Obama: "My Offer Is Nothing" - Stocks Plunge

Tyler Durden's picture




 

 

Looks like today everyone in Congress was short. Here's why:

  • OBAMA SAID NOT TO MAKE NEW OFFER IN FISCAL CLIFF TALKS
  • OBAMA OFFER DETAILED BY SOURCE FAMILIAR WITH WHITE HOUSE MTG
  • OBAMA SAID REITERATING PROPOSAL FROM LAST WEEK ON FISCAL CLIFF
  • OBAMA PLAN INCLUDES RAISING TAXES ON EARNERS OF $250,000 AND UP, EXT OF UNEMPLOYMENT INSURANCE, ADDRESSES OTHER OUTSTANDING ISSUES-SOURCE

So much for a deal, and so much for the invisible DJIA support at 13,000.

 

 

and AAPL from its Wednesday's VWAP to yesterday's VWAP... still trading? still think the professionals aren't dumping technically into every rip?

Or, as Al Pacino would summarize it...

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Fri, 12/28/2012 - 16:42 | 3102795 Fips_OnTheSpot
Fips_OnTheSpot's picture

Wash, Rinse, ... Congress

Fri, 12/28/2012 - 16:52 | 3102841 ACP
ACP's picture

So much for Boner's "Fithal Cliff" talks. Man, it would be so satisfying to see a flash crash with 9 minutes to go.

Fri, 12/28/2012 - 16:59 | 3102886 dwdollar
dwdollar's picture

Let it burn.

Fri, 12/28/2012 - 17:13 | 3102938 NemoDeNovo
NemoDeNovo's picture

"Have we started the Fire?"

 

"Yes, the FIRE Rises"

 

http://youtu.be/EiMeq9aVqqk

 

Kinda says it all now don't it?

 

Fri, 12/28/2012 - 17:34 | 3103038 earleflorida
earleflorida's picture

even 'adele' knows the obi`kenobi's faux persona de`jour-- can a crocodiles' tears really burn when a[the] monsoon comes? 

http://www.youtube.com/watch?v=FlsBObg-1BQ

Fri, 12/28/2012 - 18:43 | 3103311 economics9698
Sat, 12/29/2012 - 07:24 | 3104354 GetZeeGold
GetZeeGold's picture

 

 

Hey...you can't talk to me like that. Don't you realize I'm a damn US senator.

Fri, 12/28/2012 - 18:54 | 3103377 Pants McPants
Pants McPants's picture

Adele?  Really?

I'm not judging, though I do admire the courage it takes to post Adele on this site.

(I didn't junk you)

Fri, 12/28/2012 - 19:36 | 3103559 Fredo Corleone
Fredo Corleone's picture

When speaking of Washington, I will quote my brother Mike: "We're all part of the same hypocrisy."

These guys haven't a clue as to the art of the deal -- and someone should remind the "My offer is nothing" crowd that ( using ) muscle is only for guys who can't negotiate.

Fri, 12/28/2012 - 20:06 | 3103666 Dealer
Dealer's picture

That was a great plane escape clip, awesome.  I had never seen that before.  Thank you for sharing that, sir.  The fire RISES!

Fri, 12/28/2012 - 21:21 | 3103848 NemoDeNovo
NemoDeNovo's picture

No prob its from the New Batman Movie, very interesting movie to say the least, you might want to check it out, a LOT of interesting themes in that flick, have a Great New Year!

 

Nemo

Fri, 12/28/2012 - 17:38 | 3103070 JLee2027
JLee2027's picture

To the cliff we go. And let's not forget "Ramming Speed".

http://www.youtube.com/watch?v=WXh1tW16V-8

Fri, 12/28/2012 - 19:40 | 3103570 NemoDeNovo
NemoDeNovo's picture
"Prepare for.....Ludacrous Speed"!!!

 

http://youtu.be/ygE01sOhzz0

Fri, 12/28/2012 - 20:59 | 3103801 Bindar Dundat
Bindar Dundat's picture

Hi Ho Hi Ho It's off the cliff we go

Ben Bernank bit his wank

And than he could not go

Hi Ho Hi Ho , It's off the cliff we go....

Fri, 12/28/2012 - 16:53 | 3102845 Michaelwiseguy
Michaelwiseguy's picture

Bush era tax cuts are dead. Long live Obama tax cuts.

Fri, 12/28/2012 - 17:00 | 3102887 ACP
ACP's picture

That would be the cuts where Obongwater allows us to keep a few pennies out of the money that we earn...

Fri, 12/28/2012 - 17:02 | 3102902 Michaelwiseguy
Michaelwiseguy's picture

23 million unemployed Americans don't have to worry about paying taxes. That's like the entire population of Australia.

