|Asia Stocks Plunge Amidst Obama Meltdown|
|by Tom McGregor||Wed, Nov 14, 2012, 08:54 PM|
As President Barack Obama is showing more signs that he’s turning into a Nixon-style President, Asian stock markets are trading significantly lower. Meanwhile massive Obamasizing (layoffs) continues to spread across the US.
The Houston Chronicle reports that, "Asian stocks tumbled Thursday as hopes began to fade for a quick agreement among US leaders to avoid a ‘fiscal cliff’ that could derail the world’s biggest economy."
President Obama is refusing to reach a compromise with Congress. A series of expiring tax cuts and across-the-board spending reductions would take effect in 2013 – at a cost of approximately $800 billion, which economists say could put the US back into the Obama Recession.
According to the Houston Chronicle, "Hong Kong’s Hang Seng fell 1.1 percent to 21,216.40. South Korea’s Kospi shed 1.6 percent to 1,863.16. Australia’s S&P/ASX 200 fell 1.1 percent to 4,341.60. Benchmarks in Singapore, Taiwan and mainland China also fell."
Official figures have also shown that industrial output among the European Union dropped 2.5 percent for the month of September, worse than analysts anticipated. On Thursday, figures are expected to confirm that Europe returned to a recession.
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