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Fri Dec 21, 2012, 06:14 PM

All major US stock markets fall after fiscal cliff talks reach impasse

Source: The Guardian

US stock markets fell on Friday, following news that talks aimed at avoiding the fiscal cliff budget crisis had failed on Thursday night.

Dow Jones Industrial Average futures contracts, an indication of the direction the market may take, fell 299 points late on Thursday, soon after a vote on the issue in congress was cancelled. All the major US stock markets opened down on Friday, with the Dow down by more than 120 points in morning trading.

The collapse followed news that the Republican speaker of the House of Representatives, John Boehner, had failed in his attempt to rally his party colleagues to a "Plan B" that was aimed at averting the year-end imposition of tax hikes and massive spending cuts.

The fiscal cliff crisis has dragged on for months but it had looked likely to be settled earlier this week, as president Barack Obama and Boehner appeared to be making headway.

Read more: http://www.guardian.co.uk/world/2012/dec/21/us-stock-markets-fall-fiscal-cliff

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Reply All major US stock markets fall after fiscal cliff talks reach impasse (Original post)
alp227 Dec 2012 OP
AnotherMcIntosh Dec 2012 #1
OKNancy Dec 2012 #2
AnotherMcIntosh Dec 2012 #3
Plucketeer Dec 2012 #4
John2 Dec 2012 #6
subterranean Dec 2012 #5
question everything Dec 2012 #10
Civilization2 Dec 2012 #7
JoePhilly Dec 2012 #8
coalition_unwilling Dec 2012 #9
Ligyron Dec 2012 #11

Response to alp227 (Original post)

Fri Dec 21, 2012, 06:28 PM

1. Time to once again bail out those playing Wall-Street Roulette?

 

Just have to protect the big-money donors somehow.

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Response to AnotherMcIntosh (Reply #1)

Fri Dec 21, 2012, 06:37 PM

2. Lots of little people in the stock market too, especially those

close to retirement or retired.
Even though it hurts the fat cats, a bad market hurts everyone.

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Response to OKNancy (Reply #2)

Fri Dec 21, 2012, 06:40 PM

3. When he participated in giving hundreds of billions to the banksters, how much did you get?

 

Or are you satisfied the way that the bail-out-the-banksters-and-trickle-down-on-everyone-else theory is working?

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Response to AnotherMcIntosh (Reply #3)

Fri Dec 21, 2012, 06:51 PM

4. Our retirement depends on the stock market

We don't HAVE and can't AFFORD skilled manipultors to steer our funds thru roiling waters or hide our funds overseas. That said, we (the wife and I) think the end result of going over the cliff would be the BEST thing that could happen! It LOOKS like such an incident would tie an anchor to the Right's neck out in really deep water. We'd gladly sacrafice to see that come to pass. It's the shit-swabbing medicine that this nation needs.

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Response to Plucketeer (Reply #4)

Sat Dec 22, 2012, 05:21 AM

6. Does this

 

mean you invested in the Stock Market? I need to study this?

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Response to OKNancy (Reply #2)

Fri Dec 21, 2012, 07:05 PM

5. The effect will likely be temporary.

There will probably be a year-end selloff as investors take profits ahead of the potential rise in capital gains tax rates. But in my non-professional opinion, the market will come back early next year after the economy fails to fall off a cliff.

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Response to OKNancy (Reply #2)

Sat Dec 22, 2012, 11:58 AM

10. Right. And I hope that the pain for all the heavy investors

is higher than for us, so this will be their motivation to move forward.

Only this year we finally recovered what we had in our IRAs in the summer of 2007.

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Response to alp227 (Original post)

Sat Dec 22, 2012, 08:17 AM

7. little crying babes..,

 

yes,. when they don't get their way the threaten to take their ball and go home,.

The whole threat of a cliff is a joke,. reality is much simpler; the 1% do not want to pay ANY more in taxes or ANY taxes at all,. they will be made to do so, and the sooner the better,. personally I would raise the top rates back to what they where in the new deal days,. 90%!

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Response to alp227 (Original post)

Sat Dec 22, 2012, 10:22 AM

8. 120 points is nothing.

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Response to JoePhilly (Reply #8)

Sat Dec 22, 2012, 11:44 AM

9. +1. I actually thought it was going to be a hell of a lot worse when Boner

 

displayed his incompetence and douchiness for the entire world to see. 120 points is about 1%, as you say, 'nothing' in a trading universe where such volatility on a daily basis is the norm.

However, it seems many investors like myself had already priced in Boner's incompetence and acted ahead of its denouement Result was that only inveterate optimists -- those gambling that Boner actually was\is competent -- were caught with their proverbial pants down.

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Response to alp227 (Original post)

Sat Dec 22, 2012, 01:19 PM

11. Still, there's money to be made here

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