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  Topic: On Wall Street, realization is
sinking in over the elusiveness
of ‘fiscal cliff’ deal
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On Wall Street, realization is
sinking in over the elusiveness
of ‘fiscal cliff’ deal

Washington Post, by Zachary A. Goldfarb

Original Article

Posted By:Dreadnought, 12/27/2012 11:15:41 PM

Wall Street is finally waking up to the troubling prospect that lawmakers may not reach a deal to avert the “fiscal cliff” before the new year, with stocks swinging dramatically Thursday in response to news from Capitol Hill. Financial markets had been climbing in recent weeks on the expectation that President Obama and the Congress would reach an agreement, adding further momentum to an economy that has been gaining strength. But with the final days trickling away before the year-end deadline, the markets Thursday experienced their greatest volatility since the summer.

      


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Reply 1 - Posted by: Safari Man, 12/27/2012 11:40:08 PM     (No. 9086879)

I watch the markets very closely and the thing that makes no sense is that we are seeing upticks when some news comes out that progress is being made on the deal. But there´s little reason for optimism. None of the like outcomes will be good for the economy; not as long as Obama and the dimocrats are part of the equation. So there may be an upsurge when the deal is announced, but once people realize what the deal is, there should be a serious selloff all over again.



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Reply 2 - Posted by: woofwoofwoof, 12/28/2012 12:01:46 AM     (No. 9086898)

Wall Street must be pretty dumb if they´re just twigging to this now.

But I guess they are pretty dumb anymore, dumb and crooked.

These are sad days.

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Reply 3 - Posted by: TXknitter, 12/28/2012 12:06:10 AM     (No. 9086903)

The problem is that sooner or later, Americans will have to suffer the consequences for the poor voting choices, selfish demands for more and more entitlements, cowardice to confront politically-incorrect problems and putting up with self-serving corrupt politicians collecting goodies for themselves instead of doing their jobs. We have allowed their ineptness to go on without accountability. In fact, we let them skip off with lovely pensions. Pay day is coming.

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Reply 4 - Posted by: thelmalou, 12/28/2012 12:56:30 AM     (No. 9086942)

Them Wall Streeters is real quick on the uptake, ain´t they?


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Reply 5 - Posted by: belwhatter, 12/28/2012 2:58:06 AM     (No. 9086969)

#6 them´s my sentiments too. Wall Street is a world apart.

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Reply 6 - Posted by: Nimby, 12/28/2012 4:29:31 AM     (No. 9086986)

I heard on the radio that some billions worth of private stocks have been cashed out.

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Reply 7 - Posted by: Trigger2, 12/28/2012 4:33:54 AM     (No. 9086987)

Barry & his demonrats want higher taxes on everyone so they can spend twice as much more than the taxes they take in. That goon Reid refuses to cut one single penny from the budget. Meanwhile, each stop gap measure automatically increases federal spending by 5-8% each time. These fools need to CUT the spending.

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Reply 8 - Posted by: Spidey, 12/28/2012 4:40:08 AM     (No. 9086990)

Bernie Madoff just came out and said insider trading on Wall St. is about the same as breathing.You can believe there´s top dogs on Wall St. who are getting an insider account of where a deal stands every 5 minutes.The fact that there hasn´t been a huge selloff tells me there´s a deal in the bag and all this other crap is stagecraft.

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Reply 9 - Posted by: pineledger, 12/28/2012 7:09:29 AM     (No. 9087057)

Might be, 9.

I urge all L.dotters to read The Patriarch, the biography of Joseph P Kennedy. Hold your nose doing so if you must, but you will learn a LOT about insider trading and political deal-making, not to mention the phenomenon of the rise of a dictator (in his case Hitler) and what the world does to deal with it. You will also learn a lot about the behavior and attitudes of the so-called elite. A huge book.

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Reply 10 - Posted by: Rinktum, 12/28/2012 7:35:24 AM     (No. 9087082)

Wall Street for the most part continued to support Obama in his re-election bid and NOW they can see the train bearing down on the economy? These are the wizards of smart, really??? Apparently, they are merely the kings of cronyism using the government for financial gain and when that fails, they reach for a government handout. They are really no different than any welfare queen who expects the government to reward her for bad behavior. I do not have any sympathy for these institutions. Supporting policies that will bring ruin should never be rewarded. You wanted Obama, you got him, but don´t come crying to the Americam taxpayer to bail your sorry behinds out, again.

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Reply 11 - Posted by: jackburton, 12/28/2012 7:37:15 AM     (No. 9087085)

I think that the problem now is the same as in ´08 when earnings were up, jobs were up, GDP was growing, money was plentiful at low interest rates, etc. etc. These are all quantifiable numbers, all data points. What wasn’t being taken into account was the shift from bond investments to pay for the high oil prices. No numbers existed for that. No forecasts were made. When money market accounts and property backed bonds were mass liquidated, it was too late.

Right now, companies have cash cushions, are conservative, have reported high efficiencies and high earnings. All good numbers by themselves. What they are not developing numbers for is the increase in unemployment that WILL COME from WH policies: Obamacare, EPA regs, higher taxes.

They will, of course…

…react.


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Reply 12 - Posted by: Dodge Boy, 12/28/2012 8:44:12 AM     (No. 9087184)

Don´t waste your time trying to decide if to hold your investments or to cash out. Daily trading volumes on the Dow have not been all that high past few weeks. Yes, agree that a deal has been in the bag and the political theatre (and Boehner giving Obie a bit of a fat lip lately) of very big egos is just that.

