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(CNBC)   Worried about the fiscal cliff? We're standing on the edge   (cnbc.com) divider line 30
    More: Scary, debt limit, cliffs, Merrill Lynch  
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2020 clicks; posted to Business » on 10 Jul 2012 at 12:16 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-10 09:23:58 AM
Fiscal cliff? Perfect.

Jump, you f*ckers.
 
2012-07-10 09:24:48 AM
Yes yes. Corporate media wants a big sell-off so a depressed DJIA can be a talking point for their candidate. We get it.
 
2012-07-10 09:52:14 AM
I been to the edge, an' there I stood an' looked down
You know I lost a lot of friends there baby, I got no time to mess around
Mmmm, so if you want it got to bleed for it baby
Yeah, got to got to bleed baby
Mmmm, you got to got to bleed baby
Hey, got to got to bleed baby
 
2012-07-10 10:06:30 AM
really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!
 
2012-07-10 10:39:56 AM
You sure we're not just livin' on the edge?
 
2012-07-10 10:43:16 AM

doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!


That's not what I read in TFA. Essentially, corporations are whining because of the possible expiration of Bush-era tax cuts for ..well..corporations. Apparently, they cannot afford to hire more people. All their extra money is going towards executive pay and bonuses.
 
2012-07-10 10:44:18 AM

doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!


Oh, wait, nevermind, that's in there, too.

So...yeah.
 
vpb [TotalFark]
2012-07-10 11:02:44 AM

xanadian: doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!

That's not what I read in TFA. Essentially, corporations are whining because of the possible expiration of Bush-era tax cuts for ..well..corporations. Apparently, they cannot afford to hire more people. All their extra money is going towards executive pay and bonuses.


Yep. Companies hire people because they get tax cuts, not because they need people to actually make a product or service.
 
2012-07-10 12:27:42 PM
Reduced growth projections don't exactly seem like a "fiscal cliff" to me.
 
2012-07-10 12:34:48 PM

aevert: Reduced growth projections don't exactly seem like a "fiscal cliff" to me.


Shhh! You're ruining the talking point that Fascist, Socialist in Chief, Barack Hussein Fartbongo is killing the economy with his class warfare talk.
 
2012-07-10 12:53:07 PM
FTFA: "President Obama attempted to assuage some of this concern for Main Street and Wall Street Monday by saying he would like to extend the tax cuts for families making less than $250,000 a year. But the market wasn't buying that a tiered plan would work or even pass Congress..."

Here's how: Make it simple. Something like "Extend current tax cuts for people whose gross wage income is less than USD 250K in the last tax year." No Pork, no bullshiat "oh and an extra $7 mil for congressman so and so's pet project." Make it less than a page of text, and let them vote on it. If they don't pass it we know what we already think is true. Then vote those farkers out.
 
2012-07-10 12:56:44 PM
So we're already beginning to see reduced growth due to the expiring tax cuts, even though they haven't actually happened?

Fine. Let them expire. We're already living the post-expiration reality, so there's nothing left to fear. Reduced growth is still growth, and sound financial policy isn't worth sacrificing in favor of miniscule improvements to an already-bad-yet-slowly-improving situation.
 
2012-07-10 01:10:56 PM

xanadian: doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!

That's not what I read in TFA. Essentially, corporations are whining because of the possible expiration of Bush-era tax cuts for ..well..corporations. Apparently, they cannot afford to hire more people. All their extra money is going towards executive pay and bonuses.


Which makes no sense. Salaries are business expenses, and expenses get deducted from the gross before taxes are figured.

Company has $500m in sales, $400m in expenses, pays tax on $100m. If taxes are 33%, they end up with $67m left in cash. If taxes are 40%, they end up with $60m.

Yes I know there are other taxes, and I know the rates are wrong.
 
2012-07-10 01:19:36 PM
No one is hiring anybody until the black guy is gone...
 
2012-07-10 01:28:09 PM

Heraclitus: No one is hiring anybody until the black guy incompetent economic dyslexic is gone...


