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U.S. stock futures plunge as GOP ditches 'Plan B'
Maket Watch ^ | December 20, 2012 | Michael Kitchen

Posted on 12/20/2012 7:12:40 PM PST by Hojczyk

U.S. stock-index futures dropped sharply late Thursday on news that a Republicans had cancelled a vote on their back-up measure to prevent the end of the Bush tax breaks for those earning $1 million or less. A little more than half an hour after House Speaker John Boehner said he was killing the vote due to lack of support, the Dow Jones Industrial Average futures were down 1.5%, the S&P 500 futures were 1.4% lower, and Nasdaq futures were off 1.3%. The cancelation appeared to signal dissent in the Republican ranks, reducing the odds on a timely deal to avert the fiscal cliff of austerity measures due to take place at the start of the new year. The news also hit Asian markets trading at the time, with Hong Kong stocks falling and Japanese shares coming off their earlier highs.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: 112th; boehner; fiscalcliff

1 posted on 12/20/2012 7:12:46 PM PST by Hojczyk
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To: Hojczyk

Why are precious metals plummeting?


2 posted on 12/20/2012 7:17:44 PM PST by Terry Mross ( I don't watch the "news". Someone ping me if anything big happens.)
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To: Terry Mross

Why are precious metals plummeting?


Because the US dollar is going up.


3 posted on 12/20/2012 7:19:34 PM PST by Zeneta (Why are so many people searching for something that has already found us ?)
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To: Hojczyk
Photobucket
4 posted on 12/20/2012 7:23:21 PM PST by Zeneta (Why are so many people searching for something that has already found us ?)
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To: Hojczyk

Very timely thread. Thanks.


5 posted on 12/20/2012 7:26:44 PM PST by Graewoulf ((Traitor John Roberts' Communal Obama"care" violates Anti-Trust Laws, AND the U.S. Constitution.))
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To: Hojczyk

So the Mayans predicted the stock market plunge.


6 posted on 12/20/2012 7:27:01 PM PST by fieldmarshaldj (Resist We Much)
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To: Terry Mross

Could be a reaction to a perception that the economy might tank, reducing the need for precious metals.

I have come to the place where I wonder if civilization tanked, if ‘precious metals’ might become something more close to a rock, than a life-buoy.


7 posted on 12/20/2012 7:32:21 PM PST by DoughtyOne (How about a waiting period for putting crazies out on the streets, say a million years or so.)
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To: Hojczyk

This reaction in the market (and metals prices) is as emotional as these posts. The dollar’s strength is based PURELY on confidence in America and its capitalist system.

Absolutely NOTHING good has happened to the American system for over four years that would provide a solid reason for confidence in the dollar to increase. Our economy (and its data) is a total disaster and getting worse, not better. And the world knows it.

The dollar is NOT getting stronger. It will require a good reason for that to happen and while we have a government that is hellbent on destroying our economy, with the world watching and warning, that will not happen.


8 posted on 12/20/2012 7:33:39 PM PST by EagleUSA
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To: Hojczyk

Guess who gets the blame for the upcoming recession?

The GOP (and Bush).

The GOP deserves every bit of the electoral disaster heading its way. It will be a Tsunami.


9 posted on 12/20/2012 7:35:51 PM PST by Perkalong (GOP 2012 = Whigs 1856)
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To: Hojczyk

Buying opportunity tomorrow.


10 posted on 12/20/2012 7:36:39 PM PST by Arm_Bears (Ted Kennedy's Oldsmobile has killed more people than my guns.)
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To: EagleUSA

I agree completely.

Maybe I should have said the US dollar is going up “for now”.

We will pay the piper, however it may be that the US economy is the best of the bad around the world.

You might like this:

Europe is toast, Japan is toast, etc..

https://www.youtube.com/watch?v=JUc8-GUC1hY


11 posted on 12/20/2012 7:39:39 PM PST by Zeneta (Why are so many people searching for something that has already found us ?)
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To: Hojczyk

It’s all a bunch of lies. The U.S. markets will finish up tomorrow.


12 posted on 12/20/2012 7:42:58 PM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Zeneta
Why are precious metals plummeting?

You might want to view a 30 or 60 day chart. This is not because of the vote today.
13 posted on 12/20/2012 7:43:06 PM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: DoughtyOne

I’m beginning to believe it’s extremely manipulated. Otherwise, we go over the cliff and metals go down. They reach an agreement and they go down. They raise taxes or lower taxes and metals go down. Then for the same reasons metals go up.


14 posted on 12/20/2012 7:43:50 PM PST by Terry Mross ( I don't watch the "news". Someone ping me if anything big happens.)
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To: Hojczyk

Since CNN has seen the light and is showing her the door, she wants to either leave a mark or a greasy smear.


15 posted on 12/20/2012 7:44:11 PM PST by JPG (Stay strong.)
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To: JPG

Wrong thread. Doh!


16 posted on 12/20/2012 7:46:16 PM PST by JPG (Stay strong.)
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To: Perkalong

Guess who gets the blame for the upcoming recession?

The GOP (and Bush).


Oh, Obama and his socialist accomplices will try this tired mantra, but Obama OWNS the economy now. They will have to blame the Repubs, in general, which they will try to do — but it is Obama that sits in the Oval Office. Does not matter what happens or what the House Repubs do, they will still get blamed for Obama’s insanity, destructive socialism , incompetence and the list goes on and on. We are too painfully aware of the damage and destruction yet to come via Obamacare, the Marxist timebomb, and all the secret plans to undermine the American capitalist system and our Constitution.

