Fiscal Cliff

[eventurer]

The dem governor here said this morning our current State crisis is not a "deficit"; rather a $350 million dollar "shortfall". The idiot newsreader interviewing him only nodded and let it go unchallenged.

Bring on the Looming Fecal Cliff !!!

Wow thats some 1984 doublespeak.... bet that reporter voted for your governor

[John_doe]

does anyone know the approx. day or week this is supposed to go down?

[HoardCopperByTheTon]

At least 10 days after the end of the world.. so don't worry about it.

[John_doe]

At least 10 days after the end of the world.. so don't worry about it.

I guess I should have seen that coming, the mayans did 2,000 years ago.

[sparechange]

The Mayans were an intelligent group, they saw the cliff coming long ago and decided to go ahead and jump then!

[amalekidad]

I fell off a horse a couple of years ago and I'm lucky to be alive. I don't want to be fall'in off any cliff. Fiscal, physical or other wise.
I'm hoping that Ag will make for a softer landing.

[mbailey1234]

What kind of math do those morons out in DC use anyway? Here are a couple of highlights of what they are kicking around now...

The inflation measure under consideration is called the Chained Consumer Price Index. On average, the measure shows a lower level of inflation than the more widely used Consumer Price Index because it assumes that as prices rise, consumers turn to lower-cost alternatives, reducing the amount of inflation they experience. (this is where we start eating rice instead of meat isn't it??)

On average, annual increases in Social Security payments, government pensions and veterans' benefits would be about 0.3 percentage points smaller each year. Next year's COLA is 1.7 percent. Under the new measure of inflation, it would be about 1.4 percent.
Taxes would slowly increase because annual adjustments to income tax brackets would be smaller, pushing more people into higher tax brackets. Over time, fewer people would be eligible for anti-poverty programs like Medicaid, Head Start, food stamps and school lunches because annual adjustments to the poverty level would be smaller, leaving fewer people under the official poverty line. Washington politicians clearly hope middle-class Americans simply won't notice billions of dollars in Social Security benefit cuts...

Yeah because we are just to stupid to notice I guess.

[NHsorter]

Yeah because we are just to stupid to notice I guess.

Yes, most are!! - NHsorter (surrounded by idiots)

[HoardCopperByTheTon]

Got my rice!

Darn, only a few days before the end of the world and I don't have all my preps hoarded yet. Well if we get past Friday I have and extra 10 days before the cliff.

[mbailey1234]

So it really looks like we are heading over the cliff. I am short the dow right now which I am not doubting but what is this going to do to PM's? Everything going to get taken down short term?

Strapped in and ready for the ride.

[NHsorter]

I just had an epiphany. If the Republicans just dresses up and acted like they were Chinese, then Obama would bend right over and totally cave in on negotiations.

[Morsecode]

Chinese or Hollywood types...yep, either would work.

I had to laugh this morning. One of the network morning shows put up a graphic showing how the agreement will affect individual tax rates. Those making $20,000 will pay $400 more (although I rather doubt it), while Beyonce' and JayZ will pay an additional $4,000,000

I guess that was Obummer's way of saying Thanks for the big fundraiser they hosted for him in October

[shinnosuke]

Ouch.

http://news.investors.com/investing-etfs/010213-639027-stock-market-spending-cuts-futures-finance.htm?src=HPLNews

The painful part found at the bottom of the article:
Gold may be rallying on the fiscal cliff deal, but the rally will be short lived as precious metals will fall to new lows, according to David Hunter, chief market strategist at KCCI, a brokerage firm in New York City.

"I believe we will see a global deflationary downturn in 2013 that will cause gold to plunge to $1,000 to $1,100 and silver to the low teens. Any near-term strength in the metals should be viewed as a selling opportunity," he wrote in an email.

Do you believe it?

[John_doe]

Ouch.

http://news.investors.com/investing-etfs/010213-639027-stock-market-spending-cuts-futures-finance.htm?src=HPLNews

The painful part found at the bottom of the article:
Gold may be rallying on the fiscal cliff deal, but the rally will be short lived as precious metals will fall to new lows, according to David Hunter, chief market strategist at KCCI, a brokerage firm in New York City.

"I believe we will see a global deflationary downturn in 2013 that will cause gold to plunge to $1,000 to $1,100 and silver to the low teens. Any near-term strength in the metals should be viewed as a selling opportunity," he wrote in an email.

Do you believe it?

There are two sides to every coin. They could plunge the country into another recession still. They are not out of the woods yet. They are more than likely going to slow the economy with a tax hike. Will people run to metals is another story. Consumer spending will drop, without a doubt.

[68Camaro]

There is a chance that a "deflationary spiral" could temporarily drive both silver and gold down a bit, maybe silver even down a lot. But gold down a lot? - not a chance, not even in the short term. The overseas central banks will be fighting amongst themselves to acquire it.

[shinnosuke]

There is a chance that a "deflationary spiral" could temporarily drive both silver and gold down a bit, maybe silver even down a lot. But gold down a lot? - not a chance, not even in the short term. The overseas central banks will be fighting amongst themselves to acquire it.

68Camaro for President. Heck, skip President and just go for Grand Poobah.

[68Camaro]

Grand Poobah and $2 will get me a starbucks coffee...