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Obama To Make Statement At 1:30 PM, Stocks Pop Then Fade
With just 3 hours left in the trading day, why not up the stakes a little in the soap opera and take it straight to the star character:
- OBAMA MAKING STATEMENT ON BUDGET TALKS AT 1:30 P.M.
What will he disclose? Perhaps this, from the AP:
The contours of a deal to avert the 'fiscal cliff' emerged Monday, with Democrats and Republicans agreeing to raise tax rates on couples making over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations said.
But with a midnight deadline rapidly approaching, both sides were at an impasse over how to handle automatic, across-the-board spending cuts set to take effect on Jan. 1. Democrats want to put off the cuts for one year and offset the so-called sequester with unspecified revenue.
The deal in the works would return tax rates on families making over $450,000 to 39.6 percent, the same level as under former President Bill Clinton. The agreement would also raise tax on estates worth more than $5 million from 35 percent to 40 percent. Unemployment benefits would be extended for one year.
A Republican official familiar with the plans confirmed the details described to The Associated Press.
The officials requested anonymity in order to discuss the internal negotiations.
Some more from Reuters:
- FISCAL DEAL WOULD INCLUDE PERMANENT ALTERNATIVE MINIMUM TAX FIX, EXTEND UNEMPLOYMENT INSURANCE BENEFITS FOR ONE YEAR - SOURCE
- FISCAL DEAL WOULD EXTEND RESEARCH TAX CREDIT, WIND PRODUCTION TAX CREDIT AND INCLUDES "DOC FIX" - SOURCE
- FISCAL DEAL POSTPONES SEQUESTER, WOULD INCLUDE SOME $600 BILLION IN REVENUE -SOURCE FAMILIAR WITH TALKS
- FISCAL DEAL WOULD INCLUDE PERMANENT EXTENSION OF MIDDLE CLASS TAX CUTS - SOURCE
- STICKING POINT IN FISCAL DEAL IS ON SEQUESTER DELAY; WHITE HOUSE SEEKING DELAY FOR A FULL FISCAL YEAR - SOURCE FAMILIAR WITH TALKS
- FISCAL DEAL WOULD RAISE ESTATE TAX FROM 35 PCT TO 40 PCT - SOURCE FAMILIAR WITH TALKS
And no mention of the debt ceiling of course, or that there are no new spending cuts, or that this is at best a stopgap to get US to the debt ceiling debate in 60 days, or how this proposal would pass Congress,
Algos, however, as usual don't care about specifics, and are rabidly buying everything because other algos are rabidly buying everything, at first...
And then fade...
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Gold is at highs for the day...silver too.
Yup. Obama, Barzini and Tattaglia fake like they will get the fiscal house in order, and then do ... nothing.
Everyone loves DC spending!
http://confoundedinterest.wordpress.com/2012/12/31/lets-make-a-deal-rais...
Slam one can of Pabst Blue Ribbon every time he says "tax" or "the rich".
You'll be drunk by 1:34pm EST...........
You are assuming that he will be on time.
The roasting of the shorts yet again (sigh).
As last Friday's drop was a 'bloodbath' (according to ZH), what should this pop up be labelled?
bloodbath
The Illuminati and their Reptilian Overlords often bathe in the blood of innocent pre-nubile virginal girls for relaxation and Erudite Total Universal Enlightenment.
my /es stop got taken out, sonofa............
That upswing is a beautifull thing.
What I bought late Friday I sold this morning and made my gain for the week.
I do love volatility so.........
I'm betting it'll be something short and sweet, like "Bend over, bitchez!"
Obama: We be investin in Lotto! You gots to be in it to win it!
The balls that these traitors have to think that they get a second crack at your accumulated capital after you die.
I say drive off the cliff, with a trunk full of nitroglycerin!
pods
Seems pretty easy to shelter all but that first $5M, but if you'd rather be a drama queen and get your panties all twisted, so be it.
Well if you don't mind getting fucked as long as the dinner is good, I am not one to judge.
