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.
Lawmakers and staff can breathe easy — their health care tab is not going to soar next year. The Office of Personnel Management, under heavy pressure from Capitol Hill, will issue a ruling that says the government can continue to make a contribution to the health care premiums of members of Congress and their aides, according to several Hill sources. A White House official confirmed the deal and said the proposed regulations will be issued next week. Just Wednesday, POLITICO reported that President Barack Obama told Democratic senators that he was personally involved in finding a solution.
The Obama administration is set to unveil new procedures that will greatly expand the government’s ability to verify the income of Americans who seek government subsidies under the federal health care law. “We’re going to be sampling 100 percent. There’s new information,” Gary Cohen, deputy director of the Centers for Medicare and Medicaid Services, told the House Ways and Means Committee on Thursday. He made his assurances after Chairman Dave Camp, Michigan Republican, aired concerns that enrollees in state health exchanges will self-certify their income. The administration would have to cross-check
As they prepared to head home for summer vacation, House Republicans fired off three subpoenas Thursday seeking more information from the State Department on the terrorist attack last year in Benghazi, Libya, and on the science the Environmental Protection Agency used to impose new clean air regulations. The parting shots come amid a week of bitter partisanship that saw both the House and Senate fail to pass transportation spending bills, and saw each side point the finger at the other in arguing that Congress is broken.
Lost in all the rancor among Republicans over the National Security Agency’s surveillance programs has been this: A similar ideological divide has been exposed in the Democratic Party that could pose even more political difficulties for President Obama. Several Democrats from the party’s civil liberties wing — the mirror image of the Republicans’ rising libertarian strain — met with Obama and Republican lawmakers Thursday at the White House to discuss concerns about the NSA’s phone data collection program and elements of the administration’s broader surveillance effort.
A group of House Republicans led by Majority Leader Eric Cantor has agreed on a revision to the food stamps portion of the farm bill that Cantor believes will broadly unite the GOP conference. A senior Republican aide tells National Review Online the group has found a relatively limited change to food-stamp work requirements that could net $20 billion in savings, doubling the spending reductions of the overall bill. As part of welfare reform in 1996, able-bodied adults without dependents (i.e., kids) are required to engage in work activities for at least
Unburdened by the Constitutional requirement to obtain a search warrant, those nice people at the National Security Agency (NSA) have teamed with Apple, Google and Microsoft to take time out of their busy day to capture all your party pictures from college, intimate letters with your lover and financial activities of your business in order to build a "permanent file" for leverage against you at a later date. These are just the latest depressing revelations about the rise of the military-industrial complex from whistleblower/traitor Edward Snowden
Washington has been abuzz for months over the fear and loathing that Congressional staffers have for Obamacare. Many staffers and employees on Capitol Hill have been saying they´ll have to quit Washington if they are forced into Obamacare. Now the President is promising to fix it all for them. At the very beginning of his closed-door meeting with Senate Democrats, the President addressed staffers´ worries that Obamacare will force them to quit working in Washington, promising "I´m on it." Currently congressional staffers have 75 percent of their healthcare insurance paid by taxpayers, but
Congress began to react angrily to news that Russia granted temporary asylum to NSA leaker Edward Snowden and allowed him to finally leave the transit zone of Moscow’s Sheremetyevo Airport. “Americans in Washington should consider this a game changer in our relationship with Russia. Mr. Snowden has been charged with serious crimes and has put American lives at risk at home and abroad,” Sen. Lindsey Graham (R-S.C.) said. “Today’s action by the Russian government could not be more provocative and is a sign of Vladimir Putin’s clear lack of respect for President Obama,”
It may not fully make up for President Obama’s gutting of America’s manned spaceflight program, but for now it will have to do. Star Trek’s Galileo, the fiberglass shuttlecraft featured on the “The Galileo Seven” episode of the classic ’60s sci-fi series, was officially unveiled Wednesday at Space Center Houston, the official museum/visitor center of NASA´s Johnson Space Center, where it will remain on permanent display. If nothing else, the Galileo development program proved far less costly than NASA’s $9 billion next-generation space program, Constellation, which fell victim to Mr. Obama’s budget ax in 2010.
President Obama, who extolled the value of middle-class construction jobs during nearly five years of recession and recovery, has changed his tune to borderline contempt for the blue-collar jobs needed to build the Keystone oil pipeline. In a speech in Chattanooga, Tenn., Mr. Obama actually chuckled derisively Tuesday when he mentioned that Republican lawmakers are promoting the pipeline project for the thousands of jobs it would create over two years. “They keep on talking about this — an oil pipeline coming down from Canada that’s estimated to create about 50 permanent jobs,”
Two New York Times reporters recently posited for President Obama this grim scenario: Low growth, high unemployment, and growing income inequality become "the new normal" in the nation he leads. "Do you worry," the journalists asked him, "that that could end up being your legacy simply because of the obstruction ... and the gridlock that doesn´t seem to end?" Obama´s reply was telling. "I think if I´m arguing for entirely different policies and Congress ends up pursuing policies that I think don´t make sense and we get a bad result," he said, "it´s hard to argue that´d be my legacy.
