Industry NewsMarkets & Economy

Expect no ‘grand bargain’ to head off fiscal cliff

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Now, that's over. Two years of standing around, now down to business. Fast. Republicans hold the same veto in the House of Representatives, but have already softened their 2011 gridlock position. Tom Cole, Republican of Oklahoma and deputy whip, yesterday: "Of course we need more revenue." The president is the same, but he will have less power every day. Congress membersĀ of both parties know that they'll be around long after he's gone, holding the bag for whatever he wants to do. One piece at a time: stocks first. The sell-off has not been a repudiation of Obama's re-election. It began in Europe and Asia, issues deepening there, not improving. Some certainly sold stocks in fear of higher taxes on capital gains (an extra 3.8 percent right now, including sellers of homes, courtesy of Obamacare), and they are right, but that's not nearly as important as weakening global trade undercutting corporate earnings. Obama's re-election has already had one strong benefit to ...