FTFY
 
2012-07-10 01:41:01 PM
The head of state is calling my name but I, I don't have time for you
It's gonna be a glorius day, I feel my luck could change
Pull me out of the aircrash, pull me out of the wreck, cause I'm your superhero
We are standing on the edge
 
2012-07-10 01:56:40 PM

Chevello: FTFA: "President Obama attempted to assuage some of this concern for Main Street and Wall Street Monday by saying he would like to extend the tax cuts for families making less than $250,000 a year. But the market wasn't buying that a tiered plan would work or even pass Congress..."

Here's how: Make it simple. Something like "Extend current tax cuts for people whose gross wage income is less than USD 250K in the last tax year." No Pork, no bullshiat "oh and an extra $7 mil for congressman so and so's pet project." Make it less than a page of text, and let them vote on it. If they don't pass it we know what we already think is true. Then vote those farkers out.


actually I'd like to see it framed, "extend tax cuts for everyone, however, people making over $250,000 don't get an extra tax cut" and then add whatever you want. I'm so tired of this being mischaracterized as the rich not getting a tax cut.
 
2012-07-10 02:24:23 PM

rtaylor92: Chevello: FTFA: "President Obama attempted to assuage some of this concern for Main Street and Wall Street Monday by saying he would like to extend the tax cuts for families making less than $250,000 a year. But the market wasn't buying that a tiered plan would work or even pass Congress..."

Here's how: Make it simple. Something like "Extend current tax cuts for people whose gross wage income is less than USD 250K in the last tax year." No Pork, no bullshiat "oh and an extra $7 mil for congressman so and so's pet project." Make it less than a page of text, and let them vote on it. If they don't pass it we know what we already think is true. Then vote those farkers out.

actually I'd like to see it framed, "extend tax cuts for everyone, however, people making over $250,000 don't get an extra tax cut" and then add whatever you want. I'm so tired of this being mischaracterized as the rich not getting a tax cut.


I like it except for the "add whatever you want" part. Keep it simple, clear and to the point so that none of them can vote either for or against anything but the continuation of the cut.

If I mischaracterized, it was not my intention.
 
2012-07-10 03:11:39 PM
Basically the fiscal cliff is rich people demanding more money or they'll tank the economy by moving all their operations to China.
 
2012-07-10 05:48:20 PM

Goimir: xanadian: doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!

That's not what I read in TFA. Essentially, corporations are whining because of the possible expiration of Bush-era tax cuts for ..well..corporations. Apparently, they cannot afford to hire more people. All their extra money is going towards executive pay and bonuses.

Which makes no sense. Salaries are business expenses, and expenses get deducted from the gross before taxes are figured.

Company has $500m in sales, $400m in expenses, pays tax on $100m. If taxes are 33%, they end up with $67m left in cash. If taxes are 40%, they end up with $60m.

Yes I know there are other taxes, and I know the rates are wrong.


The only way it would make sense to *me* is if that after-tax money is re-invested in corporations, to help expand them, research new whatever, etc. But, instead we hear about CEOs getting a brazillion dollars in bonuses while at the same time they lay off a ton of workers.

Talk about making no sense.
 
2012-07-10 06:08:17 PM
It is pretty much pay the piper now or later.

We need to either get spending under control and increase revenues in order to put a dent in that debt or we just continue to continue to pay lip service to the problem as we are doing now and get our arse kicked much worse later down the road. The economy is in trouble either way. We are pretty much out of 'good' options.
 
2012-07-10 06:23:01 PM

xanadian: Goimir: xanadian: doublesecretprobation: really, massive spending cuts have hamstrung the recovery? NO FARKING WAY!?!?!?!?!

That's not what I read in TFA. Essentially, corporations are whining because of the possible expiration of Bush-era tax cuts for ..well..corporations. Apparently, they cannot afford to hire more people. All their extra money is going towards executive pay and bonuses.

Which makes no sense. Salaries are business expenses, and expenses get deducted from the gross before taxes are figured.

Company has $500m in sales, $400m in expenses, pays tax on $100m. If taxes are 33%, they end up with $67m left in cash. If taxes are 40%, they end up with $60m.

