Skip to comments.Obama, Boehner, The Mayan Calendar and The Fiscal Abyss: Evidence From The Market
Posted on 12/21/2012 9:49:37 AM PST by whitedog57
I wasnt at all surprised by the news that House Speaker Boehner (R-OH) pulled Plan B From Outer Space from the floor and threw the ball back into President Obamas and Senate Majority Leader Reids (D-NV) court.
They will likely agree to some of sequestration. And if Republicans dont go along with it, its into the abyss we go!
The reaction to Speaker Boehners failure to pass Plan B in the House? As of noon today, stock market indices are down.
Gold is up!
And the 10 year Treasury rate is down.
And with all the talk about tax increases, many forget that taxes are set to go into place on the rich due to Obamacare.
The top tax rates on capital gains and dividends will jump from 15% to 18.8%.
A new tax will charge the rich to help pay for Medicares hospital insurance. There will be an additional 0.9% tax on earned income in excess of $250,000 for families and $200,000 for individuals to help pay for Medicare Part A, which covers hospital stays, nursing facilities, and hospice care.
Manufactures and importers of certain medical devices will be taxed 2.3% of the price of the product.
Here is a detailed analysis of other tax increases.
Well, like the movie 2012" and its Mayan Calendar end of the world silliness, it appears that the US will go into the fiscal abyss. It just depends how fast the Obama Administration wants to send us.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
Without huge spending cuts we were going over the abyss anyway.
Pubs were in a lose/lose situation. Obama and the Lamestream press was going to blame them either way. All part of Obama attempting to have a one party government.
It’s 1930s Germany all over again.
What seems to have caused you to excerpt your own blog?
Over and over?
What are your thoughts about that?
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