The real aftershock is yet to come, but not in 2013. Then, you better be ready to protect yourself financially.

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Reply 13 - Posted by: Felixcat, 12/28/2012 8:44:16 AM     (No. 9087185)

To folow up on what #4 said: you have career politicians; serving decades in the House and Senate. I understand the importance of seniority, but when you have senators serving 50 years - something is very wrong with the voting public and the system.

I really think that until the free cheese and smart phones stop, etc., people will refuse to appreciate the seriousness of our financial mess.

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Reply 14 - Posted by: Daisymay, 12/28/2012 9:25:27 AM     (No. 9087255)

I don´t feel a bit sorry for those poor unemployed people losing their handouts if we go over that cliff. THEY are the people who have been living on unemployment for many more than the 99 weeks. Now they want more. Well, THEY voted for Obama, so if they lose their benefits, MAYBE they will have to go and look for WORK. MAYBE then they will realize that their VOTE caused all of this to happen. MAYBE they will think next election about the consequences of their vote!

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Reply 15 - Posted by: Butch59, 12/28/2012 9:44:05 AM     (No. 9087286)

I´m at a point that I really don´t know what to believe about all of the financial dealings. We hear one thing one day and something totally different the next. I do believe, however, that Obozo will continue his reckless spending ways no matter what the Republicans do. He´ll just issue another executive order and Zhazamm, another entitlement is born. The only thing that´s going to put the federal house in order is to get rid of most or all of Washington D.C. and start over again.

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Reply 16 - Posted by: Chiritwo, 12/28/2012 10:01:04 AM     (No. 9087317)

The O wants America to go off the cliff. Remember he really just doesn´t like America for all it stands for. He´s not working with Congress, he has no idea how to bring people together or doesn´t want people to come together- his way or the highway.

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Reply 17 - Posted by: planetgeo, 12/28/2012 10:05:09 AM     (No. 9087322)

As long as they can keep raising the debt limit and finding people and countries foolish enough to keep lending us cash, the music and the markets will keep playing. But the loans and the music will indeed stop. And then it will all come crashing down. I give it another two years max. And likely sooner.

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Reply 18 - Posted by: Udanja99, 12/28/2012 10:15:23 AM     (No. 9087342)

Won´t happen, #15. Zippy will tell them that it´s the Republicans´ fault and they´ll swallow it whole without one synapse firing.

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Reply 19 - Posted by: TheMotherCO, 12/28/2012 10:19:21 AM     (No. 9087352)

If I see, hear, or read one more thing about the f c I will scream.

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Reply 20 - Posted by: LZK, 12/28/2012 10:20:11 AM     (No. 9087356)

Thank you obama for all the confusion and concern by Americans....

You are a twisted/bitter shell of a man....

Running for president after you´ve won is a bit redundant. So campaigning against the Republicans is obvious and shallow....

LZK

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Reply 21 - Posted by: Eheu Fugaces, 12/28/2012 10:46:08 AM     (No. 9087413)

America voted for the fiscal cliff a/k/a Barack Hussein Obama, believing, with American optimism and cultivated ignorance, that they will still get all their freebies from the government, even in the event of the financial collapse of the country. Ditto Wall Street, which no doubt expects that all their bonuses and perks will be subsidized by the taxpayer once again. Let these fools get clobbered by reality good and hard. I´ve had it.

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Reply 22 - Posted by: chicodon, 12/28/2012 11:10:07 AM     (No. 9087454)

It wouldn´t surprise me if Barry and his boys would also want to go over the cliff to hide the taxation effects of Obamacare. Every new tax will be blamed on Republicans. Obama´s goal is control of both houses for his final two years. To do that Republicans must be despised. It may work.

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Reply 23 - Posted by: reilly, 12/28/2012 11:12:22 AM     (No. 9087456)


How "conveeenient" that taxes go up on everyone after we go over the cliff. However, a tax revolt or earnings strike by the makers won´t be very pretty next year. Let the golfer in the White House and Senate conniver from Nevada deal with it.


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Reply 24 - Posted by: geronimo, 12/28/2012 11:51:56 AM     (No. 9087528)

Credibility alert:

I stopped reading the article when I saw this: "further momentum to an economy that has been gaining strength"

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Reply 25 - Posted by: smcchk, 12/28/2012 1:23:41 PM     (No. 9087665)

Agree, #2. It is time for the GOP to punt!

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Reply 26 - Posted by: CentralFLMom, 12/28/2012 5:08:13 PM     (No. 9087898)

My husband and I are Tea Party fundamentlsts and we couldn´t be happier that our 52 congressional warriors are reigning in this socialist government.
We are praying that they succeed and bring us back to a real constitutional government of by and for the people.
We are also excited about the lack of a new farm bill. We own a dairy and are quite thrilled about the consequences.


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Reply 27 - Posted by: FormerDem, 12/28/2012 5:17:20 PM     (No. 9087906)

#2 your strategy still requires some media cooperation and there won´t be any. Trying to get understanding media coverage of the GOP is a waste of tactical space. There won´t be any, ever, except momentary kisses and love to cowards or idiots setting an example the Democratic Party wishes others to follow. The most to aim at is to try to keep the volume of abuse low by starving it of detail and of lively stupid quotes. (IN retrospect I think Nolte was right that Heulskamp shouldn´t be quoted dumping on Boehner. Don´t do that!!) We should just do what is actually best for the country. I think that´s what Boehner is doing.

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