After election Vegas employer lays off 22 employees

Discussion in 'Politics, Religion, Social Issues' started by ugahairydawgs, Nov 8, 2012.

  1. macrumors 68020

    ugahairydawgs

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    Zombie Acorn

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    #2

    The biggest Dow Jones sell off this year occurred when Obama was elected for another 4 years, he isn't the only one that is concerned about profitability in the future. A bit too much panic though, nothing is going to get passed the house. The corporate welfare health insurance plan is probably worrisome to any company that isn't in the health insurance industry.
     
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    flopticalcube

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    #3
    Selloffs are common after Presidential elections (as are rallies before). More to do with the looming fiscal cliff which seems a perennial, intractable problem.
     
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    Zombie Acorn

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    #4
    This is the fifth worse in history.
     
  5. macrumors 6502a

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    #5
    Elections have consequences and this will be one of them as small business owners grapple with the looming tax burdens. So if you work for a small business especially one that employees 50-55 or so people watch out. Many business will try to keep under the 50 employee mark to avoid the raft of Obamacare. 4 more years!! yippee!!
     
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    citizenzen

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    #6
    Please cite.

    Thank you.

    ----------

    Here's what I don't understand.

    In the past, conservatives have argued that increased taxes on businesses are simply passed on to the customer as increased costs.

    How is this tax different from previous ones?

    Why doesn't the employer mentioned in the OP simply pass these [alleged] increases in his expenses on to the customer?
     
  7. macrumors 65816

    Zombie Acorn

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    #7


    http://www.washingtonpost.com/busin...bbd91a-2910-11e2-aaa5-ac786110c486_story.html

     
  8. thread starter macrumors 68020

    ugahairydawgs

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    #8
    You can only increases prices so much before people stop buying your product. You have to eventually lower the overhead.
     
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    mcrain

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    #9
    The Dow was at 6,547 in March of 2009. It has doubled since Obama was elected. A 313 point loss the day after the guy backed by Wall St. lost isn't really all that big a deal, is it?

    (edit) Fifth worst on the day after an election. Oh, I see. Not fifth worst drop ever.
     
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    Zombie Acorn

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    #10
    How many Wall St. *******s that caused this mess have been prosecuted by Obama? ...............

    Delusion that your candidate isn't also backed by Wall Street, and filling his cabinet with the same *******s.
     
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    flopticalcube

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    More to do with the fiscal cliff, IMO. Democrats in the WH are usually good for the market over the term. If progress can be made on the cliff, November and December should be good months for stocks.
     
  12. macrumors 68000

    mcrain

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    Hey, preaching to the choir. I think the Wall St. people who caused the mess should be prosecuted as well. As for who Wall St. backed, those numbers are pretty easy to find. Wall St. turned their backs on Obama compared to 4 years ago, and overwhelmingly supported Romney. As for his cabinet, that's yet to be seen.
     
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    citizenzen

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    #13
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    Which for the cautious is a buying opportunity.
     
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    Rodimus Prime

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    lets see why not look at the list of things that came out between the market closing on Tuesday and opening wedensday.

    No matter who was elected the fiscal cliff was going to drive it down. We are in for more grid lock from the party of no.

    It is not Obama being elected that caused the sell off. It is the grid lock and Europe. the GOP made it near impossible to take the house because of the district redrawing.
     
  16. Moderator emeritus

    SilentPanda

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    #16
    I didn't catch that qualifier although it might be what the other posters were implying, but thanks for pointing that out!
     
  17. noisycats, Nov 8, 2012
    Last edited: Nov 8, 2012

    macrumors 6502a

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    #17
    nevermind
     
  18. macrumors G4

    Rodimus Prime

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    #18
    Honestly I would love the hammer to come down on this guy for voter intimidation. He handed proof on a silver platter.
     
  19. macrumors 65816

    citizenzen

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    #19
    I understand.

    But my question then is why is this [alleged] increase different from other increases?

    Why was it conventional wisdom that businesses simply pass on increased taxes ... yet this cost instead is handled by laying off employees?

    To me it smells like retribution.

    But I would gladly hear opinions to the contrary.
     
  20. samiwas, Nov 8, 2012
    Last edited: Nov 8, 2012

    macrumors 65816

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    #20
    Well, let's see...the candidate who was heavily favored by Wall Street lost. What did you think would happen? Cake and balloons?

    The very fact that Wall Street heavily favored Romney was alone reason enough for me not to vote for him. If the frauds who are majorly responsible for the condition this country is in want someone, that is probably not the right person.

    As for the story in the OP...it will remain to be seen if this was an over-reaction or a smart business decision. The employer requirement is one part of Obamacare that I'm not so stoked about. But more than anything, it's because I don't think your job should define your healthcare. Why should it? Healthcare should be available to everyone equally. But also, just because a business has 50 people, doesn't mean it's highly profitable. My opinion is that we should have universal healthcare and take the responsibility off of businesses altogether.

    Edit: I see a lot of this was covered in the time from when I started typing until I finished some time later.
     
  21. macrumors 68000

    robanga

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    #21
    I'd love to more of the detail about this.

    Is more government and programs more costly to many businesses? Absolutely but the timing of this story is clearly meant as a political message by the employer.
     
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    flopticalcube

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    If Romney had won, the chances of going over the cliff would have been reduced as you would have had a GOP house and a GOP admin. I agree that its not the man himself but the prospect of gridlock. Compared to what happens if the cliff is reached, this selloff is small beer.
     
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    Sydde

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    #23
    Prosecuted for what? Was the meltdown caused by anything that was actually against the law?
     
  24. macrumors 68000

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    #24
    That had nothing to do with the election. The Dow Jones sell off was due to the announcement that the debt crisis is starting to affect Germany.

    But nice spin.
     
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    robanga

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    #25
    I think a growing share of the electorate is anti-wall street like yourself and anti-corporate in general. There are consequences for supporting or not supporting everything but certainly wall street cares nothing about jobs. People are raw material to generate profits. If they corporate entity can do so using less workers or workers elsewhere, more power to them.
     

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