Obama discusses ‘fiscal cliff’ with Apple CEO Tim Cook, Warren Buffett, Jamie Dimon

“President Barack Obama’s intensive lobbying to avert big year-end tax hikes and spending cuts resumed over the weekend as he spoke with senior corporate chieftains, including JPMorgan Chase’s Jamie Dimon and legendary investor Warren Buffett,” Mark Felsenthal reports for Reuters. “Dimon has been a harsh critic of tougher rules imposed on the financial services industry after the 2007-2009 recession, but last month backed Obama’s goal of raising taxes on top earners to avert the so-called fiscal cliff.”

Felsenthal reports, “The president, who is on a four-day Asia trip, also spoke with Apple’s Tim Cook, Boeing’s Jim McNerney, and Costco’s Craig Jelinek, a White House official said… Unless Congress and the administration act, individual income tax rates will rise across the board and $109 billion in spending cuts will go into effect on January 1. The so-called fiscal cliff may cut the federal budget deficit but is also forecast to drag the economy back into recession.”

“Dimon said last month that it was ‘terrible policy’ to let the fiscal cliff deadline draw so near before beginning talks,” Felsenthal reports. “He also said he would be willing to see his tax rate rise if it meant avoiding any economic shock.”

Read more in the full article here.

57 Comments

            1. Are you defending goobermac? Ubermac is the one that is routinely full of crap and posting inflammatory comments…

              This forum sucks big, hairy BLNs. Post your political crap somewhere else.

            2. I guess that if you read my post carefully you can see it for what it is. You, on the other hand, struggle to use polite adult language for even the most basic communications. Try it again but with maturity.

    1. @Ubermac
      This is a Mac news site. On that count alone, fuck off.

      In addition… If you have any tiny iota of functioning rationality in which you actually wanting to persuade people to your ideas, you are failing utterly. Your posts do nothing for the vast majority of readers on this site except piss them off and convince them, further, that right-wingers are a bunch of hate-filled, brainless jackasses.

      You are REALLY tiresome. We don’t want your pea-brained, vitriolic verbal vomiting. Just fuck off.

      To everyone else, please, please, please STOP FEEDING Ubermac, First and the rest like them with any discussion. You will never convince them of the tiniest fragment of what you think, and you just egg them on — giving him more and more points for him to come back with further inappropriate crap.
      Ignore them or just give them a good “piss off”.

    1. This country survived Millard Fillmore and Richard Milhous Nixon. It survived the Adams, father and son, and the Bushes, father and son. There was a president who served for less than a month, and another who served for thirteen years.

      Regardless who would have won last week, the country would have survived him too.

  1. Walking up to the fiscal cliff with 1.6 trillion in new taxes tied to our ankles. At least we will hit bottom quickly. Oh well. The Socialist in Chief is so enamored with European collectivism, I guess he won’t be satisfied until we’re wallowing in the same pit of despair. Back into recession we go. Poor Prodigal President. I guess he inherited a big mess from the last guy.

    1. I pray for the U.S.A. every day, but I fear that much pain is necessary before the majority of people realize or remember what made this country great in the first place.

      The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.

      Modern day progressives:
      “A man’s admiration for absolute government is proportionate to the contempt he feels for those around him.” ― Alexis de Tocqueville

      1. Go away.

        Few here are interested in your ever errant proclamations, nor is your iron age perspective remotely relevant. The time has come for you, and the rest of the angry and out of touch octogenarians to recognized that you are not entitled to use this tech forum as a free anger management resource.

        Take the level responsibility you so hypocritically and handily wield against others and pay for the psychotherapy you require.

          1. As is your perennial penchant, you have misinterpreted the message. To be clear, I think of you, and angry self congratulating parasites like you, to be utterly contemptible. Any American that, regardless of color of creed, is willing to put their shoulder to the wheel has my respect.

