Skip to comments.Wall Street briefly cuts losses on Obama briefing
Posted on 11/14/2012 11:30:07 AM PST by Jean S
NEW YORK (Reuters) - Stocks briefly trimmed losses on Wednesday as President Barack Obama pushed for his proposal to have the wealthy pay more in taxes as a way to tame the federal deficit.
Taking a hard line in his opening bid before he begins fiscal talks with U.S. lawmakers later in the week, the president also said he was encouraged that some Republicans have agreed to raising new revenues.
(Excerpt) Read more at news.yahoo.com ...
Good, I’m glad you got out early. Smart.
I haven’t had many dealings with brokers, but your report matches up fairly well with people who have.
I think the dart board aspect makes for a great story. That was a good idea.
“The problem with Socialism is that sooner or later you run out of other people’s money”
I get it. I have not given up on an occasional drink, but if you do or you don't, reality is still there. Let me know how your decision goes, I'll let you know of ours as well.
(All I know is that it is no longer 2008, when we made the same decision to stay in, today is a different day, and the future scares me more than I can say....)
“The problem with holding on to cash is that it becomes worth less over time. So if you park your funds in a safe account, you may keep the same amount of dollars, but lose lots of value over time.
A few years back, you could buy silver for $12.00 per ounce. Today its $32.00 plus. Thats an indication that in a real sense, your dollar is worth that much less.”
How about “junk silver”?
That is, old silver dollars, halves, quarters, dimes (back from when coins were 90% silver)?
A friend has recommended this to me as better than gold, because if the paper currency collapses, junk silver coins will be easily redeemable for paper cash, or “barter-able” for goods and services .
Yes, I'd take Barter in that case.
I would like to thank the muslim marxist and all the people responsible for destroying America.
They allowed me to more than triple my money in one-day on my Nov 17 12 CAT 82.5 puts.
I am very grateful and I plan on using put options over the next year to create an enormous amount of wealth as you pull the plug on America’s life support.
I know that you’ll take most of it, but, it’s better than the alternative of wallowing in misery and poverty.
The stock marxist in action.
Having a job is so 2008.
Any silver is good. I think it’s better to have coins or something folks can judge better than say 2.75 ozs of something that may be a varying percentage of silver.
1, 10, 50, 100, 1000 oz coins, bars, ingots can be good. I’m just not sure how easy it will be to convert or cash in.
If you have a receipt, it will make it easier to cash in.
Some folks like the old coins, because they think it will be a lot easier to use in time of trouble. I don’t disagree with that.
It is important for folks to know that the precious metals are being counterfeited these days. Be sure to buy from a credible place, no matter what you’re buying.
One thing to remember in all this, if you’re planning for a high stakes melt-down situation, is that you’re going to make yourself a target, if you go flashing coin to make purchases.
I think it’s very important to put in supplies before things go south. General purchases aren’t going to be easy, if you have precious metals or not.
Growing grapes, making wine, cultivating crops, trading things, I think that has some credence to it also.
Again, food for thought.
After over 40 years, my decision usually sounds like this, “yes dear”. ;>)
These are her funds. She has invested in them for over 30 years... she gets to be the boss on this.
I don’t get nervous, but... I am now a bit nervous.
It never needed to be this way.... very frustrating.
I understand. We do not have any way to determine the future, based on last week. Hell, even if we had taken it all, we can't. Hang in there, FRiend, we will as well and if we see (as we all watch more than many) things going (more?) badly, it is time to cash out and get on with what comes next...
You guys take care too.... it’s going to be a rough ride.
You can’t eat silver or gold - at least check :)
Many 401(k) plans allow you to withdraw up to 50% of the value of your account -- with a maximum of $50,000 -- as a loan. You can usually get these at a very low interest rate, and what's even better is that you pay the loan and the interest back to your own 401(k) account.
If you want to pay off your debts and you can afford to pay back the loan over a five-year period (with money taken from your paycheck every two weeks, or however often you get paid), you might want to consider it.
I'm no financial advisor, but I do know that the money you lose in an early 401(k) withdrawal is substantial. You'll pay income taxes on the withdrawal (at your current tax rate), plus an early withdrawal penalty of 10% (I think).
I’ve seen more floating of the idea of the government putting our 401k’s into a trust account for us, to give us a guaranteed income down the road. Translation, confiscate 100% of our 401k’s spend it all, and pay benefits from current tax revenue. Kind of like SS, but with an initial endowment courtesy of our hard earned savings. They’ll have to crash the stock market to scare us into it, but I can see this happening under Obama.
Wait what do you mean the Rich people are selling their stocks now to avoid a 10 percent tax increase on their capital gains that starts on 01Jan14. WOW Obama told us that the Rich agreed that they should have their taxes raised certainly they should eat the losses to the government, right?
The rich are rich not stupid. Anyone that has seen significant growth in their market holdings will be selling them off before the deadline, the early ones out are making more than those that hand around till later. I suspect we are looking at about 2K points total loss down in the 10K realm by the end of year.
The DJIA closed down 185.23.
I don't see any trimming anywhere.
I've also read about forcing future 401k investors to put in a percentage of their contributions, say 20%, into government controlled investments. I don't see them touching existing 401k investments.
I am not saying they couldn't do it. But their main goal seems to be to get everyone under some sort of tax deferred investment vehicle. And because Americans are by and large stupid about investments (in their minds), forcing them into a "stable" government investment.
One plan that was floated was to take all the 401K’s and put all those people into the Social Security system. IOW, send them social security checks, much less than most of those 401K’s would have paid out.
Not going to happen.
