President Obama in a tricky spot....
http://www.zerohedge.com/news/2013-10-01/91-irs-has-been-furloughed-here-who-else-got-government-shut-down-axe
Submitted by Tyler Durden on 10/01/2013 20:15 -0400
http://www.zerohedge.com/news/2013-10-01/republicans-latest-strategy-piecemeal-funding-government-programs-excluding-obamacar
Submitted by Tyler Durden on 10/01/2013 14:08 -0400
http://www.zerohedge.com/news/2013-10-01/furloughed-government-workers-selling-gold-silver
( Massive slam of gold and silver just went down ! )
Submitted by Tyler Durden on 10/01/2013 08:17 -0400
There are no markets , just manipulations .....
http://www.zerohedge.com/news/2013-10-01/government-workers-told-not-work-any-projects-tasks-activities-or-respond-emails-or-
Submitted by Tyler Durden on 10/01/2013 07:15 -0400
Shut Day Humor: Is The Government Closed?
Submitted by Tyler Durden on 10/01/2013 - 15:40
It appears the answer is yes, and the shutdown stretches as far as White House's Rose Garden door.
http://www.zerohedge.com/news/2013-10-01/91-irs-has-been-furloughed-here-who-else-got-government-shut-down-axe
91% Of The IRS Has Been Furloughed: Here Is Who Else Got The Government Shut Down Axe
For all the drama surrounding today's political drama (which came and went largely unnoticed by a stock market hypnotized by the Federal Reserve), the bottom line is that the key impact of last night's historic government shutdown has been nothing more (or less) than the temporary unpaid leave of absence, i.e. furloughs (with all accrued, owed payments promptly being remitted once the government is unhalted) of some 815,932 civilian government workers, out of a total of 2 million, or a 41% furlough rate.
As the WSJ tabulates "some agencies, such as the Bureau of Labor Statistics, are seeing all but a handful of their employees go home without pay. Others, such as the Federal Bureau of Investigation and the Department of Homeland Security, kept the vast majority of their workers on the job. Certain divisions of government, such as the U.S. Postal Service and the Federal Reserve, don’t operate under the normal appropriations process and their staffing remained unaffected." Then again one wonders:with 91% of the IRS' total 94,516 workers stuck at home, downloading porn, is the government shutdown really such an evil outcome?
The table below shows the total number of furloughed workers by government agency, as well as the furlough percentage. For a sortable, interactive version of the table, visit the WSJ.
Of note: with 98% of the FCC's 1754 employees stuck at home, there has never been a better time to show a live Janet Jackson dance show, or swear like a sailor on live TV.
http://www.zerohedge.com/news/2013-10-01/republicans-latest-strategy-piecemeal-funding-government-programs-excluding-obamacar
Republicans' Latest Strategy: Piecemeal Funding For Programs, Excluding Obamacare; White House Promptly Rejects
Update: And another quick rejection: CARNEY SAYS PIECEMEAL APPROACH TO FUNDING GOVT ‘NOT SERIOUS’
If the president was hoping to shame the Republicans into caving and passing a clean Continuing Resolution, by constantly blaming them about the broader government shutdown, he will have to shift his strategy. Moments ago Reuters and other wire services report, citing Republican Peter King, that House Republicans plan to pass three funding bills today to reopen Federal Parks, veteran programs and fund for the District of Columbia. In other words, little by little, the GOP will provide funding for everything... except Obamacare, which they will keep as a trump card up their sleeve until the debt ceiling negotiation comes to a head some time in the next week.
The question then becomes whether the Senate and Obama agree to pass partial funding measures, or throw these back at the House, even if in doing so they losee leverage and talking points, as the GOP can now claim they were willing to fund virtually every aspect of government but the healthcare act.
If this is indeed how the Republicans plan to proceed, the government shutdown, either en masse, or partially may extend far longer, and the debt ceiling debate will be even more contentious than most expected.
http://www.zerohedge.com/news/2013-10-01/furloughed-government-workers-selling-gold-silver
( Massive slam of gold and silver just went down ! )
Furloughed Government Workers Selling Gold, Silver?
While gold prices remain above their pre-Un-Taper levels, they have been monkey-hammered once again this morning as the world awakes to a US Government shutdown for the first time in 17 years. Silver has retraced all its post-Un-Taper gains and is holding at those lows. It seems the department of precious metals selling has been deemed essential... or are the furloughed government workers all selling their gold?
Of course, for the conspiracy fact crowd, this makes perfect sense. On a day when the foundation of the USA is shown for its farcical reality, what better signal to the world is there than a US equity capital market rally and barbarous relic selloff to signal the status quo is as strong as ever?
and sure enough, it's getting worse...