Fri, 12/28/2012 - 17:17 | 3102971 ACP
ACP's picture

Or, if you add in the people who actually make money but don't pay taxes, add in the illegal aliens, disability fakers and what have you, you're around 160 million, the population of a large Chinese city.

NOW, for the people who pay only a couple hundred or couple thousand and then draw government benefits, those people who don't contribute on a net basis would probably put this number significantly over 160 million.

Fri, 12/28/2012 - 17:35 | 3103014 TruthInSunshine
TruthInSunshine's picture

Roughly half of the 152 million Americans that are employed, whether in full time or part time positions, pay no net taxes (i.e. they receive more back than they pay, even when taking into consideration FICA, etc.)....so that's approximately 75 million individual "net" tax payers.

In reality, of these 75 million individuals, probably less than 45 million pay 10k or more in taxes to the federal government each year.

But the journalistic legend and mental giant that is Joe Weasenfail (/sarc) makes a compelling case that the United States doesn't have a spending problem, debt doesn't matter in any case, but that even if the debt does matter, the present debt is more than manageable once government does it's mission of creating millions of more jobs and massively increasing the GDP (/sarc) [because government a) has a necessary and proper role in creating jobs and planning GDP, and b) government is competent and efficient enough to and should-- as a proper role of a government that's crowding out the private sector-- create jobs and plan GDP].

Fri, 12/28/2012 - 17:59 | 3103161 knukles
knukles's picture

 

 

 

Well that leaves me as the last and only fucker left paying taxes!

Fri, 12/28/2012 - 18:30 | 3103282 DoChenRollingBearing
DoChenRollingBearing's picture

BRRRAAAPPPP!  (wrong-buzzer sound)

 

That's two us!  On our shoulders again, knukles...

Fri, 12/28/2012 - 19:01 | 3103404 ACP
ACP's picture

And neither of you are paying your fair share...so get ready to cough up whatever you have left!

Fri, 12/28/2012 - 20:28 | 3103717 Michaelwiseguy
Michaelwiseguy's picture

I pay about $10 in tax per tankful of gas every time I fill up. Even though I've gone John Galt.

Sat, 12/29/2012 - 10:16 | 3104440 GetZeeGold
GetZeeGold's picture

 

 

Gas is free at the Gulch. But no one wants any.....cause we're not going anywhere.

Fri, 12/28/2012 - 18:13 | 3103220 e_goldstein
e_goldstein's picture

I think that's what they refer to as "change."

 

Fri, 12/28/2012 - 17:05 | 3102909 Dingleberry
Dingleberry's picture

Worse selloffs happen form stubby fingers.......

Fri, 12/28/2012 - 17:48 | 3103107 Freddie
Freddie's picture

The Senator in the movie is from Nevada aka a real slime like Hairy Reid. 

F the Senate.

Fri, 12/28/2012 - 19:46 | 3103585 ball-and-chain
ball-and-chain's picture

Exactly right.

Wash, rinse, repeat.

Nothing to see here, folks.

The tail will continue to wag the dog.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-was-freezing.html

Fri, 12/28/2012 - 16:42 | 3102796 sbenard
sbenard's picture

Time for another test of ES limit down.

Fri, 12/28/2012 - 16:42 | 3102797 Conman
Conman's picture

Still time to refute rumor. Circus on.

Fri, 12/28/2012 - 16:42 | 3102799 SheepDog-One
SheepDog-One's picture

Why can't ObaMao just call that piece of shit Bernank and get him to 'ease' the fiscal cliff?

P.S.- FUCK U BERNANK! ObaMao too + all Clowngress critters!

Fri, 12/28/2012 - 18:01 | 3103169 knukles
knukles's picture

"Bernak.  Comma. Gimme sum room like ease up onadh cliff yo.  Be Timmah way."

Fri, 12/28/2012 - 16:43 | 3102801 stateside
stateside's picture

TIMBER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

stateside

Fri, 12/28/2012 - 16:43 | 3102802 fonzannoon
fonzannoon's picture

this is the lamest selloff in history. pathetic.

Fri, 12/28/2012 - 16:47 | 3102822 rsnoble
rsnoble's picture

Look how they have everyone conditioned with endless money printing.  A -100 day is now considered a selloff when the index is in the 13k range? That's more like a muted sneeze, not a selloff.  Personally id like to see some -1000 days this shits been far too boring for far too long.

Fri, 12/28/2012 - 16:53 | 3102848 fonzannoon
fonzannoon's picture

"the selloff is intensifying" fuck you intensifying. down 140pts. bullshit. nice calm managed delcine. all part of the play.