This is a total lie by Reuters. What are they trying to do? The market started falling and with conviction.
The Pravda News Media in this country is a total joke.
The Marxists must struggle to keep from laughing out loud how easy this has been, to move our wealth out of the country. To China it’s the debt payments with a falling dollar, to Brazil its oil production cash, by the ship loads; to enemy nation’s its foreign aid; to the US its lost jobs and regulations fit to collapse small business and with it the middle class; kill research and development; destroy the military with the intention of unionizing it; just to name a few, before we even discuss the coming collapse of all medical care.
This IS the plan, and it IS going to carry on. It’s a stage play we will be watching in the Capitol, as rubes in the Republican House and the Democrat Senate attempt to put on a show for us, feigning courage, but delivering the Clowers-Pivens system right on time.
We read the book, we know the plays, but there’s just no Patton anywhere in sight.
The stock market is irrelevant to 90% of those who voted for The Won; everything they have is due to the Federal government.
It may not be the market directly, but, if it keeps heading down there could be side effects they will at least notice. Here’s hoping.
That's about the size of it. Think about it. Our representatives are all set. Awesome health care, pension, insider trading, good pay. Of course they just want to "get something done". They have no connection at all to the real world, and thus consider this all just a game that win or lose, has no effect on them. So they are gutless brown nosers who will never tell the truth to Obama's face. That he's a lying sack of communist filth.
Just said the same FRiend.
They and talk radio for the most part still keep their nice lifestyle and dine with the eltiist left wing nuts whilst we cut coupons etc.
We have friends, family or see others who have served and then see a Col have his seat stolen.
I was just told by someone that the more and more this goes on the mroe they;re convinced the GOP are not bothered as they know if they cause a stink about this then the left will come after them and then be attacked thus maybe losing their seat.
Maybe thta is why obama yesterday said if they go after her they go through me.
He;s putting them on a warning you go after her and we will go after you using our attack dogs called the media.
Basically our side has been silenced through their selfishness and cowardly ways.
No way has the media not seen this, no way has the GOP not seen this, or even got a call about it.
I’ve called and sent mail t a lot of people and I know others have and yet the GOP is still ignoring this.
I will not give up though and I will be on the phone later again
The following is why I said to get out now!
Obama Begins Push for New National Retirement System (Occupy Your Savings)
You can kiss goodbye all your hard earned savings and investments, because the communists are going to take them all away.
I suppose the next step will be to take all private property, as well.
Sorry for the late reply. Thanks for the tip, I plan to look into it before we make the decision. Even though I am the one pressing to get out of the market, MrMOguy has some good points to stay in, I guess I am taking the “it's going to go to heck in a hand basket” approach these days..
“Raising taxes will not tame the deficit.”
Neither will cutting the State Dept budget or the NEA or other such nonsense. You know damn well that the biggest items in the budget are SS, Medicare and Medicaid. Don’t like the deficit? You need to deal with the entitlements. What’s your solution?
What is my solution?
Obvious. Go back to the constitution.
Do a constitutional audit on the federal government. Shutter, repeal, overturn, abolish, privatize and or return to the states and the people each and every federal department, agency, commission, program, edict, act, law, regulation, court decision, etc, that is not explicitly enumerated and delegated to the federal government by the constitution.
ObamaCare repealed. Dodd Frank Repealed. The EPA, the TSA, the ATF and hundreds of other such unconstitutional fascist federal agencies shuttered and closed for good. The federal government is not authorized by the constitution to be involved in health, education, welfare, housing, mortgages, banking, farming, industry, business, transportation, drugs, alcohol, tobacco, firearms, retirement insurance, health insurance, mortgage insurance, banking insurance or any insurance or social programs whatsoever. Shut it all down, privatize it or return it to the states and the people, and that includes social security and medicare and any and all other such entitlements.
Repeal the 16th and 17th amendments, abolish the income tax and the IRS and fully restore the ninth and tenth amendments and restore the balance of powers between the states, the people and their representatives at the federal level.
The sooner the above is tackled and accomplished the sooner we save our nation.
It’s what’s going to have to happen after the coming collapse anyway should we somehow escape being taken over by some communist country.
Start by immediately declaring as unconstitutional and repealing ObamaCare, Dodd Frank and any and all socialist crap put in recently by the usurping Marxist and his socialist democrat cabal. We obviously do not need any of that crap. If the supreme court can’t or won’t do it, form a coalition of governors and state governments to refuse to allow their states to go along with it or to be coerced or extorted by the feds. The states should refuse to accept any unconstitutional funds whatsoever from the federal government. Start working on privatizing and phasing out social security and medicare. And shuttering the EPA, etc. Don’t need it and it’s killing us. Then start on the constitutional amendments to repeal the 16th and 17th.
Why not both/and, rather than either/or
Reducing the Federal government does zippo towards eliminating the deficit and paying down the debt. The budget busters are SS, Medicare and Medicaid. To claim that otherwise is in my opinion either done out of ignorance or malpractice.
Why not both/and, I repeat. Too much of the bureaucratic mass is dedicated to foolish things that suppress the prosperity of the country.
... and that’s why I disagree that “it does zippo.” You’re thinking about direct costs only, what is being paid to those droids. Not the damage they do!
I said, privatize and phase out Social Security and Medicare/Medicaid, etc. Stop the hemorrhaging. Abolish the unconstitutional regulatory agencies that are crippling our economy and bankrupting our industries. Promote growth, employment and prosperity. Open up America to drill, baby, drill, frack, baby, frack, mine, baby, mine, produce, baby, produce. A rising economy raises all boats.