Congressional Supercommittee

[Nordic]

Any thoughts on next week's Supercommittee deadline and how it may affect the markets? I'm considering pulling out of equities before the deadline considering how little positive news has been coming from that committee. Just wanted to see where other folks were in their strategy for next week. They could pull a rabbit out of the hat, but at this point it doesn't seem to be looking very good for them to get something done.

 

[WorkFE]

Nordic,
I would not hold your breath expecting something to get done. Automatic cuts will be the perfect way to cut the budget and blame the other guy for not compromising.
Everyone gets hurt except those that put us here. Keep on, keepin on.

 

[ILoveTDs]

My money is in the F Fund, specifically because of the Congressional Supercommittee

 

[FishSqueezer]

My understanding is that, technically, today (11-16-11) was the 'deadline" in order for CBO to do their scoring and certification, but I may be wrong on that.

I must be getting cynical in my not-so-old age, but I just can't see any of them passing up an opportunity for election year political gamesmanship, and even if they do something productive, it will be lost in their partisan noise. I just can't decide if the markets would respond with a temporary decline or a repeat of August.

 

[Mapper]

I have a feeling the market may react positively to inaction by the super-committee as it's the most predictable solution.

 

[nasa1974]

What's interesting is everyone is talking about the super committee and their deadline of 11/23. Has anyone heard about the "continuing resolution" that runs out tomorrow?

 

[FishSqueezer]

Continuing Resolution can kicked..... Starting to feel sorry for that poor can.

 

[FishSqueezer]

OK, old news by now. But since it hasn't been mentioned yet, anyone care to guess how many of the committee members and/or their staffers shorted the S&P?? :suspicious:

Should we start a pool?

 

[RealMoneyIssues]

OK, old news by now. But since it hasn't been mentioned yet, anyone care to guess how many of the committee members and/or their staffers shorted the S&P?? :suspicious:

Should we start a pool?

All of them, and I don't have any money for a pool... sorry

 

[nnuut]

Supercommittee HA! Who came up with that name?:nuts:

 

[RealMoneyIssues]

Supercommittee HA! Who came up with that name?:nuts:

The people hoping to get picked...

 

[Warrenlm]

The "media"....some soundbite selecter, phrase coining, headline writer.....and everyone follows.......because it sells....

 

[nnuut]

The plan was for them to fail!

 

[RealMoneyIssues]

The plan was for them to fail!

It was definately expected...

 

[Afishegg]

I think its funny how we seem to know what's best for everyone else in the world but we can't seem to even agree on cutting one and a half trillion of our debt, much less the 15 trillion were in the hole for!

Which brings me to my next point, if our leaders can't get 1.5 witled down then we are going to hit the wall here soon. Looks like Europe might be hitting it as we speak. It reminds me of the titanic as it sunk, just alot slower. This is the price that decades of bad financial decisions pays, and now it looks like there is no undoing it. This is going to play out slowly and tragically but it will start getting dire very soon. Those who scoff won't for much longer.

 

[RealMoneyIssues]

Oh, this can be fixed...

A little pain now, or a lot of pain later... I am thinking they will push the decision off and we will be in a world of hurt come 2014-15...

 

[nnuut]

What kills me is they are talking about reducing the projected gains in the debt, NOT the current debt!

Fool me once shame on you!:nuts:​

 

[RealMoneyIssues]

Worse, we still use base-line budgeting, so we are really only cutting into the automatic increases... any private/public business would have failed by now...

 

[RealMoneyIssues]

Whether anyone cares to admit it or not...the only way to fix this now is to go back to the 1999 tax rates.

Wrong again...

So, spend more, then raise taxes to cover spending; spend more, then raise taxes to cover spending; spend more, then raise taxes to cover spending; etc... really

uh, no...

Flat tax (flat income tax OR flat sales tax), control spending; simple as that.

but at this point that is the only viable solution.

Viable for who?

 

[nnuut]

I can go along with a little more taxes IF we widen the base to include everyone but the truly sick and destitute. 51% is really stupid, let's use the FAIR word here!