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Wall Street briefly cuts losses on Obama briefing
Reuters ^ | 11/14/12

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events
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1 posted on 11/14/2012 11:30:12 AM PST by Jean S
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To: Jean S

Raising taxes will not tame the deficit. Even if it did bring in a piddling bit more in “revenue,” Obama and the socialist democrats would not only continue spending, but they’ll bump it up to new records. We’re already spending over 100% of GDP every year. Confiscate ALL of the wealth and the socialist government would still spend us over the cliff!!


2 posted on 11/14/2012 11:35:41 AM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: Jean S

Nonsense. Stocks increased losses after his speech.


3 posted on 11/14/2012 11:36:54 AM PST by what's up
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To: Jim Robinson
Confiscate ALL of the wealth and the socialist government would still spend us over the cliff!!

Bingo!

Welcome to Cloward-Piven hell.

4 posted on 11/14/2012 11:37:20 AM PST by TChris ("Hello", the politician lied.)
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To: Jean S

Pravda would be proud.


5 posted on 11/14/2012 11:37:46 AM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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To: Jean S

13,245.68 11/06/12
12,656.12 now

Some rally...

The market is near lows for the day too.


6 posted on 11/14/2012 11:38:50 AM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: Jean S

That would be news to the markets I’m watching.


7 posted on 11/14/2012 11:39:35 AM PST by ReleaseTheHounds ("The problem with Socialism is that eventually you run out of other people's money." M. Thatcher)
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To: Jean S

13,245.68 11/06/12
12,643.88 now

That’s down 601.80 in a week.

Some rally...

The market is near lows for the day too.


8 posted on 11/14/2012 11:40:35 AM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: Jean S

Wow...The Dow was green before he started talking. Now it is down over 100 points. Are the American people really that stupid that they can’t see the mainstream media lying so blatantly.


9 posted on 11/14/2012 11:41:18 AM PST by Revel
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To: ReleaseTheHounds

Exactly!

We’ve got a liar for a president.

We have a press made up of liars.


10 posted on 11/14/2012 11:41:37 AM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: what's up
Stocks increased losses after his speech.

Exactly right.

S&P 500 11/14/2012


                     2pm

11 posted on 11/14/2012 11:42:49 AM PST by Servant of the Cross (the Truth will set you free)
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To: DoughtyOne; All

12,641.76
-114.42


12 posted on 11/14/2012 11:45:51 AM PST by stephenjohnbanker ((God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.))
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To: Servant of the Cross

Reuters blatantly lying as usual.


13 posted on 11/14/2012 11:49:04 AM PST by what's up
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To: Jean S

Well for those of us who missed the opportunity to be laid off in the fall of ‘08, we’ll be getting another chance soon. Just like FDR, unemployment should begin going back up again with the next term of the new savior.


14 posted on 11/14/2012 11:52:46 AM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
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To: Revel

Dow’s been down all day except for the first hour.

The market was waiting for the Fed Minutes, not the speech.


15 posted on 11/14/2012 11:56:26 AM PST by steve86 (Acerbic by Nature, not NurtureĀ™)
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To: what's up

They did say ‘briefly’. LOL


16 posted on 11/14/2012 12:00:10 PM PST by skeeter
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To: DoughtyOne

-126


17 posted on 11/14/2012 12:09:29 PM PST by stephenjohnbanker ((God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.))
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To: skeeter
Losses were cut briefly in advance of the speech in hopes that he would be conciliatory.

When the market found out it was all going to be typical Obama junk it dove.

18 posted on 11/14/2012 12:13:59 PM PST by what's up
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To: stephenjohnbanker

Hello,

-152

Mogirl


19 posted on 11/14/2012 12:15:23 PM PST by MOgirl (STAND)
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To: Jean S

The only explanation -

Economics is racist...


20 posted on 11/14/2012 12:16:57 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: MOgirl; stephenjohnbanker

Frankly, I think it might be a good idea to watch the public see what type of actions their recent decision caused.

Wake me at the next press conference in 2015, when the market is at 5752.38, and the press doesn’t ask one question about the market.


21 posted on 11/14/2012 12:20:06 PM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: DoughtyOne

” Frankly, I think it might be a good idea to watch the public see what type of actions their recent decision caused.”

The public is a jackass (Mark Twain)


22 posted on 11/14/2012 12:21:47 PM PST by stephenjohnbanker ((God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.))
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To: DoughtyOne

I’m really not being a smart-aleck here...but what do I do with my 401K money NOW? I realize that I would lose tax money, but is that better than nothing? I could at least pay off my bills and put some of it in my credit union.


23 posted on 11/14/2012 12:25:13 PM PST by woweeitsme
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To: Jean S

not to worry , our side yet again talks about reaching out, giving in and being cowards instead of fighting what was a rigged election, ignore Col West .