Yes I know there are other taxes, and I know the rates are wrong.

The only way it would make sense to *me* is if that after-tax money is re-invested in corporations, to help expand them, research new whatever, etc. But, instead we hear about CEOs getting a brazillion dollars in bonuses while at the same time they lay off a ton of workers.

Talk about making no sense.


But "reinvesting in the business" like buying machines and such is ALSO tax deductable. Sitting on cash reserves isn't.
 
2012-07-10 07:17:41 PM
the fact that we're even calling this a fiscal cliff shows that its impact will be accounted for one way or the other...clients are being prepared, guys like Lebenthal have taken their ball and gone home, and we're already months away from a vote

eventually congress will make a decision, investors will stop pissing their pants about 'political uncertainty', and they'll get back into the markets.
...and if congress makes the wrong decision, we all have have more QE to look forward to.
 
2012-07-10 07:36:34 PM
for all of the hand wringing over the fiscal cliff, it only cuts the deficit in half.

Congress will still need to increase the debt ceiling if it happens.

and so far, Congress doing nothing appears like the best chance of cutting the deficit. its amazing, really
 
2012-07-10 07:55:12 PM
Good grief guys - more than half of you don't seem to give a damn your own economy is going to tank due to BOTH of the parties being assholes. You'd rather just whine about corporate fat cats. Do some goddamn research.

Try this for starters if you like: http://www.economist.com/node/21556956

"Altogether America is set to see a fiscal tightening equivalent to some 5% of GDP. That is easily enough to tip the economy, which is expected to grow by 2.2% this year, back into recession. Around the same time, the Treasury's legal authority to keep borrowing more will run out. The last time Congress squabbled over raising this "debt ceiling", one credit-rating agency stripped America of its precious AAA rating, spooking the markets. With the euro wobbling and emerging markets slowing, businesses are fearful. The cliff adds another huge uncertainty, discouraging companies from investing or hiring until they can see the future more clearly."

/ not my economy. Keep pissing at each other if you want.
 
2012-07-10 09:17:14 PM
www.artofdharma.org
 
2012-07-10 10:05:13 PM

Kuroshin: So we're already beginning to see reduced growth due to the expiring tax cuts, even though they haven't actually happened?

Fine. Let them expire. We're already living the post-expiration reality, so there's nothing left to fear. Reduced growth is still growth, and sound financial policy isn't worth sacrificing in favor of miniscule improvements to an already-bad-yet-slowly-improving situation.


Quit talking sense. This is Fark, ya know!?
 
2012-07-11 12:40:05 AM
We fell off the fiscal cliff 40+ years ago. We've been papering over it with accounting gimmicks and debt ever since.
 
2012-07-11 01:55:18 AM
When BoA thinks its a bad idea then let it happen.
 
2012-07-11 10:19:58 PM

opiumpoopy: Good grief guys - more than half of you don't seem to give a damn your own economy is going to tank due to BOTH of the parties being assholes. You'd rather just whine about corporate fat cats. Do some goddamn research.

Try this for starters if you like: http://www.economist.com/node/21556956

"Altogether America is set to see a fiscal tightening equivalent to some 5% of GDP. That is easily enough to tip the economy, which is expected to grow by 2.2% this year, back into recession. Around the same time, the Treasury's legal authority to keep borrowing more will run out. The last time Congress squabbled over raising this "debt ceiling", one credit-rating agency stripped America of its precious AAA rating, spooking the markets. With the euro wobbling and emerging markets slowing, businesses are fearful. The cliff adds another huge uncertainty, discouraging companies from investing or hiring until they can see the future more clearly."

/ not my economy. Keep pissing at each other if you want.


It's not like I don't care, I'm just resigned to the fact that there's nothing I can do about it. Both parties are being assholes (one more than the other) but in a two party system there's nobody else to vote for. The fiscal cliff is a disaster for poor people, and billionaires will probably revert to being plain old multi-millionaires, but as the saying goes, "This too shall pass".

/cry about it or laugh about it.
//schadenfreude
 
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