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November 16th, 2012
06:19 PM ET

The fiscal cliff and your money

While President Obama and Congressional leaders meet try and avoid the fiscal cliff, Wall Street is preparing for market volatility.  CNN's Don Lemon talks with Rana Foroohar of Time Magazine about what the fiscal cliff means for your money in this sort of atmosphere.

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Filed under: Brooke Baldwin • CNN Newsroom • Don Lemon
soundoff (12 Responses)
  1. Glen overbey Arkansas

    hey people! yall permoting the sky's falling is not going to help america. that's like saying let's not take know risk. risk is what america was foundated on. that could cause everbody to bale out ther for cause the stock warket to crash. and that would be your clift people dont listen to these bird brans just keep investing & dont worry about it. and everthing will be alriight. and your money will start to grow.

    November 18, 2012 at 12:03 pm |
  2. Maria

    You cannot solve the debt crisis by taxing, reducing government expenditures, reducing social security, or any other method; with the exception of one method that not only will completely eliminate debt, but create a surplus. That method is to charge 1 cents for every item brought into the United States. Note>>>>BROUGHT INTO THE UNITED STATES.

    November 18, 2012 at 3:46 pm |
  3. Michael Brainerd

    Can't believe you guys didn't do better in calling the Romney apologist on his argument that Obama pandered to the voters. Romney also pandered outrageously, to racist voters and selfish donors– they just happen to be fewer. That's democracy. Also his argument that democracy is not the issue– Romneys' was just the better policy! First, conservative economic philosophy is totally open to question. Second, deciding what policy is sound is not what elections do. Bottom line: Republicans have been trying to win with lousy economics and popular, conservative values. They lost on both fronts this time.

    November 18, 2012 at 6:47 pm |
  4. sam

    I can not believe the conversation between you and that guy LZ? and Will!!! What an attack on Will!!! I am disgusted!! LZ barely stopped short of calling Will something racist!!!! Why don't you learn something and report the news without an agenda!??? Will was right!!! The democrat party IS customizing their campains to court the vote of those who have been spoiled and raised that government should take care of you..regardless of race!!! Just that act alone defines a wolf in sheeps clothing whose sole purpose is to gain power vs. a group whose focus is to make this the greatest country in the world!!! Wake up, DON! Just the fact that they voted Obamacare but yet EXEMPTED themselves makes it CLEAR that even they wouldn't sign up for it!!! UNBELIEVEABLE!!! YOU BOTH OWE WILL A PUBLIC APOLOGY!!!!

    November 18, 2012 at 6:47 pm |
  5. Martin

    The Democrats promise too much to people that are the nation's dependents. That is one reason the USA is bankrupt. Our dependents now out number self supporting and tax paying citizens. The election results proved it.

    November 18, 2012 at 10:55 pm |
  6. ken

    The so called fiscal cliff is nothing. It goes back to the clinton era tax rates and cuts 50B per yr. from defense. What is the big deal? Going over the cliff will generate 6T. The federal debt is expected to rise to 22T by 2016 so cutting 6T is really nothing but it it's still 2T more than obama and congress are talking about.

    November 19, 2012 at 9:40 am |
  7. Lloyd M Abrahams CPA

    To POTUS ,Congress and the Media
    An easy but different solution for the continuation of the Bush Tax Cuts that should be bipartisan acceptable.
    The Republicans argue that increasing the tax rates on upper income taxpayers with TI in excess of $250K will stifle business development and job creation by small business owners.
    SOLUTION
    Double the AMT min for all taxpayers and Increase the floor from $250k to $500K (Jt Tax Returns -$400K -SIngle Taxpayers) and allow a separate exemption increase for business income for each dollar of wages for businesses that hire new additional employees by special classes – minorities, vets, the unemployed and for outsourced jobs converted to in-source jobs. Thus if a business hires a special class of new employees and pays during the year $250K in wages to these employees their exemption for tax rate cuts above $500K increases by $250K. They would also be allowed a $1000 tax credit (non-refundable) for training these special class of new employees. The new taxable revenue increase from the newly hired qualified workers will directly offset the decrease in taxable revenue from the increased taxable income exemptions.
    In addition Dividend income for taxpayers with AGI below $500,000 would not have their dividend income tax rates changed. Above $500,000 AGI large corporations could pass thru income exemptions with their dividends in direct proportion of the qualified wages paid as set forth above to dividends paid-modified qualified dividends.
    This way higher earning business taxpayers will receive the benefits of the increased exemptions directly based upon the new jobs they create.
    I will be emailing you other solutions to our nation's problems.
    MRCANDU10 (Cousin of Mr Get It Done

