd all like to know the answer to. My gut instinct is "No". And our old pal Jeff Goldstein at Protein Wisdom wonders as well, in a post where he unloads on the Make-Believe-Media, the Obama administration, and the progressive left:
The mainstream press, like many other supposedly “neutral” institutions (education, environmental protection, energy dept, etc), has been taken over by leftist activists who at their very core believe that the ends justify the means, and that whatever falsehoods or manipulations of fact they engage are morally justifiable — that is, that every lie they peddle to the proles has as its intent the bringing to fruition of a greater good that only they can see — and so is a necessary component of governing under the guise of social justice.
We are witnessing the apotheosis of leftist governance: power sought and reinforced through narrative manipulation; lies repeated, even after they’ve been corrected or debunked, as a function of turning them into received / perceived truths; demonization of the “enemy” (be he the farmer, the oil rig worker, the coal miner, the middle class tax payer, the small business owner, or the corporate exec working for a company not favored by the administration) who is then labeled generically as being on the other side, or an extremist, or a racist, or a xenophobe, etc.; class warfare resulting from demonization; and an ever-growing, ever-expanding redistributive welfare state model wherein the federal Leviathan solves every crisis and corrects every instance “unfairness”.
Jeff goes on to wonder aloud whether the GOP nominate a candidate who is willing to say these same things to the public; as they say, read the whole thing.
We all feel for folks like Karin Gallo, who are suffering because of the economic straights we're in as a nation. And, I wouldn't be too surprised if Mr. Obama was able to work something out on her behalf; to be trotted out at a campaign stop in the future, of course. Our prayers go out to her and all Americans seeking employment and worrying about the days ahead.
But they also go out to the President and the MBM as well. I pray they start telling the truth instead of shamelessly distorting reality and engaging in demagoguery. Because in these times we need a leader to be straight with us all, and to have a press committed to objectivity, fairness, and getting all of the facts out to the citizens in our democratic republic so that they can make their decisions based on truth and not partisan fantasies.
( H/T Protein Wisdom, ACE, and Drudge ; image courtesy of Shoal Haven post )
New from the, “YOU LIE!”, department
Obama's been telling some real whoppers lately when it comes to characterizing the effects of his healthcare plan on insurance premiums, as outlined in this "AP fact check" piece. Now, I've been real critical of AP for spinning most reportage about the President and his agenda in the most favorable light possible, like the way the metrics on unemployment, retail sales, mortgages, and housing data always seem to be "unexpectedly" moving in the opposite of the desired direction. And that's exactly what makes this AP/Obama fact check piece so much more interesting; because they actually point out the liberties that Obama has taken with the truth about premiums under his proposed plan. Didn't he hear Rachel Maddow recently demanding that when debating Obamacare, we stick to the facts!
Buyers, beware: President Barack Obama says his health care overhaul will lower premiums by double digits, but check the fine print.
Premiums are likely to keep going up even if the health care bill passes, experts say. If cost controls work as advertised, annual increases would level off with time. But don't look for a rollback. Instead, the main reason premiums would be more affordable is that new government tax credits would help cover the cost for millions of people.
Listening to Obama pitch his plan, you might not realize that's how it works.
The plain "facts" are that Obamcare's mandates would essentially do away with the more modest benefit, high deductible, plans that are available today as well as preclude consideration of pre-existing conditions; 2 factors that are guaranteed to increase the individual, pre-tax-credit, costs. Last year, the CBO said as much, that premiums would increase, something that seemed to be missed amongst the flurry of legislative cost estimates for, what was at that time, several parallell, rapidly evolving, Senate Obamacare plans being considered. Heck, even Dick Durbin, a man known less for reality based pronouncements than party-line talking points, recently conceded that, "of course healthcare premiums will still go up, anyone who would stand before you and say 'well, if you pass healthcare reform that your next years premiums will go down ' I don't think is telling the truth..."
But, you know, I guess he didn't get the memo that day.
Still, it gets even better.
Obama asked his audience for a show of hands from people with employer-provided coverage, what most Americans have.
"Your employer, it's estimated, would see premiums fall by as much as 3,000 percent," said the president, "which means they could give you a raise."
A White House press spokesman later said the president misspoke; he had meant to say annual premiums would drop by $3,000.
It could be a long wait.
...
An analysis by the Congressional Budget Office of earlier Senate legislation suggested savings could be fairly modest.
It found that large employers would see premium savings of at most 3 percent compared with what their costs would have been without the legislation. That would be more like a few hundred dollars instead of several thousand.
Wow. I don't know what to think. Is this a typical Obama play-it-fast-and-loose-with-the-facts kind of gaffe? Does it show the desperation to avoid a political "Waterloo"; to convince people that Obamacare is in their "economic interest" (his fave euphamism for an entitlement bribe) regardless of just how far he needs to stretch the truth? Could it be that he's decided to pull out all of the bamboozling stops, in conjunction with all of the legislative chicanery going on in congress, in order to pass his plan? Or, could he and Robert Gibbs be playing a good-ol'-boys game of, "can you believe those hicktard rubes bought that whopper?". I mean, they could have a dinner at Ruth's Chris or Bobby Van's bet on it. Or maybe they're just doing it for the lulz...
Considering episodes like this, along with his disastrous interview appearance on Fox last night, one where he looked shifty, evasive, small, petty, and disingenuous, it's no surprise that even Gallup has him upside down in the polls. Effin' Gallup !
Gallup? AP? Who's next?
prO!mises, prO!mises
(Pete Byrne and Rob Fisher)
performed by Naked Eyes.
Never had a doubt
In the beginning
Never a doubt
Trusted too true
In the beginning
I loved you right through
All in all you lied, you did
And all the shilly things you hid
You made me promises, promises
Knowing I'd believe
Promises, promises
You knew you'd never keep
Second time around
I'm still believing
Words that you said
You said you'd always be here
In love forever
Still repeats in my head
You can't finish what you start
If this is love it breaks my heart
You made me promises, promises
You knew you'd never keep
Promises, promises
Why do I believe
[Instrumental Interlude]
All in all you lied, you did
And all the shilly things you hid
You can't finish what you start
If this is love it breaks my heart
You made me promises, promises
You knew you'd never keep
Promises, promises
Why do I believe
All of your promises
You knew you'd never keep
Promises, promises
Why do I believe
Promises
Promises
Promises
Promises
Promises
just in case you have forgotten how awful it was the "first time around" or want to sing along...







