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DRJ's Blog

November 13, 2012

 

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I believe the issue around the fiscal cliff is whether the President and Speaker Boehner decide to act like Errol Flynn and duel on the mast of a burning ship. That image haunts me, and I suspect is why so few have ventured back in since the election. If that sounds partisan, then you're wearing blinders.

I know who won the election and I think President Obama should take the winner's share. I've never said he should grovel or chase Speaker Boehner. But if the President chooses to leave Speaker Boehner with empty hands, then this will not be resolved until the last minute, which could cost America HUGE.

The biggest issue isn't whether we solve the fiscal cliff, we will. The issue is will these two duel it out right up until the cliff, knocking off hundreds of billions of dollars of market cap and basically force us into a recession. Layoffs, businesses hunkering down, hoarding even more cash. That's what I fear if President Obama and Boehner continue to tease the dragon.

I also suspect that a bunch of folks that like me are trading and managing money are in similar fear of same.

Thus, the sooner we turn from that ludicrous path, the better. The more likely we are to avert a contagion of fear and recession. The longer we stay on this path, the greater chance we drop into recession in 2013.

 

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