Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Stock Futures Plunge on 'Fiscal Cliff' Confusion
The Street ^ | December 21, 2012 | Andrea Tse

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS:

1 posted on 12/21/2012 4:39:55 AM PST by John W
[ Post Reply | Private Reply | View Replies]

To: John W

Good points Mr. Berry, even lost on some folks here on FR.


2 posted on 12/21/2012 4:41:29 AM PST by John W (Viva Cristo Rey!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: John W

Buy more guns. Seems like they are going to be the only thing of value before long.


3 posted on 12/21/2012 4:41:52 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: John W

The market can price going over the cliff, the market has trouble pricing the unknowns of a bad deal.


4 posted on 12/21/2012 4:44:40 AM PST by Perdogg (Mark Levin - It's called the Bill of Rights not Bill of Needs)
[ Post Reply | Private Reply | To 2 | View Replies]

To: John W

Options expiration Friday?


5 posted on 12/21/2012 4:47:55 AM PST by griswold3 (Big Government does not tolerate rivals.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: John W

Which is exactly why I moved most of my funds from aggressive too conservative.


6 posted on 12/21/2012 5:06:08 AM PST by TheRhinelander
[ Post Reply | Private Reply | To 1 | View Replies]

To: John W

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


7 posted on 12/21/2012 5:18:19 AM PST by momincombatboots (Back to West by G-d Virginia.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MeneMeneTekelUpharsin

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.


8 posted on 12/21/2012 5:23:22 AM PST by El Laton Caliente (NRA Life Member & www.Gunsnet.net Moderator)
[ Post Reply | Private Reply | To 3 | View Replies]

To: momincombatboots

I would agree there.


9 posted on 12/21/2012 5:34:03 AM PST by John W (Viva Cristo Rey!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: John W
The S&P is back to where it was on Tuesday morning. That's not exactly a "plunge".

This is nothing but Kabuki theatre.

10 posted on 12/21/2012 5:43:13 AM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Perdogg

>> 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. :-)


11 posted on 12/21/2012 5:45:13 AM PST by Nervous Tick (Without GOD, men get what they deserve.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Nervous Tick

12 posted on 12/21/2012 5:47:13 AM PST by John W (Viva Cristo Rey!)
[ Post Reply | Private Reply | To 11 | View Replies]

To: John W

lol


13 posted on 12/21/2012 5:49:23 AM PST by Nervous Tick (Without GOD, men get what they deserve.)
[ Post Reply | Private Reply | To 12 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson