I can't tell you how stupid this fiscal cliff deal is. The media make this thing sound like, as of January 1st, if the budget deal isn't settled, you and I will plunge to our deaths in a Cadillac Eldorado convertible just like Thelma and Louise. The problem is that we are all stupid enough to believe this nonsense.
The truth is there is no fiscal cliff. Yes, there is a tax issue that needs to be fixed. Yes, there are spending issues that need to be corrected, but there is no cliff where we will all plunge to our deaths.
Shame on the poisonous media who, for the sake of their own ratings, elevate these problems to a level only to serve their own self interest.
The interesting thing is to learn exactly who benefits from the volatility generated from this media coverage. Remember... "Blue Horseshoe loves Annicot SteeL" It is alive and well in our markets today.
to some extent, you are correct. not exactly a cliff. but, both automatic changes coming up are net negatives for the economy as a whole. the funny part is: all it would take is a F--- it from the pols to give some certainty to the future. with certainty, things adjust.
if they don't do a deal of some kind by midnight new year's eve, cash will be the safest place to be. not necessarily the best place, but the safest.