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Stocks tumble as fiscal cliff deadline nears
CNN Money ^ | December 24, 2012: 1:41 PM ET | Ben Rooney

Posted on 12/25/2012 1:13:07 AM PST by Olog-hai

U.S. stocks sank Monday as investors remain concerned that officials in Washington will fail to resolve a looming fiscal crisis.

The Dow Jones industrial average fell 0.4%. The S&P 500 and the Nasdaq both lost about 0.3%. U.S. markets closed at 1 p.m. ET and will remain dark Tuesday for the Christmas holiday.

With time running out, investors are increasingly concerned about the lack of progress in talks over tax hikes and spending cuts set to kick in automatically on Jan. 1, known as the fiscal cliff. …

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; News/Current Events; US: New York
KEYWORDS:

1 posted on 12/25/2012 1:13:25 AM PST by Olog-hai
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To: Olog-hai
I do not see how stocks could ever advance, as those who are familiar with markets must be well aware that, at this "fiscal cliff," or at any other time, WE ARE BROKE, BUSTED !!
2 posted on 12/25/2012 1:27:07 AM PST by John Leland 1789
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To: John Leland 1789
And yet these BUFFOONS in DC keep on playing with the countries future and not accomplishing a damn thing.

How about for the new year "we the people" defund the beast.

Scrap every f'en one of them and start by sending statesman & stateswomen to Washington.....

My father once told me that if you don't have money, you can't afford anything.... a frickin lesson these idiots can't seem to grasp

3 posted on 12/25/2012 2:33:00 AM PST by SERE_DOC ( “The beauty of the Second Amendment is that it will not be needed until they try to take it.” TJ.)
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To: SERE_DOC

Representative government no longer works. Scrap the constitution and start over.


4 posted on 12/25/2012 4:08:24 AM PST by gotribe
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To: John Leland 1789

If the underlying denomination is dollars instead of something neutral like grams of gold, it’s hard to see how hyper inflation will NOT hit that market.


5 posted on 12/25/2012 4:09:50 AM PST by HiTech RedNeck (How long before all this "fairness" kills everybody, even the poor it was supposed to help???)
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To: Olog-hai
The stock market is not what it used to be for a variety of reasons, but primarily because the infusion of stimlus money, QEs or 40B and now 85B government and Federal Reserve pumping - mostly into the markets rather than the economy itself.

This has the net effect of increasing prices, allowing companies to raise capital (ha) by selling stock.... Either the Stock will increase or the money will eventually be devalued or replaced with another Trade Zone currency such as an American Dollar to replace the USD at a different rate favorable to latin and south American economies of scale.

What really sucks is that while jobs and economic activity is not supporting the current stock market valuations, the government has skewed the valuations with blind purchases. The USG is putting over 1% of the currnety money supply into new money every month - without actual economic activity to create it; this new economy will eventually crash somewhere for some country(s) and destroy them. The G7/8/9 countries are actually, in concert together, printing a like amount of money for each economy/currency which keeps exchange rates stable - but a country such as Greece has up markets which it should not which is evidenced by a combination of loans, grants, gifts by write offs (hair cuts) and printing money. This is why th eNASDAQ is up 4K points in 4 years rather than down a similar amount - economic activity and profits are not the basis of stock values anymore but rather by the accumulation of newly createc money by the Governments thru fiscal policy.

It will result in inflation.

6 posted on 12/25/2012 4:14:44 AM PST by Jumper
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To: Olog-hai

When the Press, our exalted media, starts laying the blame for the cliff we will go over, Let us all remember who signed it.


7 posted on 12/25/2012 4:28:32 AM PST by Venturer
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To: gotribe

The Constitution works just fine. We need to stop IGNORING it....


8 posted on 12/25/2012 4:36:21 AM PST by Kozak (The Republic is dead. I do not owe what we have any loyalty, wealth or sympathy.)
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To: Venturer

Blame games are risky and can backfire.

If national dialogue went beyond sound bites, it would be an occasion for great wising up. Never before has more data with less meaning been available to the common American.


9 posted on 12/25/2012 4:42:57 AM PST by HiTech RedNeck (How long before all this "fairness" kills everybody, even the poor it was supposed to help???)
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To: gotribe
I respectfully disagree....