            In sum, my message to you alone is this: You are on a Mac tech forum. Use it as such or leave. Each time you post your effete political blather you do nothing more that admit that few value your ramblings in any other plane of reality.

          2. Handouts are soul destroying but education and medical care are absolutes required for a sound society. The poorest states are those that don’t support education and healthcare minimum standards. Care about your entire society and teach them and prevent disease spreading by treating everyone.

    1. A man’s admiration for absolute government is proportionate to the contempt he feels for those around him. ― Alexis de Tocqueville

      Democrats/Liberals/Progressives/Statists: Why do you think your fellow U.S. citizens are so contemptible, so weak, so incapable, so in need of your meager, subsistence level handouts?

      Rubio 2016.

      1. @First
        This is a Mac news site. On that count alone, fuck off.

        In addition… If you have any tiny iota of functioning rationality in which you actually wanting to persuade people to your ideas, you are failing utterly. Your posts do nothing for the vast majority of readers on this site except piss them off and convince them, further, that right-wingers are a bunch of hate-filled, brainless jackasses.

        You are REALLY tiresome. We don’t want your pea-brained, vitriolic verbal vomiting. Just fuck off.

        To everyone else, please, please, please stop feeding First and the few like him with any discussion. You will never convince him of the tiniest fragment of what you think, and you just egg him on — giving him more and more points for him to come back with further inappropriate crap.
        Ignore him and those like him, or just give them a good “piss off”, like warbux.

    2. I can’t help but issue an evil chuckle out of Meca’s comment. The leftist smug illusion of superiority is laughable. I’m a Democrat and the 2012 Democratic Party is a joke of it’s former self. Can’t wake to see the exploding cigar effect on the faces of those lefty’s who will eventually reap the day of their folly and hubris. The reality is we are all losers for electing such mediocre leadership on either side, but especially our current President Lite.

    1. Yes, it was the The Republican Revolution, Revolution of 1994 — the Gingrich Revolution — where Republicans gained control of both the House and the Senate in January 1995, forcing Clinton to capitulate to conservative ideas that balanced the budget.

      1. Interesting theory. In reality, it was the Economic Recovery Act of 1993, which reduced spending and raised taxes on upper incomes. Not one Republican voted for it. But I take your point, both factors played a role.

        1. Good point. Also 1950s-60s had a prosperous middle class and we had 1/3 of country unionized, 90% top tax rate and paid social security and great investments in infrastructure. If you have high tax rate, CEOs won’t pull $$ out and sock it in the Caymans, they will reinvest in business to avoid tax. Anyone who says raising top rate is socialism is an idiot and doesn’t know history.

        2. You are wasting your time trying to discuss facts with someone so obviously enamored of the sound of their own parroted talking points.

          FACT 1
          The balanced budgets that were achieved during the Clinton Administration were courtesy of three primary things:
          a- The Economic Recovery Act of 1994- which Gingrich & Co used to get Repubs elected in 1994 by getting voters pissed off about the tax increase. The new GOP House did not repeal the tax increase they promised to repeal.
          b- Clinton had the line item veto until the Republican dominated Supreme Court killed it.
          c- The Dems drew up the budget- not Republicans- and they tightened the belt in a responsible manner.

          FACT 2
          The Republican Congress under Republican George Bush (the Idiot – not the elder) blew up the budget with the following things:
          a- 2 tax cuts in a time of war that turned surpluses into deficits. we went from retiring debt to adding debt and got nothing for it. The unicorn or supply side job growth with tax cuts did not happen.
          b- The Medicare Part D benefit was introduced without a supporting tax, which blew an even bigger hole in the deficit. Further, the Repubs included language that forbade agents of the government to negotiate for volume discounting of drug prices for Medicare- locking in the highest prices possible in a big, wet kiss to big pharma.
          c- Medicare C or “Medicare Advantage” , another Republican gift to donors, buys crappy private insurance at inflated prices with Medicare funds. This has accelerated the financial crunch in Medicare funding and gives billions to the private insurance industry.
          d- Bush’s 2 wars of choice were off budget until Obama came into office. Bush intentionally kept the wars funded largely by supplemental appropriations to keep them off of the official budget approved by Congress. Obama moved them on budget- causing part of the much complained about increased deficit.

