This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

We Are Pawns in Obama's Fiscal Cliff Game

Stocks in this article: AAPL TAP

Same for much of the San Francisco Bay Area, Manhattan, Boston, Seattle and other places with tony urban and isolated suburban neighborhoods where people don't even think twice about spending thousands a month on rent, "buying" a house for millions of dollars and going out to eat dinner every other night.

Sure, the capital gains tax might make some rich dude in Santa Monica sell his house prematurely, but there will be another wealthy soul there to buy it above asking price. Maybe the same person puts off the BMW purchase when his lease expires, opting to keep the 2010 model by paying the balance.

#firstworldproblems!

The "Washington/media conglomerate" Stalter refers to rolls in these circles as well. That's why politics, egos and positioning and posturing through the media dictate how the fiscal cliff -- or any crisis du jour -- unfolds.

There's little, if any, material impact for the privileged who live and work in Washington, D.C., or who commute in from the suburbs of Northern Virginia or have second homes in New England to come home to for the holidays as the nation sits on the verge of chaos.

They're not delaying personal Christmas spending because of the uncertainty. They're not comparing the cost of COBRA vs. buying a temporary stop-gap health insurance plan online if all hell breaks loose. They're not crapping their pants because the 50 shares of Apple (AAPL) they own lost 25% of its value in a New York Minute, even though Apple is easily America's most dominant company.

No matter how much they say they do, they don't care! And they certainly don't get it.

It's not possible for them to really get what a poor person, a middle class person, a small business person or even an upper middle class, relatively affluent, white collar cat goes through.

Pardon the yelling, but IT'S NOT POSSIBLE!.

It's the same dynamic as the high school class that sleeps outside for a night to see "how it feels to be homeless" or the book author who travels the country working minimum wages jobs to see "how it feels to be a low-level, unskilled worker trying to get by."

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,434.19 -244.51 -1.38%
S&P 500 2,035.32 -21.77 -1.06%
NASDAQ 4,705.3560 -66.4070 -1.39%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs