Thursday, November 8, 2012

And So It Begins...

Unfortunately, we're stuck with Obama for another four year and it's sad and I'll post about that later, but let's talk about the next four years. What's going to happen the next four years? What's Obama's plan besides raise taxes on rich people, which is a colossally bad idea. He wants to hire more teachers, which is a good aspiration, but how? With what money? With the extra taxes from the rich people who are supposed to be paying off our debt? Our country is broke and spending money like it rains from heaven, then add on Obamacare which is a money sucker and a job killer. Our country is spiraling, our economy is growing, but that growth is slowing down. No one knows what 2013 is going to look like. Congress could come to some sort of compromise or we'll be back in a recession. This uncertainty is messing with people's confidence, so people are fixing the roof before it rains.

Stocks Slump As Market Reacts To Obama Win, Draghi's Germany Warning

Remember that nice rally in the stock market that started in September? Well, Wednesday’s plunge has essentially wiped out the entire thing.

The major averages were down more than 2% in afternoon trading as the market surrendered its Election Day rally and backtracked to late August levels. With about two and a half hours  until the closing bell, the Dow Jones industrial average was 275 points lower at 12,971, the S&P 500 was off 29 points at 1,400 and the NASDAQ was down 67 points to 2,944.
I'm not well versed in the Stock Market, but I know enough to know these numbers reflect investor and consumer confidence. The stock market reaction the day after an election isn't a crystal ball, but it can be very telling.

Boeing shakes up defense business, cuts management jobs

WASHINGTON (Reuters) - Boeing Co said on Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a broad cost-cutting drive.

Boeing, the Pentagon's second-largest supplier, said it also will close some facilities in California and consolidate several business units in an effort to trim $1.6 billion in costs by the end of 2015, on top of $2.2 billion in reductions achieved since 2010.

Vegas Employer: Obama Won, So I Fired 22 Employees

“I explained to them a month ago that if Obama gets in office that the regulations for Obamacare are gonna hurt our business, and I’m gonna have to make provisions to make sure I have enough money to cover the payroll taxes, the additional health care I’m gonna have to do, and I explained that to them and I said you do what you feel like in your heart you need to do, but I’m just letting you know as a warning this is things I have to think of as a business owner."
A woman I follow on twitter will be laying off 10 employees so she can meet that 50 employee exemption in Obamacare. I've gotten tweets from small business owners who are worried what 2013 will look like for them, who wanted to expand and can't. I've heard from people who are afraid their hours are going to be cut or they know their hours are going to be cut. People shouldn't have to welcome the New Year in the unemployment line.

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