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Here's the thing, we are having a "show down" over the fiscal cliff and sequestration because of a deal between Democrats and Republicans.

If it was a such a bad idea why did Congress pass it and Obama sign it? It wasn't even two years ago this deal was brokered.

So we're now expecting the same people who drove us up to the cliff to back us away. Boehner, Reid and Obama agreed to this deal, and they are going to have to deal with it.
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If the Fiscal Cliff results in cutting spending and raising taxes...isn't that what's going to happen anyway? ; ) (Yes, I know it is not as easy as all that and a recession is coming (lengthening???) etc. I was just being facetious.)

Actually, cbj, your point is right about 'Why was a bad idea passed and signed into law?' I bet you they all thought they would have a change of heart and learn to work together and not have to worry about the Fiscal Cliff. The idea of the Fiscal Cliff would be so abhorrent they would get teh job done. Instead, they have not learned to do that and now they have less than 2 months to learn how to work together and...dare I say it...compromise. Hope springs eternal.

Icemann
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It's a game of chicken. Each side believes that other will cave on the tax issue in order to avoid spending cuts.
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"If it was a such a bad idea why did Congress pass it and Obama sign it? It wasn't even two years ago this deal was brokered."

At the time of that deal, the GOP was still suffering from ODS and were unable to even consider the remote possibility of a compromise with the White House.
Boehner & Obama were within reach of a deal with 3 trillion in cuts and 1.2 trillion in revenue increases of which 400 billion would be tax hikes on the wealthy.
It was there for the taking. Boehner simply could not sell a tax hike of any kind to a group of republicans who had signed a pledge with Grover.
Even discussing it meant a primary challenge for that republican.

If this is the 80's and RR is president, the deal gets done. We know that because RR did just that, compromise on taxes, when he needed to.
The result was near 2 decades of prosperity.

However, a party with one declared goal, make Obama a one term president, had no choice but to agree to a bad deal or be blamed for defaulting on our debt.

Today, though, I think it is different. Obama has won. It's over. He's a 2 term president, like it or not and he won't be running again.
The GOP has been humbled and even some republicans are talking compromise and , dare I say it, disobeying Grover. Bush the Elder chiming in got the ball rolling a bit.

I'm hopeful. I think a deal gets done with tax hikes but less than Obama is asking.

The market's reaction so far? Ugly, but I think it's more to do with a weak earnings season and mass strikes and riots across Europe as austerity ushers in despair and hopelessness.
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Ugly, but I think it's more to do with a weak earnings season and mass strikes and riots across Europe as austerity ushers in despair and hopelessness.
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"austerity ushers in despair and hopelessness"....TRANSLATION: people are being told they will have to work for their money and they are mad about it.

Mark

PS I use the term 'people' loosely since we are talking about European 20-something hipsters.
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"....TRANSLATION: people are being told they will have to work for their money and they are mad about it."



Unemployment in Spain is not at 25% because there are millions of jobs going unfilled.
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Unemployment in Spain is not at 25% because there are millions of jobs going unfilled.
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Let me guess, they have high unemployment because of their runaway military spending.

Mark
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"So we're now expecting the same people who drove us up to the cliff to back us away. Boehner, Reid and Obama agreed to this deal, and they are going to have to live with it."

Fixed it for ya ;)
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So we're now expecting the same people who drove us up to the cliff to back us away. Boehner, Reid and Obama agreed to this deal, and they are going to have to deal with it.

So we're now expecting the same people who drove us up to the cliff to back us away. Boehner, Reid and Obama agreed to this deal, and WE are going to have to live with it.
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So we're now expecting the same people who drove us up to the cliff to back us away. Boehner, Reid and Obama agreed to this deal, and WE are going to have to live with it.
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I hate to cut the politicians a break but we drove ourselves off the cliff. The politicians didn't just pocket the $16trillion (for the most part). They gave that money away, largely to unproductive individuals. We took the money. We are responsible.

"I paid into Social Security and Medicare ($80,000). I deserve these benefits ($450,000)."

Mark
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