Our side are nothing but cowards who move on after the election was rigged and we talk about reaching out and giving in to the left.

WILL some people wake the hell up for once in their lives and speak out


24 posted on 11/14/2012 12:31:17 PM PST by manc (Marriage =1 man + 1 woman,when they say marriage equality then they should support polygamy)
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To: MOgirl

Now -167.

Damn this hurts, hurts and continues to hurt.


25 posted on 11/14/2012 12:31:25 PM PST by Gator113 (I would have voted for NEWT, now it's Romney & Ryan.~Just livin' life, my way~)
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To: woweeitsme

The tax ramifications for withdrawing your 401k funds prior to 59 1/2 (with a few exceptions) is steep. Hopefully, some of your 401k investments are in fixed income funds, although even bonds may get hit but nowhere near as bad as stocks can.


26 posted on 11/14/2012 12:33:49 PM PST by CatOwner
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To: Revel

Yes.


27 posted on 11/14/2012 12:34:40 PM PST by EEGator
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To: CatOwner

my husband has reached that magic age.....I’m wondering if he should take out enough to cover the new shop we just had built....his 401 is not that great to begin with...


28 posted on 11/14/2012 12:36:19 PM PST by cherry
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To: woweeitsme
what do I do with my 401K money NOW? I realize that I would lose tax money, but is that better than nothing? I could at least pay off my bills and put some of it in my credit union.

Talk to your accountant. He can tell you what you stand to lose on tax (now or in 2013) and penalties compared to the interest you're paying on your bills.

Of course, Obama could eventually eliminate the tax benefits of 401k accounts. He could even reduce your Social Security benefits by the amount you have saved (in the name of fairness). The sky's the limit now that the takers hold a majority.

29 posted on 11/14/2012 12:36:35 PM PST by Jeff Chandler (www.youtube.com/watch?v=tpAOwJvTOio)
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To: manc

WILL some people wake the hell up for once in their lives and speak out


Well Pelosi woke up and decided to stick around. She can see how close the dems are to retaking the House with bumbling Boehner at the helm of the GOP.


30 posted on 11/14/2012 12:38:57 PM PST by lodi90
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To: CatOwner

Thanks...yes...I have the majority in “stable funds” now...maybe I’ll just move some more over there!


31 posted on 11/14/2012 12:39:57 PM PST by woweeitsme
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To: Jeff Chandler
'Of course, Obama could eventually eliminate the tax benefits of 401k accounts."

Not likely. The two biggest complaints about 401k plans right now are the lack of availability for some employees, and the lack of financial guidance for those who are invested.

They already use the amount withdrawn from 401k plans as income towards determining how much of social security is taxed. They might, as you suggested, reduce the social security benefit for those with high income levels in retirement (investments, dividends, IRA/401k, etc.).

32 posted on 11/14/2012 12:41:54 PM PST by CatOwner
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To: Jeff Chandler

The Democrats have thrown that around already not long ago. I expect they will again, in fact the only thing preventing them right now prob. is they don’t control the House.


33 posted on 11/14/2012 12:43:26 PM PST by Rusty0604
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To: Jean S

“the market”

What “market”?? It’s a Federal Tax Pension and Retirement Fund.


34 posted on 11/14/2012 12:44:37 PM PST by Varsity Flight (Extortion-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: Gator113
Hello,

Yes it does, lots. You know, Mr. MOguy and I have been on opposite sides on the following question: Get out now, pay down all debt? (that's me). Or believe in the end, it will all work out, if for the only reason that we are damaged, but damaged less than the rest of the world (that's him).

We are currently discussing this....

MOgirl

35 posted on 11/14/2012 12:46:13 PM PST by MOgirl (STAND)
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To: woweeitsme

I’m not a financial expert, so I wouldn’t want to advise you. I will tell you what my thoughts would be. You can take it from there.

I myself might put some of it in precious metals (perhaps some mutual funds with mining stocks), but I would only do that for a small percentage of the funds.

Metals go up, but they can crash in short order too. You’ll only hear about the folks who made money, and will seldom hear of anyone who lost their posterior with them.

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 it’s $32.00 plus. That’s an indication that in a real sense, your dollar is worth that much less.

IMO, if Romney had been elected, the price of silver would have dropped significantly. That’s just my opinion though. Some folks may disagree, and in fact probably do.

My thinking is that he would have done things that would have increased the strength of the dollar. When that is done, the value of things compared to the dollar decline.

Bonds can be good.

Frankly, just about every investment tool has taken a hit over the last five years.

Study stocks, and try to select funds that do well in bad economic times. Some TSAs allow you to pick from a variety of funds.

These are just some hints. As I said before, I’m not a professional or an expert by any means.