Just don't apply your logic to me.
pods
they will need a special dept to monitor boating accident.s
Best of luck continuing to both have and eat that cake.
LOL as if 3.5 mil or 5 mil applies to me. I will sit here with my crumbcake.
You don't really own it unless you hide it. If you don't hide it, the world knows about it.
The more things change, the more they stay the same.
Just ask Russians, Chinese, Greeks, Italians, East Germans and so on...
Central planning and central banking go hand in hand when they fail.
You could also say that central planning inevitably leads to authoritarian states under the phony guise of "fairness". It is absolutely astounding that ANYONE would think these extra taxes will go toward debt reduction - a case of intellectual dishonesty of the first degree. What a sham!
@ Tango,
And notice how the collective interest on Capital Hill has all but disappeared when it comes to the spending side - Poof!
Now, the whole focus from these clowns is getting more heroine to the junkie, while avoiding public riots like Greece & Spain...Which was the whole purpose of the "fiscal cliff" argument to begin with.
And if even 1 other human knows about it, it is *not* hidden.
Yep, two people can keep a secret as long as one of them are dead.
pods
Let me preface by saying that this discussion is hypothetical. For the benefit of the goons at NSA and all other various alphabet government spy agencies
It is not betrayal when even your closest loved ones are uninformed rather it is for their own protection. I know what I know and what I know is what I can defend to my grave.
They are NOT getting this shit thru the House, what is everyone excited about????
Did I miss something here, the fucking House sure as shit didn't send them a bill to pass and the Preident can sign this shit into law!!
Boehner is a dead man as the speaker if he puts this up for a vote, plus not 100% of democrats are going to vote for this shit either, lookout Wednesday!!!
The TeaPotDome Express' Last Hurrah!
I have jury duty so I will have a lot of time to just sit and "get informed".
I share your frustration, but...Don't be an embecile, you speak as though the markets move based on something other than where they are directed. Even as you watch equties move up on not one shred of evidence on any deal at all thus far! If they can do that (and they do almost everyday, as they did in Europe for two years) - what can't they do in the midst of a nuke holocaust?? The last 5 down days were designed to get cheap calls regardless if whether cliff issues are even addressed! AND, the "fiscal cliff" WAS NEVER A REAL ISSUE. It was manufactured as a slight of hand, keeping us taking sides (Dem/Rep) while our government imposes europe like tax burderns - Can you say: AUSTERITY??? Can we all agree we are slightly shaper than your average media pundit?...THINK!!!
I hear you, but if you think 39% top tax rate is Austerity, you've got a big surprise coming, that shit is just 1996, the fucking austerity hasn't even begun to be whispered about yet!!!!
That fool can talk until the cows come home, no ones fucking voted yet!! If those cocksuckers were so sure they had it done, then vote assholes, preferably while the market is still open!!!!!!
Ya, that's what I fucking thought!
No vote, it's all bullshit!
Is he on The View today?, David Letterman? Jay Leno?
Fuck You Bernanke and Fuck You Obama
Which rap/hip hop station will he be on?
KCRW
He said "rap", not "crap" as in Nancy Pelosi Radio
http://www.youtube.com/watch?v=FCeoWsuVuEU
The politicians are going to save us all with a last minute deal! NEVER would have saw this one coming!
SURPRISE!!!
Get ready for BLAST OFF!!! Time to get the New Year's Eve party rockin' early for the 401(k) masses!!!
WHEEEE!!!!
It's so funny to read the 'market is going to sell off' comments here. Like, this wasn't fucking predictable as all hell. Yea, they're going to have a massive flush on NEW YEAR'S EVE with everyone watching. Fucking please. Stop it.
What European index will be best to short during the cliff dive
http://averages.dowjones.com/mdsidx/?event=energyGasPower
and the market celebrates what we knew would happen all along: more taxes and zero spending cuts.
Bingo. Been saying that around here for weeks. Taxes will go up, spending will not go down.
I wonder if politicians even realize they aren't really in control of things any more than the "great unwashed" like ourselves. They're just higher-ranking employees.
