Wall Street to Washington: Avoid the fiscal cliff!
October 18th, 2012
10:00 AM ET
2 years ago

Wall Street to Washington: Avoid the fiscal cliff!

New York (CNNMoney) – Several big Wall Street bank CEOs on Thursday urged Congress and President Obama to avoid the "fiscal cliff."

In an urgent letter dated Oct. 18, the Financial Services Forum pressed leaders to "reach a bipartisan deal to avoid" massive tax hikes and across-the-board program cuts that could lead to recession. If Congress doesn't act by Jan. 1, the United States will go over the fiscal cliff, triggering about $1.2 trillion worth of spending cuts over a decade.

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Filed under: Congress • Wall Street
soundoff (31 Responses)
  1. Ed1

    Obama doesn't care it's part of his plan to destroy this Country along with all of his Union and liberal buddies.

    October 18, 2012 10:03 am at 10:03 am |
  2. Mikey

    Tell that to the Republicans, who refuse to even engage in a discussion about the balanced approach that will be required to get us out of this debt mess we've spent the last 30 years (with the exception of the Clinton years) getting ourselves into.

    October 18, 2012 10:05 am at 10:05 am |
  3. gt

    both sides are gutless...thats what is going to happen...

    October 18, 2012 10:13 am at 10:13 am |
  4. Thomas

    Wall Street to Washington: Avoid the fiscal cliff!

    If Congress doesn't act by Jan. 1, the United States will go over the fiscal cliff .

    Are these the same Bankers that supported Alan Greenspan , the American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006.

    Then jumped ship along with GW Bush after creating one of Americas worst resesions ?

    October 18, 2012 10:25 am at 10:25 am |
  5. GI Joe

    Go over the cliff. Let THem work for minimum wage for awhile. Maybe they'll all jump from their windows.

    October 18, 2012 10:34 am at 10:34 am |
  6. rs

    The Republicans in Congress (who abetted the creation of the "fiscal cliff") are far too addicted to drama and stupidity to willfully do anything good for America.

    My advice to to keep them in session, no campaiging, no holidays, no breaks until they fix this problem. If the GOP filibusters- send 'em to jail until they allow a clear vote. It is time to get tough with our domestic fiscal terrorists.

    October 18, 2012 10:35 am at 10:35 am |
  7. Rick McDaniel

    Not going to be addressed until after the election. Period.

    Obama has to be held in check, on spending.

    October 18, 2012 10:41 am at 10:41 am |
  8. Larry in Houston

    it doesn't matter – it's too late – the interest on 16 trillion @ .000001 % will still put us over the edge.It's just a matter of time.

    If Romney gets IN, then he will also be a 1 termer.

    With the trickle down theory – If he does to the regular working people that makes less than 100K per yr, like reagan / bush 41 / and dubya had done to the middle class in the last 35 years, and put a burden on us, not only he will be a one termer, but the american voter won't vote for a republican ever again. ( and I mean Never again)

    The Voters out there are forgiving, but only at a certain point – so they may end up giving romney a pass – but IF he puts the "middle class" people in a VISE in his regime, believe me, the american Voters won't put up with it. They Will Remember, in 2016.

    I honestly don't think Romney will "cater" to the ultra rich, since he's already got enough money in offshore accounts to take care of not only His Family, but anybody else's Families, if he wants, for the rest of their Lives.

    Hopefully he will have some compassion for the regular working people out there, just trying to make it everyday.

    May the Best Man Win – 2012

    October 18, 2012 10:45 am at 10:45 am |
  9. S.B. Stein E.B. NJ

    Could we have the teapublicans show some Americanness and compromise? If that happens, then we can avoid the cliff. I suspect that they will have to be beaten into it. They might be more pressed into it if there are major Republican losses in the House.

    October 18, 2012 10:45 am at 10:45 am |
  10. steve

    We need to go off if the cliff first. This will eliminate the Norguist pledge. Then a real compromise can de reached.

    October 18, 2012 10:55 am at 10:55 am |
  11. Wire Palladin, S. F

    The fat cats are worried about their tax cuts for the wealthy expiring.

    October 18, 2012 11:07 am at 11:07 am |
  12. Ok Wall St.

    Raise taxes on Wall St. Executives!!!!!!!!!!!!

    October 18, 2012 11:09 am at 11:09 am |
  13. Sniffit

    I see that CNN has decided to continue sweeping Mittens lies under the rug about the MassGAP "binder." Not suprising. Here we have a guy who was asked a question about how his administration would assure women get fair credit for their contributions to the workplace/society and answered it by trying to take the credit for something a group of successful, professional women had accomplished. That kind of damaging story needs to be whitewashed or avoided all together, right CNN?