There are no markets , just manipulations .....
http://hotair.com/archives/2013/10/01/shutdown/
Shutdown
POSTED AT 8:01 AM ON OCTOBER 1, 2013 BY ED MORRISSEY
Last night, the federal government shut down for the first time in over seventeen years. At the last moment, John Boehner pushed through a conference rule, but Harry Reid rejected it, demanding a six-week clean CR before agreeing to negotiate any further on the budget. Republicans seized on the rejection to declare that Reid chose to shut the government down, which is true in the short term, but ignores several attempts by Reid earlier in the year to get the House into an FY2014 budget conference only to be rejected by Boehner. That’s the reason why Congress needs a CR at this point, as the budget ran out and neither chamber’s proposal for the FY2014 budget is acceptable to the other.
So we have a shutdown now, which seems to be the mark of seriousness of purpose in this fight. As long as the shutdown is relatively short — say, wrapped up by the weekend — it won’t do much political damage to anyone. After a week, though, it’s anyone’s guess as to how the backlash will work. Democrats think this will be a replay of 1995-6, but that’s not a given, thanks to the unpopular ObamaCare program at the center of the fight. As I note in my column today at The Week, the polling looks a lot different than in 1995-6, and the outcome isn’t exactly how it is remembered:
But not so fast, argues Harry Enten at the Guardian. Clinton’s landslide re-election in 1996 can easily be attributed to the economic recovery that was well underway, rather than the shutdown. Polling showed that Clinton and Congress both suffered slight drops in approval ratings during the shutdown itself, and Clinton’s resurgence in approval came later in 1996. Congressional approval also rebounded later, although not to the same extent. More to the point, Republicans went into the showdown already 19 points below Clinton on the budget issue, whereas President Obama only has a three-point edge over Republicans now. …[After the 2012 election], polling on ObamaCare has declined considerably. A year ago, the New York Times/CBS News poll showed a 42/46 approval on ObamaCare. Last week’s poll showed it at 39/51. A new CNN poll that arguably showed Republicans more at risk in a shutdown also showed support for the ACA at 38/57, with majority opposition in almost every demographic in the survey. Obama’s own standing on health care has declined in the NYT/CBS survey to 40/54.
In the end last night, Republicans had trimmed down their amendments to the CR to just a delay on the individual mandate only (not the exchanges or subsidies that open today) and the removal of the Congressional exemption. They may or may not get one of those two after a few days of holding out, but the House Republicans know they can’t force an end to ObamaCare in this budget process now. In my column, I argue that this might be for the best, and that this might be a good time to let the voters feel the pain of the program they enabled in the 2012 election:
Indeed, if Republicans can’t stop ObamaCare now, they may be better off just getting out of the way of the nearly inevitable crash — a political crash, if not organizational.A huge amount of political damage awaits the White House and Democrats running in midterm elections. Health-care prices are skyrocketing over 2013 premium rates, a fact that HHS tried to dodge by claiming that the exchange prices came in “lower than projected,” when in fact they had compared the prices to projections for 2016, not 2014. Former Romney adviser Avik Roy and the Manhattan Institute ran the actual numbers and found that prices rose across the board by more than a third, and by 97 percent for younger men (55 to 62 percent for younger women), and that subsidies won’t make up the difference for many if not most of them.The White House then tried to argue that the monthly premium rate would be negligible under the exchanges no matter how much they’ve gone up. Obama himself said that the exchanges would allow consumers to buy “good health insurance for the price of your cellphone bill or less.” TheAssociated Press pointed out, though, that the “bronze” plans Obama referenced required a lot more out-of-pocket costs for consumers as well. “Those who choose bronze will have to pay 40 percent of their medical bills out of pocket through deductibles and copayments,” the AP wrote in its fact check. “A family’s share of medical costs could go as high as $12,700 a year, or $6,350 for individuals, on top of those cell-phone-like premiums.” The upcoming price bomb will hit in the three months of open registration for the January 1 mandate deadline, when all of these expectations of lower premiums and better coverage come crashing down on the 85 percent of Americans who had health insurance four years ago, when 87 percent of those liked their coverage just fine.At this point, why should Republicans fight to delay that illusion-busting event for another year?At some point, Boehner will have to cut a deal with Reid on both a CR and the FY2014 budget, and the government will reopen. Republicans now have Democrats on the record opposing even a minor delay in the trainwreck while exempting themselves from the system Democrats insist on imposing on everyone else. The long-term solution to ObamaCare is political, not budgetary, and now the GOP has to start building its case for the midterms in order to take a critical first step toward that political solution.Update: The more the public sees of these signs, the more damage will occur to one side, or more likely all sides:
Government Workers Told Not To Work On "Any Projects, Tasks, Activities Or Respond To Emails Or Voicemails"
Dear government workers: welcome to the private sector. This is what it feels like to have job insecurity. For the past 7 hours, some 800,000 suddenly idle Federal workers received furlough notices but were told they will still have to report to work for about four hours Tuesday even though the government is shutting down. Or, rather "work." As AP reports, various federal agencies said employees would be limited to doing work related to the shutdown, including changing voicemail messages, posting an out-of-office message on email, securing work stations and documents and completing time cards. At the Environmental Protection Agency, for example, employees were told they cannot work on "any projects, tasks, activities or respond to emails." The more cynical ones out there may ask: just how is that any change?
