Fiscal Cliff predictions?

[Cain]

Democrats are said to have offered to extend tax cuts on couples earning up to $450,000 (£277,000). But divisions remain over how to tackle spending.

Agreeing to a $450,000 threshold ($400,000 for couples) would be a notable compromise by Democrats, analysts say.

The party previously only wanted tax rate extensions for earnings under $200,000 (£123,000) for individuals and $250,000 (£154,000) for couples.

Well, looks like I'm at least half right.

[Bruno]

Soooo.... is right now a good time, or a bad time to be buying a house?

[The Good Reverend Roger]

Soooo.... is right now a good time, or a bad time to be buying a house?

I'm gonna say "good", if you have a fairly secure job.  Inflation is your friend when you owe on something.

[Cain]

Well, sorta.

http://www.bbc.co.uk/news/world-us-canada-20879174

The US will miss a midnight deadline and head over the "fiscal cliff", after the House of Representatives said it would hold no vote on Monday.

Earlier, President Barack Obama said a deal to avoid the steep tax rises and spending cuts is "within sight" - but not yet done.

Senators are said to be "very, very close" to a deal on tax rates but remain divided over spending cuts.

Tuesday is a public holiday in the US, so no immediate effects will be felt.

Lawmakers are expected to return to Capitol Hill on Tuesday for final talks and possible votes on a compromise bill. The Senate could still vote on Monday evening.

[AFK]

Political theater is cool.

[Cain]

That'll teach Obama to hurt the Republicans feelings:

Perhaps the most noteworthy thing about the brief remarks was the Republican apoplexy that followed. Apparently, the president's tone hurt GOP lawmakers' feelings — so much so that many Republicans are now arguing that a fiscal agreement mail fail because Obama made them feel bad.

Seriously. That's what they're saying. Sen. Bob Corker (R-Tenn.) said on the Senate floor that the president's tone represented "heckling," and as a consequence, he "lost some votes" for a compromise deal. Soon after, Sen. John McCain (R-Ariz.) also said Obama was too mean and made Congress feel bad.

[Bruno]

Soooo.... is right now a good time, or a bad time to be buying a house?

I'm gonna say "good", if you have a fairly secure job.  Inflation is your friend when you owe on something.

I think it's fairly secure.

It's been a couple of years since the last time they mentioned the possibility of outsourcing us to China, anyway.

[AFK]

That level of pathetic FAIL is gonna eat right through the marble floors.

[AFK]

Soooo.... is right now a good time, or a bad time to be buying a house?

I'm gonna say "good", if you have a fairly secure job.  Inflation is your friend when you owe on something.

I think it's fairly secure.

It's been a couple of years since the last time they mentioned the possibility of outsourcing us to China, anyway.

Interest rates are as low as they are going to be for a long time and will start to inch up again within the next two to three years.

[Bruno]

Soooo.... is right now a good time, or a bad time to be buying a house?

I'm gonna say "good", if you have a fairly secure job.  Inflation is your friend when you owe on something.

I think it's fairly secure.

It's been a couple of years since the last time they mentioned the possibility of outsourcing us to China, anyway.

Interest rates are as low as they are going to be for a long time and will start to inch up again within the next two to three years.

Yeah, it could even be the best time to buy a home in my adult lifetime, but worst case scenarios always seem more likely when you have the papers in front of you.

I should probably just stop thinking about whether it's the right time, and just focus on whether it's the right price for the right property.

[Cain]

Invest in milk.  BUY BUY BUY:

http://www.reuters.com/article/2012/12/28/us-farm-bill-dairy-idUSBRE8BR0JQ20121228

The proposed extension to farm legislation that expired in September would be for "some months" but for less than a year, the source said.

If an extension is passed the United States would avoid reverting to 1949 "permanent law" and a potential spike in the retail price of milk to as much as $8 a gallon in 2013.

The Senate passed its new five-year farm bill in June, and the House Agriculture Committee followed with a version in July.

But the House bill, with large cuts in food stamp funding for lower-income Americans, has never been brought to a vote by the full House. The Senate and House remain far apart on the issues of food stamps and crop subsidies.

Many estimate that U.S. retail milk prices could rise sharply in 2013 – to some $6 to $8 per gallon from the current level of about $3.53 – if the government reverts to 1949 statutes that would require USDA to buy and store dairy products at inflated prices.

[Cain]

There's an agreement, of sorts.

No details yet.  Has to be voted on first.

[Cain]

Apocalypse Postponed.

Fiscalgeddon hits in two months now, assuming no agreement in Congress.

[The Good Reverend Roger]

Apocalypse Postponed.

Fiscalgeddon hits in two months now, assuming no agreement in Congress.

This is getting kind of old, isn't it?

[Cain]

Just a bit.  First Y2K, then the Mayans, then Congress.  If the Apocalypse were a pizza, we'd all be owed the next one for free.