“Government interference — not the threat of the ‘fiscal cliff’ that has mesmerized markets — is the biggest threat to entrepreneurship, Internet pioneer Marc Andreessen told CNBC on Wednesday, arguing that going over the cliff was preferable to more federal involvement in the U.S. economy,” Javier David reports for CNBC.
The Netscape co-founder “told CNBC’s ‘Squawk Box’ that Silicon Valley investors are more preoccupied with an ‘activist’ federal government than the threat of higher taxes and government spending,” David reports. “‘The presumption is that we want the government to do things. I’m pro-gridlock,’ Andreessen said. ‘It doesn’t bother me in the least if government is all ground to a halt.'”
David reports, “Although going over the cliff poses challenges in the short-term, Andreessen argued that it was preferable to the alternative, which is more government involvement in the economy. ‘When the government does things, it usually doesn’t end well,’ he said.”
Read more in the full article here.
“U.S. stocks fell, extending yesterday’s drop, as a slump in Apple Inc. and budget talk concerns overshadowed a rise in industrial production and data showing China’s manufacturing may expand at a faster pace,” Rita Nazareth reports for Bloomberg News. “‘The chances of some type of grand bargain in Washington are significantly diminishing as time passes,’ said Eric Teal, chief investment officer at First Citizens Bancshares Inc., which manages $4.5 billion in Raleigh, North Carolina. ‘On a company level, investors are looking at the competitive landscape for Apple and they see threats.'”
“Seven out 10 industries in the S&P 500 retreated as technology, the biggest group, led the losses,” Nazareth reports. “President Barack Obama and Republican House Speaker John Boehner remained deadlocked yesterday during their third White House meeting on next year’s budget.”
Nazareth reports, “The S&P 500 has dropped 0.2 percent this month, paring the measure’s rally for 2012 to 12 percent. Its average increase for December is 1.5 percent, the most of any month except July, according to data dating back to 1928 (SPX) compiled by Bloomberg.”
Read more in the full article here.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]