So the Repubs should man-up because they will be blamed for everything that Obama does, just as over the past four years. Save America should be thier battle cry.


17 posted on 12/20/2012 7:47:03 PM PST by EagleUSA
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To: DoughtyOne

Bulls, Moo Cows, Roosters, Chickens, Piggies, that is where the money is at.

Unfortunately those aren’t the easiest things to own and keep safe/maintain.

LOL.


18 posted on 12/20/2012 7:47:03 PM PST by Individual Rights in NJ (I don't even know what to say anymore...)
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To: EagleUSA

Absolutely NOTHING good has happened to the American system for over four years that would provide a solid reason for confidence in the dollar to increase. Our economy (and its data) is a total disaster and getting worse, not better. And the world knows it.

Amen! Thanks for this post!


19 posted on 12/20/2012 8:23:14 PM PST by Huskrrrr
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To: Terry Mross

//////Why are precious metals plummeting?/////

Because the smart money knows that next year taxes are going up. Thus they are selling precious metals before the end of the year to pay their long term capital gains at this years lower tax rates.

PM’s should resume their rise after the end of the year.


20 posted on 12/20/2012 8:24:49 PM PST by Ceebass
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To: DoughtyOne

Agreed...and you cannot eat a rock.


21 posted on 12/20/2012 8:37:31 PM PST by DennisR (Look around - God gives countless, indisputable clues that He does, indeed, exist.)
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Comment #22 Removed by Moderator

Comment #23 Removed by Moderator

Comment #24 Removed by Moderator

To: Hojczyk
The markets figure the likelihood of a deal has dropped which increases the chances that the US credit rating will drop making stocks marginally less attractive<

The price of gold can only increase if there is an underlying confidence in the long term health of the economy (contrary to what all the folks peddling the stuff will tell you.

The dismal failure of all political leaders irregardless of party, or for that matter country will increasingly make the worlds financial markets behave in ways most folks will find baffling IMHO

25 posted on 12/20/2012 8:52:42 PM PST by montanajoe
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To: Hojczyk

Circular firing squad... just swell.


26 posted on 12/20/2012 9:21:42 PM PST by ArmstedFragg (hoaxy dopey changey)
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To: Hojczyk

Take the vote anyway. It’s important to always identify the sides in these matters. How can boner ever expect to assess democrats with voting for higher taxes if he doesn’t allow them to be seen doing it?


27 posted on 12/20/2012 9:42:40 PM PST by Sgt_Schultze (A half-truth is a complete lie)
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To: EagleUSA

Some of us bought lots of USD. ;)

Buy low, sell high.


28 posted on 12/21/2012 12:50:15 AM PST by JCBreckenridge (Texas is a state of mind. - John Steinbeck :))
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To: JCBreckenridge
The Nikkei just dropped like a rock, too.
29 posted on 12/21/2012 12:59:09 AM PST by Lancey Howard
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To: DoughtyOne

I don’t know why it is people jump straight from an economy tanking to The Road Warrior. It’s not as if any crisis means total crisis. There might just be a few days where people are willing to accept gold rather than sneaking up behind you and bashing your brains in for the clothes on your back.


30 posted on 12/21/2012 1:10:42 AM PST by Tublecane
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To: EagleUSA

“Absolutely NOTHING good has happened to the American system for over four years that would provide a solid reason for confidence in the dollar to increase. Our economy (and its data) is a total disaster and getting worse, not better. And the world knows it.”

Agreed. When do you think the bottom will actually fall out? Its not if its when.


31 posted on 12/21/2012 2:23:47 AM PST by saneright
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To: DennisR

There you go. Thanks. ;^)


32 posted on 12/21/2012 5:48:32 AM PST by DoughtyOne (How about a waiting period for putting crazies out on the streets, say a million years or so.)
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To: Tublecane

I can understand what you’re addressing, and in nearly normal times with rough spots, you’re right.

It does seem to me that we live in a rather precarious situation these days. Something as simple as a major gas shortage could push things over a cliff.

What would your town be like if your major grocery stores couldn’t get resupplied for a month? How would that shortage affect you in other ways? How many businesses could survive for more than a month without sales receipts?

We’ve seen how the closing of a few refineries can affect us. What if even 33% of our refineries went off-line for six months?

While I agree with you for the most part, I don’t think we’re as far from a possible complete short-circuiting of our system, as we would like to think.

Compared to other places around the planet, we’ve been spoiled for a long time. These things can happen here.

I would submit that in highly populated urban centers, things could get ugly in days. Have-nots would be going after haves in weeks.


33 posted on 12/21/2012 6:04:02 AM PST by DoughtyOne (How about a waiting period for putting crazies out on the streets, say a million years or so.)
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To: Ceebass

Smart money does not pay taxes on the sale of precious metals.


34 posted on 12/22/2012 12:06:13 AM PST by tdscpa
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To: Ceebass
Also, the sale of precious metals is not subject to the normal capital gains tax. Tax is assessed at a higher rate, applied to “collectibles”.

I do not know what this rate will increase to in 2013 under the new “lucky owe-bama” tax starting 1-1-2013. 2013 - the year of the plague rat.

35 posted on 12/22/2012 12:21:23 AM PST by tdscpa
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