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We’ve surveyed our readers in the past … and we’ve seen controversy on Dr. Weiss’ blog before — but nothing could have prepared us for the emphatic opinions we’re seeing right now!
So far, nearly 6,000 readers have taken our current survey — and the vast majority predict Congress will once again fail to reduce Washington’s massive deficits — and that majority has actually increased in the past 24 hours!
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A staggering 74.4% — nearly three out of every four readers — now say that the Super Committee will NOT agree to a deficit reduction plan before the November 23 deadline.
Plus, an overwhelming 84.1% say that even if the committee succeeded in producing a plan, it would die a horrible death in Congress.
We also ask how Congress’ continued failure to reduce deficits will impact the economy — and I’d guess more than 90% agree that the consequences will be devastating.
Raymond M. of Lackawanna, NY pulls no punches — saying, “It will grind to a halt. Further gridlock will prevent businesses from hiring and expanding. This pattern of behavior is crippling our country.”
Laura H. of Palm Bay, FL sees huge trouble ahead: “I think that the United States will suffer another debilitating stock crash and additional reduction in our credit rating,” she says.
Laura continues: “The current Congress is too dysfunctional to accomplish anything of importance relating to our economy. They are too divergent in their views and too unwilling to compromise for the good of the country.”
In Seattle, Kevin W. has very specific views of the impact of this latest Congressional failure. “The stock market will drop 20% to 30%,” according to Kevin. “The dollar will drop in value 5% to 15% … inflation will hit 4% to 8% by next August and interest rates will hit 6% to 8%.”
Edwin C. of Chula Vista, CA agrees: “I think the economy will suffer a dramatic decline as the most gargantuan debt/credit bubble in the history deflates. It will be worse than the Great Depression of the 30’s decade.”
And William M. of Topeka deserves the prize for the most no-nonsense answer in our poll. How will the economy react to Congress’ latest failure? William answers simply, “With disgust!!!!”
Granted; our survey may not be scientific, but when thousands of investors all tell you the same thing, it’s smart to pay attention.
And right now the vast majority of our readers are …
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Utterly disgusted with Congress …
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Absolutely convinced that there’s no way our leaders will be able to come to grips with America’s debt catastrophe …
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And bracing themselves for more downgrades of Washington debt and hurricane strength headwinds for the economy.
So what do YOU think?
Will the Super Committee agree to a deficit-cutting plan by November 23?
Or will it fail to agree — and force nearly $1 trillion in automatic spending cuts?
What do YOU think will happen to the U.S. economy and to stocks as a result?
Just click this link to take our survey now. It takes only a few seconds and we’ll sincerely appreciate hearing your thoughts.
Then, click here and leave a comment join in the discussion.
Thank you for your help!
Good luck and God bless!
{ 31 comments… read them below or add one }
I’m wondering; would it really be a “failure” if the super committee doesn’t do anything..? This will result in CUTS. Maybe not a lot, but it will get us going the right direction. We have a spending problem, not a taxing problem and this would be a victory for us average folks from my perspective.
I’m guessing they won’t do anything on purpose. The default excuses them from having to do anything and take direct blame for it.. The cuts would act on their behalf, they go home and call it a day. Taxpayers can’t relate a cut with a person or a party, only a committee. They point fingers at one another to deflect accusations and all is well between them at the end of the day..!!
The actions of Congress have been disgusting so far and I fear a turnaround ain’t in the works. Faith in our elected officals to help us out of this controversial economy has turned to hope and hope never works without action. All members of Congress and the House of Representatives should as a prequisite read “The Decline and Fall of The Roman Empire” by Edward Gibbons.
Until the toxic – bad debt and 660 trillion in cdo/cds’s are written off – burnt, the hope for recovery is hopeless. Same goes for congress to get all the excessive debt out and get real.
This huge ponzi scheme is wrecking us all. I truly hope this gets under control but unfortunately till we have a complete collapse, Congress and its games – both parties will not changed till marched up to the guillotine past the basket of chopped off heads.
Watching the diddling and dancing in Europe is only a prequel to the rain dance here about to get set loose.
Yes, I think the super committee will come to an agreement.
I do not think it will be sufficient to put us on the right track.