Now dance for your dinner, bitchez!
Ohhhhhhhhhh my god, if we didn't avoid the cliff, 800,000 employees at the pentagon would have been laid off!!! Ohhh the horror!!
I have two thoughts about that.....
1. There's 800,000 employees at the pentagon that could be laid off and the place could still function???? Are you fucking kidding me? That should scare the hell out of any American itself!
2. That sounds like the greatest thing I've ever heard!!!!
So much for Friday's article describing the after-hours bloodbath, and the forced margin selling from the bulls. Hopefully, the traders here faded the usual prediction of doom.
PSSST: It's all fucking bullshit. If you don't have the playbook, and you don't, then you don't know jack shit either.
I knew Jack Shit
We went off the cliff awhile ago just waiting to land
Exactly azzhatter. We crossed the Rubicon (as Paul stated this week) some time ago. The only question now is how we handle thecatastrophe that will inevitably follow. This is why I don't go ballistic, scream about killing bankers or hating the 1% - it's not their fault we reelected the same bozos time after time, especially when the politicians were quite open about what they were going to do. All this phony rage against strawmen is misplaced - they're simply following the script decided on by the American voters in our urge to have it all here and now (and let others pay for it). The day of reckoning draws nigh.
I love your analysis! I can tell your ready to survive this shit coming down the pipe, because your calm, not clouded with emotion, and clear about the shit you face!
I feel the same, good luck!
Sounds like a good deal. The repubs should pass it and swear to use the spending cuts in the debt ceiling debate. Then when the debate comes the Repubs should fold and nix the spending cuts at the last minute. Then the repubs should change their party so it is just one big democratic party. In the meantime the middle class can get the AMT rammed up their ass and not notice any of this.
This market ... Tourette syndrome.
a hangover does not mix well with this price action.
Oh, the sky isn't falling after all? Up, up and away!
deleted
That is precious. More debt, deeper deficit, more poverty, more taxes and the value of companies go up ... stop working, your company is only valuable because your children will give to the government most of what you earned during your lifetime.
The market is playing follow the douchebags.
You folks think this is good government? It's a zoo where monkeys fling poo at each other. Any deal may initially sound good but it'll be a mess. Most last minute deals usually are.
It is right on schedule LOL. They milked it for maximum TV time.
Fucking algos... If they had a deal, they wouldn't be talking about it in front of the press. They'd be voting on it right now. The casino down the road can make better predictions than this circus.
Drama is an art that's thousands of years old. Plays are written long before they're performed. I doubt that this is improv.
"Rabid" seems to be the operative word in this soap opera.
is there such a thing as a negative algorithym
innumeracy and illiteracy in one fell swoop.
bravo.
The Prez is going to make his speech in front of a group of "middle class americans". I think I'm going to be sick!
We SAVED THE MIDDLE CLASS, yay!
We SCREWED the not really but kind of RICH, yay!
The REALLY RICH will get around this just as they have all else.
And We're still SPENDING like throwing money out a car window, yay!
And we don't have to make any decisions again for a while.
We left it to two guys to do that anyway.
The PRESIDENT's SPEECH.
Bravo.
As best I can see this is
120B Payroll Tax Rate Increase
60B Tax on the Rich
120B Sequester
Sums to 300B 2013 hit on GDP. That's about 2%
As best I can see this is
120B Payroll Tax Rate Increase
60B Tax on the Rich
120B Sequester
Sums to 300B 2013 hit on GDP. That's about 2%
Boehner to make statement @ 2:00 p.m. /sarc
Bring Kleenex.
Weeping Cheeto time again...
Whoever has the duty at the Gold Suppression Desk right now must have nodded off. The Kitco Daily chart just went vertical.
Bernanke is rapidly buying sperms. he is out of manhood.
I bet the reason why stock got happy is that some central bank somewhere slosshed some funds into the futures mkt.....that is all it takes these days. Why wouldn't a central banker do that? What wouldn't they do??