    November 19, 2012 at 10:57 am |
  8. Lloyd M Abrahams CPA

    SUBJECT A NATIONAL COMMITTEE OF 2
    This letter is addressed to both POTUS and the Media.
    Copy to President Bill Clinton and also web mailed to Speaker Newt Gingrich
    In order to avoid polarization of political views by Congress and POTUS
    I propose that immediately after the elections in November that the winning candidate President Obama ask President Bill Clinton and Speaker Newt Gingrich to form a committee of two statesmen to propose and recommend bipartisan legislation to solve our nation's economic and fiscal problems that can be voted on and passed by the new Senate and Congress taking office in January 2013. They probably would be best suited for this as they are both two of the most intelligent experienced politicians in our country, that are legislatively and government savvy-wise statesmen who have several major assets.
    1. They will not be running for office again.
    2. They represent both ends of the political spectrum.
    3. That they both worked together solving and passing legislative programs that balanced our national budget, lead this country to a national surplus and created the conditions for a rapidly expanded economy.
    4. Both of them are sufficiently independently wealthy that they can be immune to the lobbying efforts of major big interests.
    5. It would be ideal for both of them as they will rise to the level of true national statesmen who if successful in this task will secure their legacies in history, possibly far greater then when they were in their respective government positions.
    If they do take on this task they should consider using some of the principles of "Tax-Enomics" from the CANDU MEMO.
    PS If they want to make it a committee of 3 add retiring Senator Joe Lieberman as the "Independent".
    MRCANDU10 (Cousin of Mr Get It Done)

    November 19, 2012 at 10:58 am |
  9. Lloyd M Abrahams CPA

    HOUSING – A NEW SOLUTION – FREE THE IRAs,401Ks
    TO POTUS and Congress
    Housing is probably the major key to stabilizing and expanding our economy.
    A new and different solution to stimulate and improve both the housing and mortgage markets without additional cost to the national debt.
    FREE THE IRAs,401Ks and other Retirement Accounts as follows:
    Allow mortgage loans from these retirement accounts for individuals and immediate families for the purchase of new homes and in certain cases refinances for home improvements of existing homes without the tax penalty assessment for early withdrawal.
    In exchange the retirement accounts will receive a mortgage lien against the property with a 1% interest rate repayable over a term based upon age 70 less the borrower's present age. The mortgage-lien loan is due and payable in full upon any disposition of the home.
    Creative finance and creative home market improvements.
    MRCANDU10 (Cousin of Mr Get It Done)

    November 19, 2012 at 10:59 am |
  10. Liza

    getting rid of penalty for IRA use would be a good step

    November 22, 2012 at 1:02 pm |
  11. Mike N

    About 15 years ago while sitting in a hotel room while on a road trip I did a calculation that has changed my point of view and put many things in perspective. Every American should do this, it only takes about 20 minutes.
    Since doing this myself I have always wondered what most Americans would come up with and I am guessing that my number is probably about the average.

    From my perspective I looked at what I would need as a yearly household salary, assuming a wife and 3 kids, house, food, utilities, cable, heat, water, not paying entirely for but helping to send them to college without loans, healthcare, house, cars, insurance,boat or some form of recreation for the family. Basically whatever we would need to live comfortably, and not want for much that we could not have with a little planning.
    Some will think they need a 5000 sq ft house and others will do this with an 2200 sq ft house and so on but the average would tell us a lot about our Country.

    November 29, 2012 at 3:31 pm |
  12. Robin E. Chester

    Please...listening to the woman talk today about the housing market regarding mortgage deductions is a joke. Obviously, your guest has never owned a home. If she had, she would not say it is cheaper to own than to rent. She needs to take into consideration who is responsible for replacing the well pump ($2-$9000.00), furnace, heat pump, airconditioner, water softener or water heater, etc. There are so many things that home owners deal with they are too vast to mention. Most of these are not covered by insurance nor do they increase the value of your home. Saying that it is cheaper to own than rent is ludicrous, take it form the actual homeowners, WE NEED THOSE MORTGAGE DEDUCTIONS! One more thing she probably knows nothing about, for most middle class "empty nesters" our mortgage deduction is the only one we have left. Hey CNN, Love your station, watch or listen 24/7

    December 1, 2012 at 1:54 pm |

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