I do not think it will be approved by congress, unless they can break it
into pieces, which I understand is not possible, since it is supposed to be a straight up or down vote
with no amendments.
I believe that the yes and no markers under the survey results columns are inadvertatanly reversed.
Obama and the democrats are a disaster! Thank God for the Tea Party candidates that are beginning to change the culture of acquiescence among the rino’s that presently control the Republican portion of Congress. America’s last hope are the nation-wide elections in November, 2012. There must be a Tsunami sweep of Tea Party Conservatives at the local, state and federal level across this country. And Obama must be defeated! He is an unmitigated disaster! Short-term, his policies have devastated America in every way imaginable. However, his greatest disaster is his foreign policy. He has successfully instituted radical Islamist states in Egypt and Libya, and he has handed Iraq over to Muqtada Al-Sadr, the militant Shiite with direct links to Iran. The Kurds, Sunnis and Shiites ALL supported America’s troops to remain in Iraq. Only Al-Sadr and his radical, minority sect objected. Guess who Obama supported? Iraq will become a blood bath and Iran will soon control Iraq. Then Saudi Arabia will fall. Iran will shortly have nuclear weaponry with advanced missile systems, (thanks to the Clinton administration in the 90’s – they sold our cutting-edge missile technology to the Communist Chinese who are making lots of money selling that to the Iranians). Iran will spread nuclear weapons into Egypt, Libya, Syria, Lebanon, Iraq and eventually Saudi Arabia. Additionally, Iran will sell their nuclear technology and rocketry to Cuba and Venezuela – and is working closely with Mexican drug lords to bring nuclear weapons into the USA asap. This is not happening by accident, this is by design. Obama is America’s trojan horse…a disaster of unimaginable proportions is coming to America.
Laura H. of Palm Bay, FL sees huge trouble ahead: “I think that the United States will suffer another debilitating stock crash and additional reduction in our credit rating,” she says.
Laura continues: “The current Congress is too dysfunctional to accomplish anything of importance relating to our economy. They are too divergent in their views and too unwilling to compromise for the good of the country.”
Laura is pretty most right. The Congress did compromise and that is why we are where
we are. Nobody wanted to offend the others or dig in their heels and stop the train.
That’s exactly right. the majority of congress, as well as the White House are bought and sold by Wall Street, lock, stock &barrel. Certainly, they all realize that there is no sollution, the gig is up. All they can do now is to pretending to fix the unfixable, in order to buy some more time to grab as much as they can for themselves before the whole house comes crashing down. The banksters have looted the whole world economy, and extracted all the common whealth that it took generations to build up. But despite the fact the there is rampant, ongoing fraud at Wall Street, nobody is held to account. The regulators are told not to regulate, and the prosecurors, not to prosecute. It is a top down cleptocracy, and when the populous finally “en masse” realize that the law of the land has become nothing more than an instrument for their oppression, oh my! The thought of the ensuing events leave me awake at night!
I doubt the “Super Commitee” will come up with the amount of deficit reduction truly needed to get this country on the right path. Medicare (not social security) needs to have significant cost containment. The military expenditures need to be slashed by a similar number -think 30% – 40% for each as an opener. Will we let the old and ill die? Will we allow other countries to develop on their own? Can beless fearful? Will we ever even CAP our OIL use?? Will we TAX imports? Can we ever raise TAXES? Doubtful, doubtful, doubtful on each count.
Nahhh. the TP cant solve anything either. And focusing on the Dems & Obama (who is admittedly a trojan horse for Wall Street) is missing the point. The Reps vs Dems is a distraction from the real players who own both parties. And they control the TP as well, don’t kid yourself!
The U.S. citizens have wanted everything for nothing. The citizenry during World War II knew that they had to pay for the war. They rationed and the tax for the rich was 75%. Now the tax cut for the top percent is 250%. The cost of both wars for has been borrowed. Country: wake up!
Our government is bought and dysfunctional and ‘incentivised’ to remain so. That is the first problem we must deal with in order to correct the problems on Wall Street and the banking industry which got us in this hole to begin with. But correcting our government problem seems almost impossible because it is equivalent to asking the fox to vote on who watches the hen house. And to add insult to injury we have a populace who seem unconcerned and apathetic. We have a do nothing Congress and a do nothing about it population unwilling to correct the problems. We should all be in the street living in tents with #OWS letting our government know that the BS has got to come to a end.
