DENNIS GARTMAN: What Happened Last Night Is 'Lunacy' And Boehner's Position As Speaker Is In Jeopardy

After putting together a 'Plan B' House Speaker John Boehner decided to call off the vote last evening, a decision that sent markets tumbling.

Dennis Gartman, publisher of The Gartman Letter went on a rant against Boehner's fiscal cliff faux pas and dubbed it a win for president Obama. Here's an excerpt:

"Speaker Boehner’s problem was with his own party, and was with the “Tea Party” Republicans who refused to go along with “Plan B,” preferring much more severe, much more austere, and much more doctrinaire legislation. As the phrase goes, “The Good has been sacrificed to the Perfect.” Many of these “Tea Party” Republicans won election handily and had no fear of losing their seats in the next election in two years except perhaps to potential candidates even further to their Right; hence they were quite prepared to vote against Boehner’s “Plan B” legislation, siding with the Democrats in the House. Having “counted” his votes, and knowing his plan would lose, Speaker Boehner took the supposed honorable way out and “pulled” the legislation from the floor before a more real humiliation took place.

One day earlier, during his impromptu press conference, President Obama and the Speaker seemed headed for some sort of agreement when the President said that what he had proposed and what Speaker Boehner had proposed were “actually pretty close.” He said that there appeared to be a “deal that can get done,” but he added that the deal could not get done “if every side wants 100 per cent.” The Tea Party Republicans have apparently decided that they wanted their 100 per cent; refused to support the Speaker’s position and doomed the country to the “Cliff.”

Immediately following the decision to withdraw his legislation from the House floor, stock index futures plunged, with the S&P futures at one point falling the equivalent of a 300+ point decline in the Dow. Since then, there has been some modest bounce from those panic lows but only very modest bounce.

At this point, with stock prices due to plunge on the opening of trade... the last day before the Christmas holiday..the Republicans are going to get the blame for sending the US to the holiday with these massive losses. The President has played a far better game of politics; the far right wing “Tea Party-ites” have played a game of lunacy, and although we do tend to have right-of-centre, Tea Party philosophies here at TGL, we know that what has transpired over-night is lunacy on the part of these legislators. They may be appeasing their constituencies back home, but they have put the country in jeopardy in the process. Defending the Good at the expense of the Perfect will prove to be very very bad politics.

…Boehner’s all-too-public humiliation last evening, his power has been badly damaged and indeed his position as Speaker is now in jeopardy. The more we consider this situation, the worse it seems. And despite it all, the dollar is actually trading better. Go figure."

Boehner's post-disaster press conference didn't do much damage control.



More From Business Insider

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • European, US equities dip awaiting Fed
    European, US equities dip awaiting Fed AFP News - 13 minutes ago

    European stocks slid Thursday in choppy trade as investors eyed poor German data and recent oil price falls, on the eve of a speech by Federal Reserve boss Janet Yellen. Mid-afternoon, Frankfurt had shed 0.9 percent, London lost 0.3 percent and … More »

  • Stocks waver between small gains and losses in midday trade
    Stocks waver between small gains and losses in midday trade Associated Press - 18 minutes ago

    Stocks are wavering between gains and losses in midday trading Thursday as investors sift through a handful of earnings reports. Drug company Mylan rose, but Signet Jewelers and Dollar General fell after ... … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 25 Reuters - 22 minutes ago

    Aug 25 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • RUBBER-Tokyo futures prices after evening session Aug 25 Reuters - 23 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 161.3 5 155.0 5 * Sep 156.2 45 156.5 12 * Oct 155.3 ... … More »

  • Japan's ANA finds problem with Boeing 787 Rolls-Royce engines, cancels some flights Reuters - 29 minutes ago

    TOKYO/LONDON (Reuters) - Japanese carrier ANA Holdings needs to replace damaged compressor blades in the Rolls-Royce engines powering its Boeing 787s, it said on Thursday, forcing it to cancel some Dreamliner flights over the coming weeks. The … More »

  • German prosecutors review stolen Bosch data for VW dieselgate clues Reuters - 33 minutes ago

    Prosectors in Stuttgart, Germany are examining a trove of stolen Bosch data to see whether it contains clues about how Volkswagen cheated diesel emissions tests. "We are reviewing it to see if it is relevant," a spokesman for the Stuttgart … More »

  • Turkey sends more tanks to Syria, warns Kurdish militia
    Turkey sends more tanks to Syria, warns Kurdish militia AFP News - 37 minutes ago

    Turkey sent more tanks into Syria on Thursday and sternly warned a Kurdish militia to withdraw from frontline positions, a day after pro-Ankara Syrian opposition fighters captured a key border town from jihadists. The tanks joined those which … More »

  • In euro zone first, Finland could sell syndicated bond with negative yield Reuters - 38 minutes ago

    Finland could launch a new bond as early as next week, three banking sources said on Thursday, a deal that could mark the first euro zone sovereign syndication with a negative yield. The country is believed to be considering whether to issue a … More »

  • Markets Right Now: Stocks waver in late morning trade Associated Press - 39 minutes ago

    The latest on developments in global financial markets (all times local): 11:45 a.m. U.S. stock indexes are wavering between small gains and losses as a late summer lull on Wall Street continues. Several ... … More »

  • Asia’s Biggest Container Shipper Posts Loss After China Merger Bloomberg - 41 minutes ago

    China last year merged China Ocean Shipping Group and China Shipping Group to form China Cosco Shipping Corp. as part of the government’s efforts to shrink industries plagued by overcapacity while creating globally competitive businesses. China … More »

  • Russia to work with US on response to Syria gas attacks probe
    Russia to work with US on response to Syria gas attacks probe AFP News - 54 minutes ago

