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Wall Street holds its nerve as $85 billion of across-the-board spending cuts near

Article by: STEVE ROTHWELL , Associated Press
Updated: February 24, 2013 - 12:54 PM

NEW YORK - With barely a week to go before $85 billion in automatic government spending cuts kick in, Wall Street is holding its nerve.

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ebenezerFeb. 24, 1312:52 PM

I learned long ago if the folks in the financial industry are against something, that doesn't mean it will significantly affect the average person. Most of the time it means financial trading and risk-based profits for the industry will decline, while our overall economy may actually become more stable for the rest of us. We need to cut "wasteful" government spending, maintain safety nets, and reform the tax code for business and high earning individuals. And I don't mean lower the tax rates for these folks. I am a retired corporate executive whose company operated both domestically and internationally, and I am never appalled by corporate abuse of business/entertainment deductions...its all too common, although unnecessary, but the "entitled" running these operations never seem to have enough for themselves. So, let the sequester happen. I seriously doubt we will see major disaster.

theagonybhoFeb. 24, 13 4:24 PM

Wall street is the biggest joke going, the only reason it isnt in the tank is the feds printing 80 billion a month and artificially low interest. The selloff is just around the corner.