Street Smells a ‘Kick-the-Can’ Deal

Stocks rallied yesterday on the prospect of a budget deal, but don’t expect them to get very far. With yesterday’s moderate surge in the broad averages, investors appear to have upped their bet that Obama and his heartfelt enemies in Congress will do what we have confidently expected them to do all along – i.e., agree to kick the can down the road. No one will be surprised, since kicking the can down the road is what politicians do when they are not in recess, campaigning or buggering their clerks. Unfortunately for us all, the can will still be lying there when 2013 begins, and concerns about what this implies for the U.S. economy are apt to grow between now and the last trading day of the year, December 31. (…)
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© Rick Ackerman and www.rickackerman.com, 2012. |
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