Classic Santelli: “We can’t afford our bills any more… $100 Trillion dollars of unfunded liability… The FED doesn’t have a clue.”
Dec. 27 (Bloomberg) — After four decades in the foreign- exchange business, John Taylor says a further depreciation of the yen versus the U.S. dollar is one of the surest bets he sees going into the new year.
Taylor, founder and chairman of New York-based currency hedge fund FX Concepts LLC, anticipates the yen will weaken to 90 per dollar for the first time since June 2010 before a resumption in risk aversion prompts investors to return to traditional refuge currencies such as the greenback.
“All our cycles and models tell us something is going to happen in February that will turn the markets around,” said Taylor, who uses proprietary quantitative models and technical analysis to predict trends and patterns in currency markets. “The year will start off with risk-on, stock markets up and then it’s going to get into trouble later.”
Market Crash Imminent: Fiscal Cliff Deal “Virtually Impossible“
(There must be 48 hours notice before any vote… We’re close to DOOM!)
Brace yourselves, nation: It looks as if we’re headed off the so-called “fiscal cliff.”
After House Speaker John Boehner (R-Ohio)failed last week to corral enough Republican votes on a bill to let the Bush tax cuts expire for the wealthiest Americans, the spotlight moved to the Democratic-controlled US Senate. It is now up to Senate Majority Leader Harry Reid (D-Nev.), working with Minority Leader Mitch McConnell (R-Ky.) and President Obama, to forge a deal to avert the slew of tax increases and spending cuts, hitting domestic programs and the defense budget alike, that begin to go into effect on January 1, 2013. And of course any deal passed out of the Senate must also be approved by the House. Yet the prospects of a timely agreement in the Senate look grim, too.
The consensus on the Hill, Politico reports, is that a fiscal cliff deal by New Year’s Eve is “virtually impossible”…
The market sell-off is getting uglier.
The S&P 500 is off over 1 percent.
Earlier this morning, Senate Majority Leader Harry Reid spoke on the Senate floor, and he sounded pretty pessimistic.
“It looks like” we’re going over the fiscal cliff, he said.
New taxes for Americans coming in 2013
Congress approved US President Barack Obama’s hallmark health care bill nearly three years ago, but only in the coming weeks will Americans finally start to see the real price of the program.
A whole new slew of taxes are expected to be imposed starting January 1 to help pay for the health care plan, and that isn’t sitting pretty with some high-income households, or even the medical industry.
There will be a few new changes in 2013 as far as taxes go, but the one that might affect the most people is one that targets income investments. Individuals making more than $200,000 annually (and married couples making over $250k combined) will be subjected to a 3.8 percent levy on investment income, a maneuver that it expected to earn Uncle Sam an extra $123 billion between the first of the year and 2019.