During World War II, the citizenry rationed and the very rich paid taxes of 75%. Noone expected a tax cut! But during our recent wars, Bush gave tax cuts. The rich got cuts of 75%, middle class 40%, and the poor 18%. Money for the wars and other things was borrowed, mostly from China. Country: Wake up!
Martin,
I don’t know how many on the Weiss board realize how corrupted the Federal Government is from within!
There are people inside government that will delight in the fall or demise of our Country. It won’t matter how anyone invest or what you invest in. I am sadden by the state of America!
It is going to take a large movement of people banning together to reclaim our Country. I know this probably will not make it to this board, but maybe it will! The Tea Party Movement made a difference in 2010, it must continue to educate and grow the ranks to effect new change in 2012.
If this Govt was serious about resolving problems they would have implemented parts of the Simpson Bowles plan. The “Super Commitee” appears to be another delay tatic!
The “Super Commitee” is unconstitutional, only way to save our economy is to restore Glass Steagall Act & audit & bar The Federal Reserve. “The Fed” is a private organization with total intentions to destroy Americas middle-class by Banking Austerity! Ron Paul for President “Restore our Nation” 1776 “V”
My opinion is what difference does it make. It is nothing but a sham anyway. We are talking about 1.2 trillion over 10 years. That’s nothing more than a drop in the bucket and they will structure it in such a way that most of the cuts are well into the future, knowing that they will probably be changed by a future congress anyway. I think the die is already cast. By the time of the elections we will be over 16 thrillion in debt, a sum that can never be repaid, especially with the declining economy we are in now. Also, once our economy gets dragged down by a European economic collapse, the economy and the situation in Washington will be so mush worse that anything that we do today will be rendered moot.
Until the shadow gov’t that is controlling the puppet show gov’t paraded for we the children hanging on to our fantasy of a gov’t : by, for, of the people, is exposed to the light of truth, not a whole lot of correction can be expected. Perhaps initiatives being floated for a new and through investigation of 9-11 will shed light on the depth of depravity and the philosophical shallowness of the perps, who appearantly think world control should be left to them.
Dick Morris wrote a book, “Off With Their Heads”, in which he pointed out the unintended consequence when the Supreme Court ruled on ‘one man, one vote”. Since then Congressional districts have been drawn to protect current office holders. The result of this is to create a congress where compromise is not necessary as their home districts become more and more polarized towards one party. Hence a dysfunctional Congress. The rise of the Tea Party may change this (maybe) as their members are supposed to believe more in principle than party.
Hi Mike, Obama inherited most of the present problems from George W Bush.
Bush presidency cause for 80 % of todays problems. I am a Republican voter and
voted for GW the first time but not the second. As president what a disgrace.
The banking system in the world is too interdependent. Failure of a big bank will create serious problems for other banks on the other side of the globe. United Europe was built on a false hope “the Union will help my country.” Everybody expected to “get” help, but no country was willing to support the “Common cause.” The good and easy life style could not be supported forever. The American worker was overpaid in the past, lived very well above his income level on credit. The capital went where it could get the best return on its investment, where taxes and wages were low.The money went from the west to east! The structures of the monetary, social, political, system and government must be changed!
Steven Jalso, retired
Good morning. I share the majority of your clients views.
The Super Committee might come up with a plan only because of their belief they would not get re-elected if they failed. I give it a 35% chance because of the political heat. The Republicans
will give in to taxing the rich before the presidential election. It appears everything is based on politics and nothing on common sense. It will take a very serious event to force both party’s to
take constructive action. The President would probably veto a bill that is good for the country
but not for his political future.
What will happen if failure to get a comprehensive program is reached? My guess is not reached? A short term sell off but will recover within a week.
The big question is what will happen if the Greeks turn down the bail out propasal? Disaster!
Nobody wants to talk about them: the old banking families who’ve been colluding for the last few centuries, getting obscenely wealthy defrauding everyone else. They need to be hunted down, and dealt with. Almost everything else would go back to normal.
