NEW YORK ( TheStreet) -- The "Fiscal Cliff" is nonsense.It's completely man-made, and it's not really a bad thing. It's deficit reduction. You know, cut spending and raise taxes in equal measure. Get out of the red. The measure would, over two years, cut our annual deficit by nearly three quarters, according to the Congressional Budget Office. (
You should always have your favorites handy for such emergencies. I call this list my "panic sheet" because when everyone else is panicking I whip it out and start getting greedy. I think Apple ( AAPL) is dirt cheap at these levels. An earnings multiple well below the market plus a 2.55% yield? That's what I call an after-Christmas sale. Or how about some JPMorgan Chase ( JPM)? Banking is a great business, the company seems to have shed much of its garbage, and a drop from the current level of about $43/share could let you get in at an earnings multiple of just nine, plus the dividend. Don't like the banks? Well, Exxon Mobil ( XOM) is selling at a similar multiple, with a similar yield to both Apple and JPMorgan. The point is the economy is poised for growth, and Congress is not going to muck it up. The arguments are all over how much deficit reduction won't be done now, not whether it will be done. Any compromise that's reached will be a "win" for the constituency whose goodies are taken back. Any compromise that isn't reached will help our nation's balance sheet, which everyone who's screaming "fiscal cliff" claims is the problem we must address. This piece was written on Friday. It's possible a deal was reached that day or over the weekend or is being voted on as you read this. If that's the case, just put your "panic sheet" back into the desk and go back to business as usual. Have a great New Year, don't get too hungover, and we'll see you bright-eyed and bushy-tailed on Wednesday morning. Because you don't want to miss 2013. I see some great opportunities ahead. At the time of publication, the author had a position in AAPL. Follow @DanaBlankenhorn This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.