The Constitution is fine... it is the POS politicians that have abdicated their responsibilities for material wealth that has corrupted the country, you can add unions and the *PC types.

*PC stands for PARASITE CLASS, not politically correct.

10 posted on 12/25/2012 4:43:57 AM PST by SERE_DOC ( “The beauty of the Second Amendment is that it will not be needed until they try to take it.” TJ.)
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To: SERE_DOC

The manage the Constitution, it is their guidebook. If you read the debates and discussions of the Constitutional Convention, it is abundantly clear that our current government and constitution bear nothing in resemblance to the government and constitution of those days. Both are too far gone to save in my opinion.


11 posted on 12/25/2012 4:49:16 AM PST by gotribe
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To: SERE_DOC
"BUFFOONS"

Agreed!

12 posted on 12/25/2012 5:02:58 AM PST by From The Deer Stand
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To: Kozak

Exactly what is it about the constitution that you think WORKS? The constitution as originally written hasn’t worked for over a century.


13 posted on 12/25/2012 5:26:02 AM PST by gotribe
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To: Olog-hai

President Santa still causing fear only four more years of it and spending.


14 posted on 12/25/2012 6:14:41 AM PST by Vaduz
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To: Olog-hai

Looks like 1Q13 will be a long term buying opportunity.


15 posted on 12/25/2012 6:37:41 AM PST by wtc911 (Amigo - you've been had.)
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To: wtc911

Buying opportunity for shorts?


16 posted on 12/25/2012 6:41:05 AM PST by existentially_kuffer
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To: Olog-hai
Here's The Trend That's Driving Stock Market Bears Crazy
17 posted on 12/25/2012 7:15:11 AM PST by blam
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To: existentially_kuffer

I never short...I’m not smart enough. I see long-term opportunities in a Q1 dip. the problem is that I would normally look for stocks that pay solid dividends but who knows how those gains will be taxed? Right now I’m looking at energy sector transport entities like EPB.


18 posted on 12/25/2012 7:26:22 AM PST by wtc911 (Amigo - you've been had.)
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To: gotribe

The adage “it can always be worse” comes to mind as I shudder imagining how a country that elected obama twice would rewrite the constitution.


19 posted on 12/25/2012 7:46:27 AM PST by plain talk
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To: plain talk

I hear ya. But if they are just going to ignore it and make court rulings around it, then it just becomes a worthless relic.


20 posted on 12/25/2012 8:11:06 AM PST by gotribe
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To: plain talk

It will get worse, my FRiend. It will continue to get worse as long as the Left controls the indoctrination system, a/k/a the educational system, the court system, and the media. For all practical purposes, the Constitution is now for all practical purposesnull and void as the Left has found ways to bypass and get around the parts of it they cannot use for their purposes.


21 posted on 12/25/2012 8:26:54 AM PST by sport
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To: sport

Very good points. A key tactic is their redefinition of language to suit them. If any word can mean anything then anything goes. Clinton brought that technique to a new low.


22 posted on 12/25/2012 8:34:48 AM PST by plain talk
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To: wtc911
>>>I never short...what's smart about going long? You can make money on both sides of the curve. DD benefits those in tune with the market & NOT the noise.
23 posted on 12/25/2012 10:01:30 AM PST by existentially_kuffer
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To: existentially_kuffer

I speculate in Real Estate, which I understand, not the market. I am just not comfortable enough with my own knowledge to short trade. In my sixties now and looking for a bit more stability. If you have a deeper understanding of how to leverage the risks of short trades then I tip my hat and sincerely wish you the best of luck.


24 posted on 12/25/2012 10:41:02 AM PST by wtc911 (Amigo - you've been had.)
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To: wtc911

>> “Looks like 1Q13 will be a long term buying opportunity.” <<

.
Only for those foolish enough to believe that the printing of Dollars creates real wealth.

It didn’t work for Ancient Rome, for WW II Germany or Italy, or for Zimbabwe (Rhodesia), Spain, Greece, Ireland, Britain, or New Zealand.

No corporation will be able to raise capital by selling stocks into a falling market, so the grinding halt of commerce will scuttle them all.


25 posted on 12/25/2012 10:54:02 AM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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