A military court Tuesday convicted Army Pfc. Bradley Manning of violating the Espionage Act for leaking hundreds of thousands of classified documents to WikiLeaks, a verdict that legal analysts say likely will have a chilling effect on others considering revealing government secrets. While Manning, 25, was acquitted of the most serious charge — aiding the enemy, which carried a penalty of life in prison without the possibility of parole — he still faces up to 136 years in prison when he is sentenced at Fort George G. Meade, Md. The sentencing hearing, which starts Wednesday
Colin Powell has admitted to exchanging ´very personal´ emails with a Romanian diplomat but denies having an affair with the much younger woman after a hacker threatened to release their intimate messages. The 76-year-old retired general told the Smoking Gun that he met Corina Cretu, 45, roughly 10 years ago when she was working as an assistant to the president of Romania. She is now a member of the European Parliament. ´After I left the Department of State in January 2005 we stayed in touch via email,´ he told TSG.
CNN has uncovered exclusive new information about what is allegedly happening at the CIA, in the wake of the deadly Benghazi terror attack. Four Americans, including Ambassador Christopher Stevens, were killed in the assault by armed militants last September 11 in eastern Libya. Sources now tell CNN dozens of people working for the CIA were on the ground that night, and that the agency is going to great lengths to make sure whatever it was doing, remains a secret. CNN has learned the CIA is involved in what one source calls an unprecedented attempt to keep the spy
Serial sexter Anthony Weiner’s wife partly blamed herself last year when her horndog husband confessed to her that he was at it again. Friends and family told People magazine that Huma Abedin was kicking herself at the time for bailing out of couples counseling and focusing more on their newborn baby boy. But, thanks to a new round of joint therapy that continues even now, the couple was able to put the relapse behind them. “They really became a unit, and she feels much closer to Anthony now,” a relative told the magazine. That’s a long way from how Abedin
The United States will temporarily shut down its embassies and consulates around the world Sunday, including those in Iraq, Afghanistan and Egypt, as a precautionary measure, the State Department said Thursday. State Department spokeswoman Marie Harf did not say how long the international installations would stay closed -- only that the decision was taken “out of an abundance of caution and care for our employees and others who may be visiting.” Sunday is a normal workday in many Arab and Middle Eastern countries. Embassies in Europe and Latin America would be shuttered that day anyway.
In preparation for the release of Oscar-bait film The Butler, Forest Whitaker, Oprah Winfrey, and director Lee Daniels (Precious) sat down with Parade magazine. The film chronicles a butler (Whitaker) who works in the White House through seven administrations. Winfrey plays the butler’s wife. In the interview, Winfrey explained her sadness that so few Americans know about the history of the civil rights movement: “They don’t know diddly-squat. Diddly-squat.” She then said of the historic use of the n-word, “I always think of the millions of people who heard that as their last
American scientists claim the planet is undergoing one of the largest changes in climate in the past 65 million years. Climatologists at Stanford Woods Institute for the Environment have warned the likely rate of change over the next century will be at least 10 times quicker than any climate shift since the dinosaurs became extinct. If the trend continues at its current rapid pace, it will place significant stress on terrestrial ecosystems around the world, and many species will need to make behavioral, evolutionary or geographic adaptations to survive, they said.
If we learned anything about Barack Obama in his first term it is that when he starts repeating the same idea over and over, what´s on his mind is something else. The first term´s over-and-over subject was "the wealthiest 1%." Past some point, people wondered why he kept beating these half-dead horses. After the election, we knew. It was to propagandize the targeted voting base that would provide his 4% popular-vote margin of victory—very young voters and minorities. They believed. He won. The second-term over-and-over, elevated in his summer speech tour, is the shafting of the middle class. But
[Video] Ouch. New Jersey Gov. Chris Christie turned down an offer by Sen. Rand Paul to join him for a beer and bury the hatchet in their ongoing -- and very public -- feud. "I´m running for re-election in New Jersey. I don´t really have time for that at the moment," Christie said in an interview on a local radio station. The New Jersey governor said if he finds himself in Washington, "I´ll certainly look him up." But he added: "I don´t suspect I´ll be there anytime soon. I´ve got work to do here."
Oprah Winfrey said Americans by and large know “diddly-squat” about the history of the civil rights movement. The talk show queen and media mogul made her comments during the promotion of her new film, “The Butler,” about a black man who serves in that capacity through seven administrations at the White House. “They don’t know diddly-squat,” she said in a recent interview with Parade magazine. “Diddly-squat.” Ms. Winfrey also said that when she hears the N-word, she thinks of the “millions of people who heard that as their last word as they were hanging from a tree.”
The administration has popped the bubble of hope some small business had that switching to part-time staff would let them escape the high costs of Obamacare. The Small Business Administration on Thursday created a website to explain to businesses that the government will simply tally up the number of part-time employees firms have to determine if enough hours have been worked to essentially create a "full-time equivalent." Some smaller businesses had thought that if they could get under the 50 full-time employee cap that activates Obamacare by cutting full-time workers and hiring more part-time workers they would escape
Government workers in the city of Seattle have been advised that the terms "citizen" and "brown bag" are potentially offensive and may no longer be used in official documents and discussions. KOMO-TV reports that the city´s Office of Civil Rights instructed city workers in a recent internal memo to avoid using the words because some may find them offensive. "Luckily, we´ve got options," Elliott Bronstein of the Office for Civil Rights wrote in the memo obtained by the station. "For ´citizens,´ how about ´residents?´"
Rep. Charlie Rangel (D-NY) suggested on Friday morning that the tea party movement is comprised of the same types of people who fought against the civil rights movement during the 1960s. Speaking with the Daily Beast, Rangel said of the movement: “It is the same group we faced in the South with those white crackers and the dogs and the police. They didn’t care about how they looked. He added that the tea party movement can be defeated similar to how the civil rights movement eradicated Jim Crow mentality: “It was just fierce indifference to human life that caused