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FACTS: 1) The stock market has gone up ONLY because the Federal Reserve has been printing money and using it to flood the capital markets with the intention of driving down interest rates (to already historic lows) and inflating stock market values. Every time the Fed stops printing money to flood the capital markets stocks drop, as they did for 6 straight weeks in 2011 and again from May to June 2012. 2) Many of the largest corporations including 3M, DuPont, Dow Chemical, McDonald's, and many others posted declining sales for the 3rd quarter. This is not a good economic sign. The entire economy is floating on a sea of printed and borrowed money. There will be hell to pay.
I watched the experts on Meet the Press this morning tell all about a huge hit to the economy if we went off that cliff. Sorry, but I know more and more people that will pay more taxes, but understand also that there will be cuts made that would otherwise not be made and if this is what it takes to start gaining control of the military establishment in this country, then I will gladly pay more taxes. Almost all of my friends welcome the impending cuts if no agreement is made.
If there is such a thing as a fiscal cliff, we tumbled over it long ago. The $16 trillion pile of IOUs is evidence of that. Oh, and why is our game of financial chicken called a fiscal cliff when the same thing in Europe is called austerity?
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