When talking to a professional, these can give you some good questions to ask. And I’d like to add, get plenty of advice, and from a number of professionals. Just because someone is a professional, it doesn’t mean they’re good. Form a consensus from their opinions.

Plenty of people have lost money listening to professionals and doing what they say to do. Be careful. Don’t be bashful about asking questions, or disagreeing if you feel inclined to do so. It’s your money to lose.

Almost everyone agrees, you must diversify. Do not put all your funds in one investment package.

If one investment tool fails, you’ll still have the majority of your funds left, if you diversify properly.

Okay, a lot of hot air there. Hope it helps a little.


36 posted on 11/14/2012 12:49:58 PM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: Jean S

Cuts loses????- the Dow was down 120 points right after he got done spinning his hate the rich panacea press conference......


37 posted on 11/14/2012 12:52:20 PM PST by Intolerant in NJ
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To: Jean S

Cuts losses? Oops...down 188 right now at 12,568


38 posted on 11/14/2012 12:54:18 PM PST by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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Comment #39 Removed by Moderator

To: Jean S

Gold & Silver went up...now I can buy more lead. :) Keep yappin’, Mr. _Resident; you’re makin’ me a wealthy woman!


40 posted on 11/14/2012 12:55:30 PM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: woweeitsme

“I’m really not being a smart-aleck here...but” get out of all financial markets! Get out! Get out! Get out NOW!

We got out over a year ago. The mortage and auto loans have been paid off. Hopefully, the credit cards will be paid off before the end of the year.

We’ve stocked up on lots of food, lots of charcoal (for cooking outside), have started purifying water for long term storage, and have a large storage crate of ammunition and looking to buy more.


41 posted on 11/14/2012 12:58:54 PM PST by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
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To: what's up

“Nonsense. Stocks increased losses after his speech.”

...But think of how much MORE they would have gone down if Obama wasn’t relected.

You have to track the number of stock market points that have been SAVED.

(yes, I’m kidding)


42 posted on 11/14/2012 12:59:08 PM PST by RFEngineer
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To: Jean S

Just heard on the radio one of Democrat members of Congress say that if the Republicans agree to raise taxes on the wealthy, they will agree to cut spending.

When asked like what kind of spending cuts??? He says: taking away the tax breaks of oil companies. What???? He calls the removal of an oil company tax break a cut in spending. And he was serious.


43 posted on 11/14/2012 1:10:14 PM PST by Uncle Chip
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To: what's up

Really. I thought somehow Greenspan was at the mike, it always tanked when he spoke. Same for Ben. And now this. What is it, moving towards -1000 points since 0bozo Day?


44 posted on 11/14/2012 1:10:34 PM PST by SueRae (It isn't over. In God We Trust.)
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To: MOgirl

My wife and I are having the same conversation. She says we stay in and ride it out. I say bail now.

She was right in 2008..... we have made that loss back and them some.

Somedays, I wish I still drank. ;>)


45 posted on 11/14/2012 1:16:12 PM PST by Gator113 (I would have voted for NEWT, now it's Romney & Ryan.~Just livin' life, my way~)
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To: Uncle Chip
Just heard on the radio one of Democrat members of Congress say that if the Republicans agree to raise taxes on the wealthy, they will agree to cut spending.

Yeah, we've heard that story before... many times.

That said... the Repubs should let the floodgates open and ALL the Bush tax cuts expire. This formerly great, now-liberal country blames Bush for every economic weakness anyway... let's remove all vestiges of his legacy. Give the people what they want.

Americans can only learn when the lesson affects them directly. When they can't buy the porn, beer, tattoos, pot or Iphones they want, that'll focus their little minds.

46 posted on 11/14/2012 1:16:46 PM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: ScottinVA

The Bush tax cuts expired years ago.


47 posted on 11/14/2012 1:18:42 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: DoughtyOne

That’s almost halfway to an “Obama got reelected” correction.


48 posted on 11/14/2012 1:22:20 PM PST by 9YearLurker
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To: ScottinVA

By the time welfare programs are cut out of necessity, we’ll have already been stuck with a top income tax rate over 75% and a VAT tax over 30% and they will never go away.


49 posted on 11/14/2012 1:26:41 PM PST by JediJones (Newt Gingrich warned us that the "King of Bain" was unelectable. Did you listen?)
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To: DoughtyOne

I sold all my holdings 11/7 am, before crash.

I never met a brocker who earned his commission. The WSJ used to run a column called “The Dart Board”. It compared the top five brokers with the results from the auther throwing 5 darts at the stock listing. The DB won many times and was always 2nd or 3rd as compared to the Borkers picks.


50 posted on 11/14/2012 1:31:50 PM PST by stubernx98 (cranky, but reasonable)
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