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Showdown at the Fiscal Cliff

Written by Gary North on December 3, 2012

Soon-to-resign Timothy Geithner’s bluff at the edge of the fiscal cliff has just been challenged by John Boehner. Geithner told Boehner and McConnell that there must be taxes on the rich.

Boehner has staked his reputation on a rejection of this proposal. He has nothing to lose by standing firm.

I have kept saying that the U.S. stock market’s recent mini-boom in anticipation of a settlement was silly, that there was no agreement. Some silly rumor about an agreement sent stocks up.

Boehner yesterday said on one TV news show that he was astounded that Geithner would make such an offer. So was I. Didn’t he read Boehner’s lips?

Obama is playing a game of chicken. He thinks the Republicans in the House will buckle. They will settle for his proposal.

Why should they? What’s in it for them? They are in office for two more years. Their constituents don’t like Obama. Why would they crawl in the dust in order to let Obama score a victory at their expense? Will they get support for this back home? Of course not.

They can sit tight. This will cost them nothing. If the economy tanks, Obama will get blamed. He is the President. Presidents take the hit for bad economies. Congress never does.

Obama is going to lose this showdown. He sent Turbo Tim into the shark-infested waters on Capitol Hill, but that will not save him. He will get blamed. Geithner is preparing to depart for greener pastures.  Boehner knows this. Capitol Hill knows this. Why should Boehner grovel? He did that in 2008, eating his mud sandwich in public. Secretary of the Treasury Hank Paulson and the New York bankers had a good laugh at his expense. Why should he let the former president of the New York Federal Reserve Bank do it again to him? He buckled in 2008. Watch him buckle.

Does Geithner think Boehner will give another speech like that? Does he think Boehner could get Republicans to follow him over the Obama cliff, rather than let Obama lead the way over the cliff?

Obama will do the groveling, if any, not Boehner.

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7 thoughts on “Showdown at the Fiscal Cliff

  1. Rabelrouser says:

    The melodramatic play entitled " The Fiscal Cliff" is being played for the entertainment of the american people. The actors are nothing more than puppets on the stage whose lines have been provided to them for the horror that is to be instilled in the viewer's hearts.
    Buy some more popcorn and watch as this well scripted drama plays out.
    As with all screen plays, the ending is a fore gone conclusion.
    The plot of this particular story, is the economic demise of a nation as formented by the writer of the play: Fed Re Serve, who has been casting the final scenes for a century through a revised script orignially written in 1913.
    The ending, well I wont give that away; but I will be prepared to laugh at those who got caught up in the sub plots by being unable to read the book (Creature From Jykell Island) first.
    But let me say this, it ends catostropically for the audience. Hope you have tissues!

  2. I say roll over, give Øbama everything he want’s, and I mean everything. Within 6 months everyone will see Øbama for what he is. He lives in la la land. He’s never run some much as a corner 7/11 and you expect him to run the nation? SERIOUSLY?

    I say give him everything, let him own it.

  3. Patriot1776 says:

    He already owns the economy. If we give him everything, we will never get any of it back. The republicans in Congress need to stand for the American people and refuse to raise taxes. Government must cut spending just as we have to when we don't have enough income to cover our bills. End the free ride.

  4. Yeah Right. Boehner will fold. Come on now. He has buckled on everything else. Why should anyone believe him now?

    Republicans are spineless, ball less, gutless, yellow bellied cowards that have no honor, integrity, tenacity. Nor do they know any shame.

    So simply put. Republicans PUT UP OR SHUT UP. As they say if you don't you are destined for the dust bin of history and will be responsible for a one party system. That history has called a dictatorship.

    Thanks RNC. When you failed to defend Herman Cain you showed your true colors…rich spoiled white boys club.

    I can say that…. I am White and well to do. RNC you blew it BIG TIME.

  5. Steve, I've got good news for you. There will not be a one-party system as long as there is a growing contingent of freedom-minded individuals working behind the scenes to transform the political system. The Tea Party small-government people, Ron Paul advocates, libertarians, etc. that the GOP successfully squelched and marginalized this go-round aren't going away. They're at work, even now as we speak, and will show up in force at the next election to challenge not only Obama's party but also the GOP pretenders. Join forces with them. They are the future of the conservative movement, and are successfully recruiting droves of young people–our country's future–into their ranks. Check it out.

  6. Mr. Boehner, stick to your guns. DO NOT GIVE IN TO THIS IMPOSTER.

  7. adamenochnoah says:

    The only way to beat the two-party system is to create a new party that represents us against them. There is no chance of reforming the RNC or the DNC, it is a waste of time because they are the govt & the party of the govt. The two-party system does not represent Americans, they represent the govt against Americans.