We have idiots in Washington

[dan_s]

Standoff over US debt ceiling continues with Senate Minority Leader McConnell sending a letter to President Biden today reiterating that Democrats need to go it alone and raise the debt ceiling through reconciliation. Biden later said that he could not promise the American people that the US would not breach the debt ceiling later this month and put the onus on Republicans, specifically McConnell. This is in line with the position of Senate Majority Leader Schumer, who has ruled out the use of reconciliation to raise the debt ceiling (White House has also ruled other unilateral measures, including minting a $1T coin). Schumer said earlier today that Congress must resolve the looming debt ceiling cliff by the end of this week, stressing that Washington does not have the luxury of waiting until Oct 18th. That is the date Treasury Secretary Yellen said last week by which the US may run out of extraordinary measures and breach the debt ceiling. Fed Vice Chair Quarles will speak at 1:15 P.M..

What a great idea! Let's mint a $1 Trillion coin. Who elected these morons.

[Fraser921]

I will take one of those

[dan_s]

Good article: https://coloradosun.com/2021/10/05/reco ... y-opinion/

"The budget reconciliation bill before Congress would, if passed with all the public lands provisions, drive oil and natural gas producers off federal lands in Colorado and across the West to other areas of the country or overseas. If passed as-is, it would achieve the President’s goal of “no federal oil.” The dozens of policies put forward in the name of climate change may sound good to some. But does anyone think for a moment that reducing oil and natural gas produced in America is going to reduce their use overall?"

Unless the Republicans are total morons, they can easily use the double-digit inflation on consumer energy and food prices to retake control of the House and Senate in 2022.

[Fraser921]

We have been saying this was going to happen for the last 6 months.

I agree they should hit hard on this as it is their fault.

I wont invest in a "Colorado E & P", the political risk is too real

[dan_s]

There are also idiots running Michigan: "Canada Escalates Line 5 Dispute with US. Canada formally invoked a 1977 pipelines treaty with the US to trigger political talks over the fate of Line 5, a 540kbpd crude pipeline operated by Enbridge (TSE:ENB) that runs from Wisconsin to Ontario, as the state of Michigan intends to shut down the pipeline over fears of potential leakage."

I am so glad that I live in Texas. Average home heating bills this winter in Blue States will be double what they are in Texas.

[dan_s]

European Coal Futures Skyrocket. Rotterdam coal futures, the European pricing benchmark, have risen to an all-time high this week as the 2022 API2 coal futures contract moved into $180 per metric ton as gas prices continue to increase.

[sl6886]

Well, here's a warning and that is, the political situation could go from bad to worse. How? I've read several books, one by Neil Howe and another by George Friedman, wherein both books talk about cycles in one form or fashion. I've heard Neil Howe talk about how previously, people re-elected the party in power figuring that with a solid majority they'll be able to cure what ails the system, rather than splitting the difference. Neil said that this happened back in the 30's with Roosevelt, and while I know the conventional thinking is the Republicans will re-take one or more chambers of the Legislative Branch, history as a guide tells a different story, where the Democrats increase their advantage and the PG rated horror movie immediately gets re-rated to R.

I'm not predicting this outcome, but would you really bet against it?

[dan_s]

Heaven Help America if President Harris get reelected.