Stocks Tumble as Congressman Predicts Economic Riots in America
November 13, 2012
Stocks tumbled again on fears of the rapidly approaching fiscal cliff in the United States and a failure by eurozone finance ministers and the IMF to decide how Greece will resolve its sovereign debt and pay off the banksters at Société Générale, Deutsche Bank, Eurobank, and other loan sharking institutions.
“This morning the reasons du jour started out with Europe and the kerfuffle over Greece and then you have the fiscal cliff,” Michael Holland, chairman of New York-based Holland & Co., told Bloomberg News.
Amid the lackluster performance of the stock market, the Obama administration has invited top establishment politicos in Congress to the White House later this week to hammer out a plan to avoid the so-called fiscal cliff. Business honchos from some of the world’s largest transnational corporations will be in attendance, including those from American Express, Ford Motor and Honeywell International.
“We’re not out of the woods yet,” said Guillaume Duchesne, an equity strategist at BGL BNP Paribas SA in Luxembourg. He added that a resolution of the financial crisis threatening to extend the recession for the foreseeable future depends on the leadership of Obama.
According to Rep. John Fleming, we won’t be getting out of the woods anytime soon, especially with Obama at the helm. “It looks like we’re going to have to go through the same or similar pain [as Greece] to get real reforms,” the Louisiana Republican told the Daily Caller on Sunday.