I DONT UNDERSTAND! Asking US — who are asking YOU to counsel us on our investments — because we don’t have the “time and commitment” to monitor or extrapolate the from the World financial market activities — and make investment decisions to save –and to increase or portfolio’s — even modestly. Is this request— what some call “SPIN” just to satisfy your constituents — so they can give their opinions and expert diagnosis of the World — and local financial markets? This is why we (I) am asking for your counseling!! Do you know more than your customers — or are some of us just as knowledgeable as your RESEARCH — professionals. NOT! To much information leads to confusion — that’s why of the 15 to 20 investment letters sent to me by Internet — each morning — can tit-elate a reader intrest but is nothing more than “Spin”. Each leads to joining up –before they will give you their opinion how to make the next BIG gain — guaranteed or your money returned — for a 30 day trail. NOTE: Remember when you use to offer a 90 day trial! “I’m done”! Still Loyal — as my journey continues ——-
Nick Cee
I agree with your readers comments. Besides, I wonder if the Super Committee is really allowed by the Constitution to do what they are asigned to do, I do’nt think they are capable to agree to a deficit reduction plan. The stock market is vulnerable to another crash for sure! The unfortunate thing is, that many people are in denial about the seriousness of that is hapening with our economy. Every day they go about their lives as if nothing serious is hapening oround them. Sadly to say, many of our college students are being brain wash by chalatans like profesors, Obama and his cronies, and I won’t be surprised the same pattern as Argentina is being followed here in the US.
I appreciate all of what Weiss Inc. has to offer, but this poll is invalid. Most of us are members of Weiss because we are naturally bearish. Of course we could be wrong. 6000 people are just a drop in the bucket. I hope we’re right, I guess we’ll see. Place your bets folks…
It likely makes little or no difference what investors think will happen if 1-2 trillion dollars are not cut from the US budget…since such cuts will make little or no difference in reducing our total debt which far excedes $100 trillion. Unfortunately, since 50% of American workers currently pay no taxes they figure they are poor anyway so why not let the other 50% of workers get a real taste of what poor is like…so those with no skin in the game vote again for the same people that created this mess. It seems the other 50% will continue to set on the fence trying to decide which side seems greener and so 10-20% will either not vote or will vote with the 50% who want to retain their free ride…RESULT, the Dow drops to 4000 and the socialists take full control of all 3 branchs of Government…then we all lose and become non-investors in an Un-united socialist dictatorship where everybody pays 50-70% in taxes and everyone wonders how it ever happened. At this point, it appears to be all about votes and has little to do with the economy or investments. Perhaps we FIRST should be discussing the importance of voting and taking control of the We the Peoples Government so we can truly concentrate on the health of OUR economy.
It seems that 90% of the people don’t understand whats going on. The unions are the cause of most of our jobs going oversea’s because they demanded such a high wage and now when one man has guts enough to stand up to them, the unions are trying to recall him. Instead of recalling him they should be voting him in for President. The unions broke most of our large employers like Allis Chalmers, American Motors, G.M. General Electric, and many more. Are they the ones you want representing you? Also, why are we still in the United Nations? Why are we still dishing out Billions in foreign aid for Hillary to give to nations like Russia, China, and Pakistan? Don’t we have anyone in Washington with any brains?
The US is heading in the wrong direction under Obama as President. The economy needs to be stimulated by small business startup that will get people off unemployment and go back to work. I feel strongly that the US budget will not recover if we continue going in Obama’s direction because he is using his own ideas that both parties are now objecting too.
The US will see the Dow drop in the first quater of 2012, gold will rise, and if Obama is the democratic choice for reelection then the dow will continue to slide. If Obama was reelected that would lead the US into a severe depression. Also, there are millions of homes in foreclosures and millions more to come. The housing industry statistics include new homes being built in areas that were destroyed by severe weather or wild fires. Once again another smoke screen that the economy is recovering.
The spending cuts are not the solution! They take away services that the American people depend on and need to survive.
I have to be one of the optomists. These people elected to congress certainly can not be totaly stupid. There must be a compromise and I feel they must come to an aggreement on this very important issue even if they ;have to hold their nose.