Monday, November 21, 2011

Surprise, Surprise....Super Committee FAILS to Reach Deficit Deal

In what should be no surprise, the Congressional Super Committee charged with coming up with $1.2 Trillion dollars in debt reduction has failed to reach compromise and solution...the deal breaker (if we all want to be honest) increases for the richest Americans (those earning over $1 Million a year). Even after the Democrats put $600 Billion dollars worth of reductions in such social services as Medicare/Medicaid, the Republicans refused too put their own marker on the table deciding it was more important for them to keep their pledge (signed) with a mega-rich Campaign Donor and Lobbyist.

In about one hour when the Stock Market opens and your 401K again tanks, you can thank the Republican Party, the party of the UBER RICH and ELITES. Grover Norquist is the puppeteer in this grand Greek Tragedy, but it is the American middle class who will suffer because of his pledge. It is he and he alone that is holding the reins, keeping the Republicans in line as the world observes our nation's inability to reach compromise and consensus. The DOW lost three percent of its value last week as news began leaking out that the Republican obstructionist and their "No New Taxes" pledge threatened the Super Committee's ability to make a deal. Stocks today are already trading significantly lower ahead of the opening bell...look for a day of triple digit losses, look for plummeting 401K balances, and as you do, thank the Republican Party and one Grover Norquist when your retirement accounts have again been decimated.