More on today's shutdown chronology from AP:
The U.S. Department of Housing and Urban Development said it will close its offices at 1:30 p.m. Other agencies, such as the Labor Department, expect most employees to be gone by mid-day, but haven't set a specific time.Once they head home, furloughed employees are under strict orders not to do any work. That means no sneaking glances at Blackberries or smart phones to check emails, no turning on laptop computers, no checking office voicemail, and no use of any other government-issued equipment.Office managers are encouraging workers to leave government-issued cell phones and computers in a secure place at the office. Those employees who work from home may find it more difficult to break the habit of checking emails or looking at documents.
Employees will receive an official e-mail on Tuesday explaining whether or not they are essential or slated to be furloughed. The email will include appeal rights and a form to use for seeking unemployment insurance. Some workers may be eligible for unemployment depending where they live. Some states require a one-week waiting period before applying, while others allow workers to apply right away.Federal workers would not see their pay affected right away. If a shutdown continues, all employees can expect to be paid on schedule on Oct. 15, 2013 for hours worked from Sept. 22 through Sept. 30.
Certainly, when one sees efficiency like that atnot working what can one say but: government work. Hopefully the shutdown does not endure, or else "broken email checking habits" may persist, and suddenly government workers may become even more inefficient once they return to "work."
Shut Happens
Submitted by Tyler Durden on 09/30/2013 - 23:59
It's 12:01am, do you know where your government is?
*WHITE HOUSE BUDGET OFFICE DIRECTS AGENCIES TO BEGIN SHUTDOWN
*U.S. GOVERNMENT SHUTS DOWN FOR FIRST TIME IN 17 YEARS
The last government shutdown lasted 21 days, from December 1996 to January 1997, and cost the administration of US President Bill Clinton cost an estimated $2 billion, according to the White House’s Office of Management and Budget.
S&P Futures are 1677, 10Y yield 2.65%, WTI $101.96, Gold $1329.00 - let's see where we open tomorrow...
Full White House Statement below... and 10 ways the government shutdown could hurt America
MEMORANDUM FOR THE HEADS OF EXECUTIVE DEPARTMENTS AND AGENCIESFROM: Sylvia M. Burwell, DirectorSUBJECT: Update on Status of OperationsThis memorandum follows the September 17,2013, Memorandum M-13-22, and provides an update on the potential lapse of appropriations.Appropriations provided under the Consolidated and Further Continuing Appropriations Act, 2013 (P.L. 113-6) expire at 11:59 pm tonight. Unfortunately, we do not have a clear indication that Congress will act in time for the President to sign a Continuing Resolution before the end of the day tomorrow, October 1, 2013.Therefore, agencies should now execute plans for an orderly shutdown due to the absence of appropriations. We urge Congress to act quickly to pass a Continuing Resolution to provide a short-term bridge that ensures sufficient time to pass a budget for the remainder of the fiscal year, and to restore the operation of critical public services and programs that will be impacted by a lapse in appropriations.Agencies should continue to closely monitor developments, and OMB will provide further guidance as appropriate. We greatly appreciate your cooperation and the work you and your agencies do on behalf of the American people.
Now it's getting serious...
Here is a handy list from Russia Today of the possible effects American citizens and the rest of the world could face now that the US Government has shutdown. The last government shutdown lasted 21 days, from December 1996 to January 1997, and cost the administration of US President Bill Clinton cost an estimated $2 billion, according to the White House’s Office of Management and Budget.
1 Countdown to US default looms
A halt of US government operations would drag the world’s biggest economy closer to bankruptcy, something unprecedented in US history. If no budget deal is done, the US would bump up against their “debt ceiling” and run out of money by October 17. By then, the US government would have less than $30 billion cash on hand, Treasury Secretary Jacob Lew has calculated.
A halt of US government operations would drag the world’s biggest economy closer to bankruptcy, something unprecedented in US history. If no budget deal is done, the US would bump up against their “debt ceiling” and run out of money by October 17. By then, the US government would have less than $30 billion cash on hand, Treasury Secretary Jacob Lew has calculated.
2 Hundreds of thousands of federal employees on furlough
A one-time layoff of 800,000 people working for the US government would erode the earlier projected economic growth of 2.5 percent for the fourth quarter of 2013 by about 0.32 percentage points, according to a forecast by Mark Zandi, chief economist and co-founder of Moody's Analytics. That projection assumes a two-week shutdown. If it drags into a whole month, the loss of GDP would rise to 1.4 percentage points.
