It's unclear what will happen regarding tax policy. Leading Republicans like Rep. John Boehner (R., Ohio) and Sen. Mitch McConnell (R., Ky.) have pledged to extend all the tax cuts for all Americans and possibly filibuster legislation that doesn't achieve that goal. But with a screeching deficit to address and the public still angry at Wall Street, top earners may not be able to avoid a return to Clinton-era tax rates for long.
"What most of Wall Street wants is a short-term windfall - for Wall Street," says James Gomes, director of the Mosakowski Institute for Public Enterprise at Clark University. "That would mean a White House that seeks to lower taxes on higher incomes, lower capital gains taxes, the permanent end of the estate tax, and less financial regulation."
As the Obama administration searches for a new economic adviser to replace Larry Summers, Gomes joked: "The best person to advise the White House on policies like these is probably Gordon Gekko."
-- Written by Lauren Tara LaCapra in New York
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