Here It Comes (Fiscal Cliff)
market-ticker.org / By Karl Denninger / December 30, 2012, 14:39
The latest is that Reid says that “Democrats are not in a position to make a counteroffer to Republican proposal.”
But what are the details of both, and do either of the positions make a material difference in the deficit?
The answer is who cares because the second question is answered NO.
And the reason the second question is answered “no” is because if either party moves off their position of deficit spending they must admit that the Federal Government’s deficits have been responsible for 8-12% of GDP for the last four years, and as much as 4-5% in the previous decade every year — and that withdrawing that deficit spending would force reality to intrude as to where the economy actually is.
That in turn would force recognition of all the lies over the last 30 years.
Apparently Obama*****ed off everyone who cared on “Meet The Press” this morning, although I don’t see how he could have done more than he had the last couple of weeks. It doesn’t matter; we’re cooked and done and it’s equally the fault of both parties.
What I expect in the next few hours is an adjournment (“sine die”) and that will be that until the new Congress meets.
Maybe you’ll get a little stopgap bill on this or that, but not on anything important.