    October 18, 2012 11:12 am at 11:12 am |
  14. NOTADEMOCRAT

    Wall Strrt is worried about this years profits..., not the debt being piled onto our children.

    October 18, 2012 11:19 am at 11:19 am |
  15. NEVER to VOTE REPUBLICAN again

    The Repubteas will be gone by that time! Woorah!

    October 18, 2012 11:28 am at 11:28 am |
  16. LacrosseMom

    Remember, AMERICA, WHO IT WAS.... that brought us to the Fiscal Cliff in the first place!

    Wall Street, the GOP, the Greedy Bankers.

    October 18, 2012 11:30 am at 11:30 am |
  17. ghostriter

    Clearly, republicans care nothing about this. Democrats aren't big on it either. Look for a New Year's Eve deal. Neither side wants this to interfere with their celebrations.

    Of course, there is enough time to get a few pointless hearings out of the way. You know, to determine when the president said terror.

    October 18, 2012 11:45 am at 11:45 am |
  18. wjmccartan

    First you have the Netanyaho sticking his nose into the mix, the man who says America must draw a red line in the sand, yeah like America wants too start another war on somebody elses behalf. Now the jokers at wall street who were the culprits behind one of the biggest depressions since the thirties and is still going on almost five years later, these *ssholes are telling the government to get their house in order. That's rich. Just stay behind your wickets and shut up wall street, if anybody wants to hear from you they'll rattle your cage.

    Lucid One

    October 18, 2012 11:46 am at 11:46 am |
  19. rs

    Steve-

    Excellent point. The GOP has to decide who is signs pledges to: The American people and the U.S. Constitution; or Mr. Grover Norquist- the rich guy who hates paying taxes and his "Club for Growth".

    October 18, 2012 11:48 am at 11:48 am |
  20. Dominican mama 4 Obama

    I honestly don't think Romney will "cater" to the ultra rich, since he's already got enough money in offshore accounts to take care of not only His Family, but anybody else's Families, if he wants, for the rest of their Lives.

    Hopefully he will have some compassion for the regular working people out there, just trying to make it everyday
    -------------------------------------------------
    The fact that Romney has enough money has nothing to do with the fact that he will cater to the ultra-rich. If Romney manages to buy the Presidency of these United States he willnot have done it with his own money but with the money of his ultra-rich friends,most of which are gathered at a retreat as we speak getting on update on their "investment" (read: "how's the campaign going?"). Let's not be disingenous. Why do you think he's trying to shove 2 trillion dollars towards defense thta the Defense Dept. has already said it does NOT need? Contributing ultra-rich friends that stand to profit from defense contracts is the prime reason that comes tomind. Haliburton anyone?
    Your hope that he'll have compassion for the middle-class would be funny if I wasn't one of them. You have a current president that has put everything on the line, and committed political suicide in order to show compassion to the middle-class and the have-nots (Obamacare) . That's what selfless compassion looks like. Romney's idea of compassion to the 99%ers is taking away our exemptions, telling us to self-deport, maintaining the tax-cuts for the rich, and sending us to the emergency room if we get sick an don't die first.
    Don't hold your breath.
    Obama 2012.

    October 18, 2012 11:49 am at 11:49 am |
  21. Bria

    Wall Street was right there with Congress and the rest of the Repulicans trying to do anything and everything to make this President fail. Now that it is coming back to bite them in the but and they have realized that they are apart of the fabric of this country they now want the Congress to act. Since this particular Congress does not make a move without some outside force telling them what to do why don't they just tell them what to do. Obviously their loyalties does not lie with the American people because if it did they would not have all the signed the Grover Norquist pledge. It makes me wonder is there another pledge that the public doesn't know about that has been signed.

    October 18, 2012 12:03 pm at 12:03 pm |
  22. jt

    The Democrats need to get off welfare, go to work and stop depending on Gov. I do agree with mitten about 47%, and 46% of the 47% are Democrats.

    October 18, 2012 12:05 pm at 12:05 pm |
  23. glennwharris

    I agree. Let those wealthy who give less than a damn about those who have less watch their bottom line disapear. Let them go over the cliff. Gdubglenn

    October 18, 2012 12:05 pm at 12:05 pm |
  24. St James Place

    Congress the blind leading the blind.

    October 18, 2012 12:05 pm at 12:05 pm |
  25. Scott

    IF the Democraps and Obumer would endorse the Republican plan we would be fine. Unemployment would go down, profits would increase, more compaines would start to hire. Plus we would cut the deficit by a great deal. We would have a stronger and better Ameircans under Romney, then that socialist OBama who is intent on destroying this country. So he can pattern it after the European countries. Obama the biggest threat to this country we ever had.

    October 18, 2012 12:08 pm at 12:08 pm |
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