          There is a huge difference between a carefully considered opinion based upon verifiable facts and belief based upon emotion, anecdote and willful ignorance. Many Republicans believe in the tenants of their supply side faith and economic darwinism, but lack the evidence to prove such things. They accept the talking points because they just HAVE to be true.

          Until we can get the Republican Party and it’s enablers to agree to work in verifiable facts and not cooked numbers, half-truths and wishful thinking our nation’s leaders are jut pissing in the wind.

      2. Yeah, just look at what waging several wars has cost the US economy. Recovery is slow and then a Democrat administration has to clean up the mess. However, they will be blamed for that mess.

        1. Technically, war is usually a boon to the economy.

          This “recovery” isn’t just “slow,” it’s non-existent. Recovery should not be this anemic. It is a bad recovery due directly to Obama’s policies which wastes money on his campaign backers’ failed “green energy” and other unproductive boondoggles while forcing businesses into a situation where they not only not hire, but they cut employees or convert them to part-time in order to survive the implementation of the Obamacare quagmire.

          1. Two points:

            1. Part of the economic boon that you so richly admire is driven by the purchase of soldier’s headstones. Only those that hid in their mother’s skirts while others served would call war a boon. As such, you are a perfect acolyte of Cheney and Bush.

            2. If nothing else, this election should have taught you to stop basing your assumptions on numbers generated by Geriatrics, Octogenarians, and Parasites.

            Show us that you are not the bombastic parasite that I believe you to be. Leave this forum and take your wisdom to the streets. There you can discover whether you are a true patriot or simple an easy target for by-gone fruit.

          2. Bush netted about 1 million jobs during 8 years in the White House despite two tax cuts to the ‘Job Creators’.

            The Obama first term has created in excess of 5 1/2 million jobs and would have created more if Republican Governors were not laying off state employees by the truckload.

            Supply side is a farce.

          3. Sorry but you have many opinions but no answers.

            Please go off to some useless political website. This is an Apple forum and Obama has been working hard and talking to industry leaders, including Apple for a fix to the economy. He is working. He is the president, that is his job. Everyone in government should also be working instead of playing party politics. You are simply a little political lemming, going around repeating what politicians are saying. You bring nothing but a wet blanket to any progress and that seems a little sad.

      3. In any case, I do find it interesting that right-leaning folks tend to credit congress if a Democrat is president during good times, and credit the President if s/he is Republican. Which is it? Doesn’t seem consistent to blame/credit one and not the other, when it suits your convenience.

      4. @First
        This is a Mac news site. On that count alone, fuck off.

        In addition… If you have any tiny iota of functioning rationality in which you actually wanting to persuade people to your ideas, you are failing utterly. Your posts do nothing for the vast majority of readers on this site except piss them off and convince them, further, that right-wingers are a bunch of hate-filled, brainless jackasses.

        You are REALLY tiresome. We don’t want your pea-brained, vitriolic verbal vomiting. Just fuck off.

        To everyone else, please, please, please STOP FEEDING First and the few like him with any discussion. You will never convince him of the tiniest fragment of what you think, and you just egg him on — giving him more and more points for him to come back with further inappropriate crap.
        Ignore him and those like him, or just give them a good “piss off”.

  2. why did Obama not do what Steve Jobs advised him?
    why would OB change now, with Tim Cook?

