Stocks slid today around 100 points after House Republicans failed to pass their “Plan B” vote last night.
CNBC reported:

U.S. stock index futures pointed to a sharply lower open on Friday, brushing off better than expected economic data and instead focusing on the collapse of the Republicans’ “Plan B” vote in the House of Representatives, aimed at offering a solution to the U.S. “fiscal cliff”.

At 8:30 a.m., Dow futures were down 187 points, while S&P 500 futures were down 22 points. Both implied a greater than 1 percent decline at the open. The NYSE will observe a moment of silence to honor the Newtown, Conn. shooting victims at 9:30 a.m.

With time running short to find a solution before Christmas, the White House said it would work with Congress to avoid the series of tax increases and spending cuts set to kick in at the start of next year. President Barack Obama said he was hopeful a deal can be reached quickly.

House Speaker John Boehner has scheduled a 10 a.m. news conference to talk about the next step.

 

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  1. Let it burn.

    The Democrats built the cliff. Let them (and the people who elected Obama) suffer the consequences of Obama’s incompetence.

  2. Adirondack Patriot commented:

    Let it burn.

    I totally agree, it was the Demonrats that blocked the Bush tax cuts for ALL Americans from being permanent in the first place. The left always blames republicans for everything so let them all expire.

  3. I gave up on thinking the stock market was a valid barometer for anything concerning the economy long ago. Between governments making plays and big money making plays it is just an abyss. Not until it is certain the dollar will collapse will the market truly panic as everyone knows there are suckers to soak still out there. The housing market is proof of my theory.

    The global economy will have a hard time restarting. The American economy will be behind the global economy as we now have far too much debt and devalued the dollar by far too much. Government policy beyond this is obviously working to destroy the economy as well.

    The end result is the dollar will no longer be the global monetary system of choice. The affect will be catastrophic.





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