    Russia will work with the United States on a response after UN investigators found that the Syrian regime had carried out chemical attacks, Moscow's UN Ambassador Vitaly Churkin said Thursday. An investigative panel set up by the UN Security … More »

  • Hedge Funds Are Suddenly Winning on China’s Most Dangerous Short Bloomberg - 55 minutes ago

    After suffering through a 953 percent rally in shares of Yirendai Ltd. since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 percent in U.S. trading. Holding … More »

  • FTSE retreats as pharma stocks fall
    FTSE retreats as pharma stocks fall Reuters - 55 minutes ago

    UK shares fell on Thursday, extending losses from the previous session as healthcare stocks dropped, though CRH rose after well-received results. The blue-chip FTSE 100 index was down 0.3 percent at 6,816.90 points by the close. Healthcare stocks … More »

  • Biden warns Europe against Russian energy reliance
    Biden warns Europe against Russian energy reliance Associated Press - 1 hour 35 minutes ago

    U.S. Vice President Joe Biden says a new natural gas pipeline planned to stretch from Russia to Germany "looks like a fairly bad deal" for Europe because it increases its energy dependency on ... … More »

  • Average US 30-year mortgage rate unchanged at 3.43 percent Associated Press - 1 hour 40 minutes ago

    Long-term U.S. mortgage rates didn't budge this week, remaining at historically low levels that continue to lure prospective home buyers. Mortgage giant Freddie Mac said Thursday that the average for the ... … More »

  • Oil prices up nearly 1 percent on soft dollar, OPEC speculation
    Oil prices up nearly 1 percent on soft dollar, OPEC speculation Reuters - 1 hour 43 minutes ago

    Oil prices rose nearly 1 percent on Thursday, bouncing back from a selloff in the previous session, on expectations the dollar would weaken ahead of a key speech by U.S. Federal Reserve Chair Janet Yellen on Friday. Crude futures also saw support … More »

  • Obama administration pushing state-run retirement plans Associated Press - 1 hour 44 minutes ago

    The Obama administration has finalized a new rule intended to encourage states to set up their own retirement plans. The Department of Labor rule is designed to clarify how voluntary, state-run retirement ... … More »

  • Spain revises Q2 growth estimate upward to 0.8 percent Associated Press - 1 hour 48 minutes ago

    Officials have revised Spain's quarterly economic growth figure for the April-June period upward, from 0.7 percent to 0.8 percent, welcome news for a country in its eighth month without a fully functioning ... … More »

  • Grain mixed, livestock mixed Associated Press - 1 hour 57 minutes ago

    Grain futures were mixed Thursday in early trading on the Chicago Board of Trade. Wheat for Sept. delivery was .50 cent higher at $4.0460 a bushel; Sept. corn was .50 cent lower at $3.27 bushel; Sept. ... … More »

  • Iran will join OPEC meet in Algeria: minister AFP - 2 hours 13 minutes ago

    Iran will take part in an informal meeting of OPEC countries in Algeria next month, state media reported on Thursday. "I will take part in this session," Oil Minister Bijan Zanganeh told the ... … More »

  • Deals of the day- Mergers and acquisitions Reuters - 2 hours 25 minutes ago

    ** British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to persuade the owner of the children's TV character Peppa Pig to enter into a formal process. ** Berry Plastics Group Inc said it would buy AEP … More »

  • Chinese military will train Syrian troops: govt
    Chinese military will train Syrian troops: govt AFP News - 2 hours 36 minutes ago

    China's military will provide training for Syrian armed forces, a spokesman for Beijing's defence ministry said Thursday, adding it would take place on Chinese soil. Beijing is a longstanding backer of the Syrian government of Bashar al-Assad, … More »

  • Gold edges off 4-week low, awaits clues on Fed policy
    Gold edges off 4-week low, awaits clues on Fed policy Reuters - 2 hours 43 minutes ago

    Gold edged off the previous day's four-week low on Thursday as the dollar retreated, but prices were rangebound ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy. Investors are … More »

  • Oil prices fall as production freeze expectation fades
    Oil prices fall as production freeze expectation fades Reuters - 2 hours 43 minutes ago

    Oil prices slipped on Thursday as the market focused on oversupply and fading expectation of a production freeze. U.S. light crude oil was down 15 cents at $46.62 a barrel, after dropping 2.8 percent on Wednesday. Oil prices rose more than 20 … More »

  • Bold moves, tepid gains: Have central banks met their limit?
    Bold moves, tepid gains: Have central banks met their limit? Associated Press - 2 hours 44 minutes ago

    The world's key central banks have worked themselves into contortions to try to rev up economic growth, raise inflation and coax consumers and businesses to borrow and spend more. They've pumped trillions ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.001-0.78%
    N21.SI
    0.355-0.010-2.74%
    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.35-0.10-22.22%
    BFK.SI
    0.185-0.040-17.78%
    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
    0.20-0.03-13.04%
    AWI.SI
    0.194-0.026-11.82%
    BLZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3536-0.0002-0.01%
    USDSGD=X
    1.5263+0.0014+0.09%
    EURSGD=X
    1.7840-0.0066-0.37%
    GBPSGD=X
    74.2870+0.144+0.19%
    SGDJPY=X
    5.7279+0.0043+0.08%
    SGDHKD=X
    2.9634-0.0135-0.45%
    SGDMYR=X
    9,816.4678+33.2266+0.34%
    SGDIDR=X
    4.9165+0.0032+0.07%
    SGDCNY=X
    1.0301-0.0006-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.70-4.00-0.30%
    GCZ16.CMX
    18.51-0.05-0.25%
    SIU16.CMX
    97.01+1.67+1.75%
    ^XAU
    2.080.00+0.14%
    HGU16.CMX
    47.03+0.26+0.56%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.560.00
    ^TNX
    2.25+0.01
    ^TYX