    It is not important whose president anymore. They’re all screw-ups because they’re all marionettes.
    our deeply unique american problem is our definition of democracy, as it’s at least 180° off our founders’ ideal.
    we can’t blame anyone but ourselves, so let’s stop it with wars.

    it’s not important whose president. they’ll always be the same.
    this is what smart presidents will have to do:
    gather the country’s and some foreign Best of Entrepreneurs, the likes of Steve Jobs, who do think different, who have vision…to find creative, un-statusquo solutions to our economy, politics, infrastructure etc.
    after all, we as much as every country in the world are run by economists, not business men, which is odd, since the former know nothing of the real world & the latter are much more realistic. (not that egomaniac Romney as biz man would’ve been the ideal choice. he would’ve broken ties with China, which owns us.)

    you have to
    1. start thinking
    2. think differently
    3. restart our society, reboot our country

    if we do anything alike, we already are over the cliff and will lose, as the 1st modern Western nation to reach Decadence à la Ancient Greek/Roman Civilization

    so, big heads up in washington, stop sticking your heads up each other’s butts, and licking each other’s dicks, as you define our democracy as interest groups, never defending your real tax payers, the people, start using your heads! once you stop your incestual & ancestral relation to politics, we can be free as a nation. let’s put it to you simply: if you keep sucking/fucking the rest of us, you’ll end up leaving your own kids or descendants with nothing but a bankrupt country that could resemble Fox’s new show Revolution, where civil unrest is the norm of the day. so, now that your own kind on a pedestal, won’t be better off, maybe you can think twice before you suck your next washingtonian or corporate dick(s).

    we need a head of state with a big dick, huge cojones. that’s all. who thinks business, not gay economics. enough is enough. the “new world order”, the “new normal” should not be same old but different shoe, it must be 100% reboot or we’ll be booted off the planet as a nation with anything to say, mocked by our allies, “evildoers” and ETs.

    it’s not about competing with the world, if anything we should’ve learned in the last 3 years of world recession, it’s that all of us are one Big interdependent family. this is not socialism, it’s capitalism for the 21st C. survival for the fittest has to be adapted to survival of the planet, not specific countries. otherwise, how can anyone afford to import our goods?!

    so presidents of the world must really think with balls, reboot. reboot!

  3. How can anyone reasonably think that without spending cuts and higher taxes the debt will be controlled, if not reduced? Be prepared, citizens, your financial freedom will be drastically curtailed for the next few years at least.

    1. The need for spending cuts is unquestioned by any sane person, no matter what their politics.

      The need for HIGHER EFFECTIVE TAXES is also obvious – but that does not imply raising tax RATES. One gets the same revenue effect by removing certain tax deductions (“loopholes”), but with a lower rate you encourage the job creators to generate more revenue (i.e., create more jobs) because they get to keep a larger percentage of the revenue. If you simply raise rates, they will avoid the taxes (or the complicated accounting necessary to avoid them by using obscure tax loopholes) by moving the money overseas where there’s a more sensible business environment.

      Both sides agree that the Federal government must spend less and have more revenue. The disagreement is about how to do it. As I see it, the way that the Democrats want (raise tax rates on the wealthy) will have unintended consequences that will in large part nullify the desired effects; the way that the Republicans want to do it will encourage (or, at least, less discourage) businessmen when it comes to creating new jobs here in the USA.

      No one disagrees on the goal, but without making it as painless as possible for job creators, it’s going to be a lot harder to reach the goal.

  4. Unless Government spending is significantly reduced by eliminating useless programs, and agencies, and controlling unions that don’t give a flip about anything but there dues and power, its only a matter of time before it all falls apart, and its highly unfortunate that we have the most unqualified man as president, probably in US history, who would rather play golf than do his job.

    1. PLEASE, PLEASE, PLEASE — STOP FEEDING THE VITRIOLIC, PEA-BRAINING, HATE-MONGERING LITTLE TROLLS.

      You will never convince them of the tiniest fragment of what you think, and you just egg them on — giving them more and more points for them to come back with further pustulant crap.

      Ignore them, or just give them a brief “fuck off”.

  5. (CNSNews.com) – Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

    On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

    “Oh, absolutely,” Geithner said.

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