NEW YORK (
Jim, let's talk about Washington. I feel like we talk about the fiscal cliff every day that every day the picture changes.
It's gotten darker.
The latest it has gotten darker because the Republicans are saying they are going to put it to a vote today thinking that, you know, here's "Plan B" and the Democrats are going to push back and they'll make them look bad.
Look, I mean, if you really want to screw it up you do this plan B. There's no...it's just a farce. There's no hope for it. It's just, again, the failing to rise above and this is the ultimate in not rise above. A total fictional thing done in order to be able to make it so the President looks bad, the President will then respond, the president will say it's personal at this point. Look I'm thinking about a Super Bowl solution.
You'll get...everyone will have gotten a paycheck by the end of January. The people get paid once a month, the people paid every other week. This is really going down the wrong path, and I think if the market accepts there will be a deal but the market would be up gigantic if we had one.
Well the market has somewhat priced in that we would get a deal, and so the general feeling, from what I'm hearing on the floor, is if they really do nothing, and we really do go over the cliff, that the market will sell off.
Well you can have a couple percent to climb, but I do believe that the market would be substantially higher if there were a deal and everything's being kept back by the fact that there is no deal. The fact that Washington still in our faces because after this what will happen is there will be a debt increase. I mean they're just hopeless in Washington, is what people are saying. They just hopelessly hate each other.
The partisanship is terrible. And so you have to learn to live without them and just accept the fact that there are PE multiplying decliner. They cut the price that you'll pay for stocks because they don't care. It's not about the stock market. It's about bigger issues for them. But it's a fiasco, and I think we're all going to have to, you know it can dip again, but you have to buy it because you're not going to.....no elected official is going to be saying about what happens if you go over the cliff. It's bad, and they're all going to be thrown out if that's what happens. So obviously Obama...look the real edge that Obama has is that he just got elected for four years, not two. That's his edge.
All right. Obama has the edge.
--Written by Debra Borchardt in New York.
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