Skip to comments.Stock Futures Plunge on 'Fiscal Cliff' Confusion
Posted on 12/21/2012 4:39:51 AM PST by John W
NEW YORK (TheStreet) -- Stock futures were tanking Friday after House Speaker John Boehner, in a surprise move, cancelled Thursday evening's vote on his "Plan B" fiscal-cliff proposal because he wouldn't have had enough votes to pass it.
Stock futures promptly dropped following word of the cancellation as investors were thrown into state of great worry about the ability of officials in Washington to strike a budget deal as the "fiscal cliff" deadline line looms on Jan. 1.
"Simply put, this is bad news for the speaker and bad news for any future cliff-averting deal," said Dan Greenhaus, chief global strategist at BTIG.
Gareth Berry, a foreign-exchange strategist at UBS, said he thinks the headlines have been looking worse than they actually are. "After all, the plan was doomed to begin with given Democrats had already decided not to put it to a vote in the Senate, and U.S. President Obama had already threatened to veto it if necessary."
(Excerpt) Read more at thestreet.com ...
Good points Mr. Berry, even lost on some folks here on FR.
Buy more guns. Seems like they are going to be the only thing of value before long.
The market can price going over the cliff, the market has trouble pricing the unknowns of a bad deal.
Options expiration Friday?
Which is exactly why I moved most of my funds from aggressive too conservative.
The revolving doors of bankers to lawmakers in congress make me skeptical of this. The stock market has done exceedingly well in relationship to the Obama depression. Lots of free Federal dollars handed to wall street and banks via crony capitalism,AKA,Uncle Sugar. Wall Street is NOT capitalism anymore. It is strangling America with its false front of optimism. Look the DOW is up, that must mean we are in a recovery. Wall Street = Hope and Change. The only corporate types I trust anymore are small businesses. /rant
There are no guns worth buying left on the shelves...
Brownell’s sold a 3½ year supply of AR15 mags in two days...
Things are going to be back ordered for months.
I would agree there.
This is nothing but Kabuki theatre.
>> The market can price going over the cliff, the market has trouble pricing the unknowns of a bad deal.
+1, and judging only by the banner ads on the E*Trade homepage, the financial industry has not only priced in the cliff, but figured out how to collect a buck a head from the herd stampeding over it. :-)