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Market in 'correction' with post-election sell-off
Posted By -NO AUTHOR- On 11/12/2012 @ 10:47 pm In Front Page,Money | No Comments
In this podcast, economist, columnist, radio host and international conference speaker Jerry Robinson of “Follow the Money Weekly” wonders whether Americans got their $6 billion worth out of the recent election.
And he’s on top of the issue when talking about the market’s performance the day after the election – the “steepest sell-off the day after” – for the nation as well as the looming fiscal cliff that America is approaching.
He notes while a post-election sell-off is traditional, the plunge this year took more than 2 percent off the top of the S&P 500, the Dow, and the Nasdaq.
Also, he pointed out, that Wall Street is anxiously waiting to see how Washington will handle the upcoming fiscal cliff – the “taxmageddon” at the end of this year when trillions in new taxes are to be levied by the federal government on Americans.
Robinson reports the increases will affect estate taxes, long-term capital gains taxes, and the taxes on dividends, among many, many others.
He also noted that the recent election cost some $6 billion., “reportedly the most expensive in history.”
Robinson then in joined by Tom Cloud, who delivers the Precious Metals Market Update, sharing his thoughts on the election, the fiscal cliff and the dollar.
Later in the program, Certified Financial Planner Jay Peroni joins the broadcast with his latest investing idea. With future inflation all but certain, food prices will only increase in the months ahead. This week, Jay highlights an agricultural company that is the largest producer of eggs in the country.
Finally, in the week’s Retirement Minute segment, financial adviser John Bearss tackles another common question that many of our readers who are nearing retirement ask us often: “Are my Social Security benefits subject to income taxes?”
Podcast is 1:11:22.
Jerry Robinson is an economist, published author, columnist, radio talk show host, and international conference speaker. Robinson has been quoted as an economic authority by USA Today, FoxNews and many other news agencies. His columns have appeared regularly in numerous print and web publications, including WND. In addition, Robinson is also the editor-in-chief of the popular economic newsletter, “Follow the Money Quarterly.”
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