A one-time layoff of 800,000 people working for the US government would erode the earlier projected economic growth of 2.5 percent for the fourth quarter of 2013 by about 0.32 percentage points, according to a forecast by Mark Zandi, chief economist and co-founder of Moody's Analytics. That projection assumes a two-week shutdown. If it drags into a whole month, the loss of GDP would rise to 1.4 percentage points.
3 Troops’ paychecks stopped
About 1.4 million military active-duty personnel would keep on working, but with their paychecks delayed. Approval for troops’ paychecks is dependent on Obama’s proposed 2014 federal budget being passed by Congress.
About 1.4 million military active-duty personnel would keep on working, but with their paychecks delayed. Approval for troops’ paychecks is dependent on Obama’s proposed 2014 federal budget being passed by Congress.
4 Women and children’s nutrition program threatened
Pregnant women and new moms who are poor and facing “nutrition risk” won’t be able to buy healthy food, as a looming shutdown would put bracers on the $6 billion Special Supplemental Nutrition Program for Women Infants and Children (WIC).
Pregnant women and new moms who are poor and facing “nutrition risk” won’t be able to buy healthy food, as a looming shutdown would put bracers on the $6 billion Special Supplemental Nutrition Program for Women Infants and Children (WIC).
5 $85 billion in cuts to federal programs
When a shutdown was last threatened in March 2013, it would have resulted in $85 billion in automatic cuts in spending on federal programs – many aimed at alleviating social hardship. The cuts, known as sequestration, would affect grants to local organizations and funds that keep those programs running.
When a shutdown was last threatened in March 2013, it would have resulted in $85 billion in automatic cuts in spending on federal programs – many aimed at alleviating social hardship. The cuts, known as sequestration, would affect grants to local organizations and funds that keep those programs running.
6 Housing loans halted
US federal programs that provide for about 30 percent of all new loans in the housing market – a backbone of the country’s economy – will be shut down. Government funding of new businesses will also be halted, as well as workplace health and safety inspections.
US federal programs that provide for about 30 percent of all new loans in the housing market – a backbone of the country’s economy – will be shut down. Government funding of new businesses will also be halted, as well as workplace health and safety inspections.
7 Trade talks scuppered?
US plans to have a Pacific trade deal, the Trans Pacific Partnership, signed with the US’s Asian partners could stall, as Obama may decide not to travel to this weekend’s Bali, Indonesia meeting of the Asia-Pacific Economic Cooperation nations. While he could still go if no deal is done by then, it could be a gift for his Republican opponents if Obama was seen to be jetting off to a tropical paradise at a time when federal employees were sent home without pay.
US plans to have a Pacific trade deal, the Trans Pacific Partnership, signed with the US’s Asian partners could stall, as Obama may decide not to travel to this weekend’s Bali, Indonesia meeting of the Asia-Pacific Economic Cooperation nations. While he could still go if no deal is done by then, it could be a gift for his Republican opponents if Obama was seen to be jetting off to a tropical paradise at a time when federal employees were sent home without pay.
8 Visa delays likely
Thousands of Americans may not be able to get passports for foreign travel, and tourists travelling to the US will likely face delays in visa processing. During the last government shutdown in 1996-97, some 20,000-30,000 applications remained unprocessed daily.
9 Space program on hold
Space agency NASA will be hit the most, as the agency will need to furlough about 97 percent of its employees, though it will continue to keep workers at Mission Control in Houston and elsewhere to support the International Space Station, where the two NASA astronauts currently on board, Michael Hopkins and Karen Nyberg, may not know whether they have jobs to come back to.
Space agency NASA will be hit the most, as the agency will need to furlough about 97 percent of its employees, though it will continue to keep workers at Mission Control in Houston and elsewhere to support the International Space Station, where the two NASA astronauts currently on board, Michael Hopkins and Karen Nyberg, may not know whether they have jobs to come back to.
10 National parks, museums and zoos would close to the public
State-funded museums, art galleries and zoos across the country would keep their doors closed Tuesday, leaving thousands of employees furloughed and visitors unable to see attractions. US national parks, from Yosemite to the Shenandoahs, as well as Washington’s National Mall, Lincoln Memorial and Constitution Gardens, would also be closed.
State-funded museums, art galleries and zoos across the country would keep their doors closed Tuesday, leaving thousands of employees furloughed and visitors unable to see attractions. US national parks, from Yosemite to the Shenandoahs, as well as Washington’s National Mall, Lincoln Memorial and Constitution Gardens, would also be closed.
Republicans say it is not their intention to shut down a government. The administration says otherwise. Who's to blame? This matter only makes searching for an income protection quote a wiser move rather than relying much on the elected officials.
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