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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
#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.
The sequester, no matter how imperfect a policy, is arguably the only victory for fiscal conservatives in a very long time. Their victory is also president Obama’s biggest defeat (outside of the self-inflicted disastrous Obamacare rollout). It is also another opportunity to remind the American people that the alarmist predictions that we were all subjected to about the devastating impact sequestration would have on our economy didn’t materialize. Yet, in a new move, Republicans are once again considering caving to Democrats and getting rid of the spending cuts. This morning’s Wall Street Journal has the following. Still, officials close to
President Obama’s repeated use of presidential powers is causing a tough problem — his own supporters now expect him to use it to achieve everything they want. From immigration to the minimum wage, congressional Democrats and liberal activists this week urged Mr. Obama to declare an end run around Capitol Hill, assert executive authority and make as much progress as he can on the expansive agenda he laid out for his second term. A day after Mr. Obama denounced income inequality, progressive lawmakers said he should take the lead by issuing an executive order requiring all federal contractors to pay
Three crises, one president, many bewildered friends. The first crisis, barely noticed here, is Ukraine’s sudden turn away from Europe and back to the Russian embrace. After years of negotiations for a major trading agreement with the European Union, Ukraine succumbed to characteristically blunt and brutal economic threats from Russia and abruptly walked away. Ukraine is instead considering joining the Moscow-centered Customs Union with Russia’s fellow dictatorships Belarus and Kazakhstan. This is no trivial matter. Ukraine is not just the largest European country, it’s the linchpin for Vladimir Putin’s dream of a renewed imperial Russia, hegemonic in its neighborhood and
Entering his sophomore year at Occidental College, Barack Obama sought a political movement to match his personal awakening, which he signaled to friends and family at the time by reclaiming his African first name. Barry became Barack that year. He had read Du Bois, Fanon, Malcolm X — an array of authors writing about the black struggle for liberation in his country and in others shaking off the legacy of colonial rule around the world. That is where he looked for — and found — a figure and a cause to channel his rising political enthusiasm: Nelson Mandela, then imprisoned
I´m generally for more disclosure in campaign finance, but the best argument against requiring full disclosure by groups engaged in political speech is that politicians sometimes retaliate against their critics. Sen. Elizabeth Warren inadvertently made that very argument this week. As told by Ben White at Politico, a group called "Third Way" criticized Warren. Warren apparently suspected that Third Way´s criticism of her was funded by banks. So she wrote a letter to bank CEOs demanding they disclose which political groups they´re funding. Warren sits on the Senate Committee on Banking, Housing, and Urban Affairs. She´s basically telling the entities
A stunning new study unveiled on Fox News´ Hannity finds that President Barack Obama’s White House calendar records just one face-to-face meeting between Obama and his Health and Human Services (HHS) Secretary Kathleen Sebelius in the more than three-and-a-half years leading up to the disastrous Obamacare launch. The startling statistic comes from a new Government Accountability Institute (GAI) analysis of Obama’s own official White House calendar, as well as the Politico presidential calendar, and raises new questions about Obama’s executive leadership and management throughout the implementation of his singular legislative achievement. More alarming still, the president’s schedule lists 277 private
One of President Obama´s chief political assets has been his ability to excite young people like almost no politician in history. But the days of America´s youth fawning over the president are over. A new Harvard University Institute of Politics poll released Wednesday confirms what other surveys have shown in recent months: Millennials have soured on Obama so much this year that their opinion of him largely mirrors the American public´s. Even though Obama does not ever have to face another election, he should be worried about the findings for a couple of reasons, which we will dive into momentarily.
More young men in California rise in pitch at the end of their sentences when talking, new research shows. This process is known as "uptalk" or "valleygirl speak" and has in the past been associated with young females, typically from California or Australia.But now a team says that this way of speaking is becoming more frequent among men.The findings were presented at the Meeting of the Acoustical Society of America in California. "We found use of uptalk in all of our speakers, despite their diverse backgrounds in socioeconomic status, ethnicity, bilingualism and gender," said Amanda Ritchart, a linguist at the University of
The question all week long was this: Who are you going to believe, an illegal alien or the president of the United States of America? Obviously, if it’s a president who once went by an alias, Barry Soetoro, you go with Uncle Omar, 100 percent, no questions asked. And so it was that the White House finally admitted to another, uh, misstatement — despite previous denials, Barack/Barry did sleep on his beloved Uncle Omar’s couch in Cambridge when he first moved here to attend Harvard Law School (speaking of which, we’re still waiting to see the president’s grades and his LSAT scores). But the
DAVID CORN: I saw a president who remains frustrated with the political-media culture that he has to work within, and that he´s looking to rally people, students here, and supporters, and people within the media. CHRIS MATTHEWS: But David Corn, you skeptic. He came to us today. He came amongst us. CORN: He´s trying to rally people behind this vision that he´s been promoting for a couple years. FINEMAN: By the way, he did it the end here, today, Chris, not by defending specifics, but by explaining why he´s in the game to begin with. And I don´t know about you, he´s
How do you get your arms around the catastrophe known as Obamacare? Is it even possible? At this point, I’m not sure it is. The list of individual disasters which threaten to ruin one-sixth of the U.S. economy and what has been, up until now, the best healthcare system in the world is exhaustive, and exhausting. The examples I will identify here barely scratch the surface. First but by no means foremost, we have the supposedly new and improved HealthCare.gov. Except it’s not, even the visible part. Stories still abound of people still failing to get in or to get through the enrollment
The National Highway Traffic Safety Administration has announced a new five-year strategic plan to improve safety for elderly drivers and passengers. Although they are statistically among the safest on the road, the number of older drivers is increasing dramatically — and with it, that group´s numbers of injuries and deaths. Since 2003, the population of older adults, defined as age 65 and older, has increased by 20% and the number of licensed older drivers increased by 21% to 35 million in 2012, according to NHTSA. Last year, NHTSA reported that 5,560 people older than 65 died and 214,000 were injured
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification. On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010. The culprit said back then (and to me during an interview) that he was told to do so by
Denver - A baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs or face fines, a judge said Friday. The order from administrative law judge Robert N. Spencer said Masterpiece Cakeshop in suburban Denver discriminated against a couple "because of their sexual orientation by refusing to sell them a wedding cake for their same-sex marriage." The order says the cake-maker must "cease and desist from discriminating" against gay couples. Although the judge did not impose fines in this case, the business will face penalties if it continues to turn away gay