OVER 144 PM
UNDER 143PM
official time 144PM.....which is not OVER 144PM
that means , house wins, everyone else is a loser.....thanks for playing
Time to use the market hammer.
a bit of blame throwing and a flash crash coming after he reads the teleprompter.
"The Federal deficit 'fell' to $1.1T dollars"
"The 'deal' would generate $600B in revenue" (or...$60B over ten years)
Governance FAIL.
oh this is going to be spectacular next week. Hoping there are no shorts left with levered longs balls deep when the wheels come off this pig next week.
"And now the fade..."
Damned well hope so, they're pathetic.
DavidC
Could shorten the headline to read, "The liar will be back on TV at 1:30"
Where in fucks name is that sewer rat sludge slurping cocksucking piece of putrid festering shit Corzine?
The world is a big place. I can tell you where he isn't?
Next to Madoff in prison.
pods
Oblamer.
ANd where the fuck is my AR-15?
This is retarded. And they're not slamming gold and silver? Fuck off, just fuck off.
Cunts. I had a cheeky New Years Eve put on each of the Dow, S&P and Gold.
I just saw a 3 for 2 offer on Hoegaarden (large bottles). That'll be 6 bottles then.
They've worked out a "deal"?
Wake me up when it passes the House.
[just call me Rip Van Winkle...]
Gold has popped a nice little chubby this morning
Au/ag flying
Well it's all psychotic today. I saw it go up a few minutes ago, you said it took off, went back and silver is faltering.. What a mess they've made of everything.
I still think they will throw the kitchen sink at silver before the day is done.
but but but apple....
A deal is near is The Rumor.
LOL.
Well, technically speaking, as time passes, any deal will be 'nearer'...
Boner, McConnell, Biden, Reid, Obama: "Will kicking the can work?"
All: "Let's see, Greece, Italy, Spain, Ireland, Portugal...........Dow over 13K. Alright then.......kick away!"
Obama is the George Costanza of negotiating.
It made me laugh but I had to junk you anyway. Get real, Washington is overflowing with Costanzas.
No Deal.
Obama to assign blame.
The Rebublicans caused this mess
The Right Wingers specifically
Damned those Tea Party Patriots.
333
We have a spending problem. Not a Tax problem. Can we call it what it really is?
No deal.
Obama to assign blame
it is the Republicans fault
and the Tea Party Patriots
333
No deal.
Obama to assign blame
it is the Republicans fault
and the Tea Party Patriots
333
Friends, collegues, gentlemen, and hope + changers,
I have been sent here before you this afternoon, on this last day of December 2012 to inform you as to why I am well informed. The promter of tele has informed me that you are owned, we own you. We own you lock stock and barrel. From the minute you left you're mothers minge you have been owned, you will work like a dog, in a job you hate, till the day you die to afford me and the likes of me, and especially the bankers in the comfort we so deserve.
We will tax you till the pips squeak your whole working life and when you may be done, and on deaths door itself, we will take the rest.
And this my fellow friends is how it is, I was going to give a speach on how we have sorted the cliff but thought why bother? Lets just give the fuckers the truth straight up. Oh, and in the new year of 2013, we is coming for your guns.
Chin up bitchez
There will be no compromise. Bill Gross already called it by saying stocks will go nowhere next year.
They want taxes to go up. This is an act. When neither side can agree on anything it makes both look bad but not one or the other. If Barack cannot compromise its his fault, but also Republicans.
Looks like gold is going to beat-out the DJIA for the 9th consecutive year...
we have a no term limit problem
Selloff to commence in...
Link: http://www.whitehouse.gov/live/president-obama-speaks-fiscal-cliff-0
Not penis puppets.
Ha!
Barry: I had to destroy Amerika in order to save it.
Minion! Where's my mirror and new uniform from Fashions by Idi?
He's going to announce that Hillary Clinton has been hospitalized.
He's going to state that for the good of the country he will be dropping the ball this year, with Harry Reid's help, but only because Dick Clark won't be able to make it due to other commitments.
Probly a statement on his handicap......
Or where Moochelle is going to vacation next.