Looks like the stupid committee failed, automatic cuts to happen

K

KINGOFSHORTS

http://www.cnbc.com/id/45375696

Looks like the whole thing was nothing but wheels spinning. At least the 1.3 trillion cuts will happen anyways.

They should have not bothered and just announced the cuts from day one.

Will be interesting how this will impact the holiday trading week.

Since its pretty obvious Obama will be relected (GOP candidates a total joke, not one viable candidate except Huntsman)

We can expect 4 more years of gridlock.

This will mean another good 4 years of selling options again.
 
California went into the automatic cuts for the year before the first half [quarter?] was even up. It could be worse!! The Federal scene could be as bad as California's! Cheer up! Unless it's actually worse, I don't think anyone really knows, the accounting is sort of fuzzy...
 
Quote from KINGOFSHORTS:

http://www.cnbc.com/id/45375696

Looks like the whole thing was nothing but wheels spinning. At least the 1.3 trillion cuts will happen anyways.

They should have not bothered and just announced the cuts from day one.

Will be interesting how this will impact the holiday trading week.

Since its pretty obvious Obama will be relected (GOP candidates a total joke, not one viable candidate except Huntsman)

We can expect 4 more years of gridlock.

This will mean another good 4 years of selling options again.
More...

It is interesting because neither side really wants a compromise.

The Dems like the huge automatic cuts to Defense.

The Republicans like the modifications/cuts to entitlements.

They both seem to prefer the automatic cuts to being personally identified with massive cuts.

It was designed to fail.
 
Quote from 377OHMS:

It is interesting because neither side really wants a compromise.

The Dems like the huge automatic cuts to Defense.

The Republicans like the modifications/cuts to entitlements.

They both seem to prefer the automatic cuts to being personally identified with massive cuts.

It was designed to fail.
More...

I think that was the whole purpose. Cuts by default and no one has to stand up and have anything on the record.
 
There needs to be some kind of punishment for these corrupt politicians failing to act. When will people get sick enough of this garbage and throw these criminals into prison.
 
The Democrats haven't been selling the tax increase properly. The latest from Dizard over at the FT on the euro crisis:


As one American official told me: “I guess you could try for a sort of wartime solidarity, where the European public would buy savings bonds to finance the effort. But that is kind of inconsistent with all these people rushing to get their money out of town.”

He is referring to a phenomenon visible to Manhattanites: there has been a sudden influx of rich Europeans, in particular Italians, strolling around the expensive neighbourhoods, looking at apartments, and trying to get a feel for what expatriate life would be like. They observe, with some relief, that the food has gotten a lot better in recent years.
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Well, if we're going to get a bunch of rich Europeans moving in to take advantage of the relative stability of the US, we should tax them in such a way as to make them feel right at home. Maybe some Republicans might jump over the line if it was marketed this way?
 
Also, I speculate the Bush tax cuts will miraculously expire without a name attached to them, either. Although the middle class will see their taxes rise, the top tax rates would converge back to Clinton era levels. Wasn't cap gains 28% and dividends taxes as ordinary income? Then, Obama could work with the new congress to pass a tax cut for the middle and lower class, excluding the upper income earners and everyone's a hero.

That's just my guess and I'm probably wrong! (a little lesson i learned from Mr. Market)
 
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