In response to:

Hurrah for the Fiscal Cliff

kenneth416 Wrote: Nov 10, 2012 11:32 AM
Charles, (for whom I have a great deal of admiration), we are being conned by the politicians. Even if Obama achieves his "grand bargain," by which he raises taxes on the high earners by $1T over 10 years, and, reluctantly agrees to "cut" $3T over 10 years, the national debt will GROW by some $6T over 10 years. The reason is that all the measuring is being done from the current base-line, which would increase the debt by $10T over 10 years. They (Obama and the Republican leaders) want us to believe that they have accomplished something. And, of course, none of this addresses Medicare and Social Security, which are closer to bankruptcy than ever.

The market continues in its new role of town crier, instead of seer of all things. This is an Oracle that only understands the parameters. In this case, the parameters are clear. If we go off this fiscal cliff, we all perish. Ironically, it's not the recession that comes with the draconian triggered by inaction, but the fact that our leaders let us down, once again.

While President Obama has won the election, he could still lose the war - big time. It is my feeling that the President prefers to have a legacy that speaks to progressives for centuries....

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