Fri, 12/28/2012 - 17:05 | 3102911 kito
kito's picture

fonz, happy new year!!!! break out the prosecco!!!!  one has to ask.....if the markets are controlled/manipulated by the government/central banks, why would anybody expect some major stock plunge?....one cannot believe that the markets are orchestrated by the bank/government henchmen, and then expect some revolt----shirley thats counterintuitive..............

Fri, 12/28/2012 - 17:12 | 3102944 fonzannoon
fonzannoon's picture

Happy New year to you too Kito. I do not expect a plunge. I think a controlled selloff happens so people yell "Make a deal dammit!". Then they make some deal that in actuality does not mean shit and the market takes off again on growth expectations that never materialize. Basically back to the usual shit.

The next real selloff, should it ever occur will be like an elevator cable snapping. It will look like the 2010 flash crash for about a minute until Bloomberg etc. explain they had to close the market temproarily because of technical difficulty.

Fri, 12/28/2012 - 17:15 | 3102956 ekm
ekm's picture

We are beyong the point of a controlled selloff.

That's why NYSE bankrupted and had to be bought out.

 

Fri, 12/28/2012 - 17:16 | 3102966 fonzannoon
fonzannoon's picture

EKM this week was a controlled selloff. If a selloff cannot happen and yet it is happening how do you reconcile that?

Fri, 12/28/2012 - 17:19 | 3102976 ekm
ekm's picture

Primary Dealers selling and buying from each other in dark pools.

There are only crums left for traders to trade in a bonafide way.

 

DOW and S&P are 100% overvalued. Proportinally 160dow pts drop is absolutely nothing.

Fri, 12/28/2012 - 17:20 | 3102982 fonzannoon
fonzannoon's picture

"Proportinally 160dow pts drop is absolutely nothing"

agreed, completely.

Fri, 12/28/2012 - 17:26 | 3103000 ekm
ekm's picture

The collapse will be by presidential executive order in my opinion as soon as the lack of crude oil in the real economy becomes acute.

Until I see 1000 dow pts/day for 3 days in a row, I would not consider it a "drop".

 

Same as in 2008 when it was decided that Lehman will go shit, as soon as they make the decision which primary dealers will be pulverized this time, the order will be released. That's what I think is going to happen. Exactly the same as in 2008.

Fri, 12/28/2012 - 18:37 | 3103302 ToNYC
ToNYC's picture

All they have is eyeballs to sell by obsolete shlumphs a' talking. NYSE got a lump of ICE coal in its stocking!

 

Fri, 12/28/2012 - 17:15 | 3102962 kito
kito's picture

but how can a zombiefied market, without soul, crash, unless of course that is the plan...................hmmmm..........................

Fri, 12/28/2012 - 17:19 | 3102978 fonzannoon
fonzannoon's picture

I would actually use your logic (last night with the boomers) to justify it. I know a bunch of people that moved money in their 401k from stocks to cash today. It's kind of like the Princess Bride. The market is not dead. Just mostly dead.

Fri, 12/28/2012 - 17:27 | 3103016 kito
kito's picture

right, so a market, whose only remaining players have every interest in keeping the market afloat and the status quo alive, would never allow the stock market to crash, since that would destroy the last bastion of illusory wealth.................its so much fun to know there is just no logic that holds anymore..............................

 

.........and those people who moved their money from stocks to cash today are under the delusion that somehow the fiscal cliff is the end.....................when in fact both roads eventually lead to the end.........the road splits...one route takes them through fiscalcliffandia.....the other road takes them through spendalandia..................both meet back up at the single lane road, where a beautiful brick wall lies just around the bend........................

Fri, 12/28/2012 - 17:30 | 3103032 fonzannoon
fonzannoon's picture

"so a market, whose only remaining players have every interest in keeping the market afloat and the status quo alive, would never allow the stock market to crash, since that would destroy the last bastion of illusory wealth.................its so much fun to know there is just no logic that holds anymore..............................

That actually sounds logical

Listen Kito you seem to be in a rather tight part of the rabbit hole. You are getting a little claustrophobic and are trying to back out again. Just drop some more acid and push as hard as you can and you will enter freefall again. Hurry up we are waiting.

Fri, 12/28/2012 - 17:44 | 3103094 kito
kito's picture

what sounds logical?...the part about the remaining players keeping the market alive?...or the part about there being no logic to my logical statement about the remaining players keeping the market alive?.....

 

i think i should just hang out in the tight part of the rabbit hole for another few weeks...this way i can shed some pounds and slip through.....then i can kill two birds with one stone......my new years resolution of losing 10 pounds and getting further away from the insanity that drives the world....................

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