Morning Commentary
Mike Tyson
After watching the Sunday talk shows, it is clear the administration is looking for something that could only look "smart" through a skewed prism and odd sense of beauty. It felt like everyone on the Democrat side of the aisle should have been sporting Mike Tyson's Maori-inspired face tattoo - they came with bad intentions. But, they have the upper hand, so the question remains what kind of knockout we should brace for.
There is no way Republicans will go for $1.6 trillion and $50.0 billion stimulus or tax hikes as proposed. (By the way, a stimulus project in my town is finally completed. The tiny bridge is rarely used and as far as I could tell was in good shape. The job took three years or the same amount of time foreign countries need to erect buildings two to three times taller than the Empire State Building. Interestingly, the project and giant billboard promoting it were done after the election.) But there will be higher taxes when indeed they should actually be lowered. In many ways, it doesn't matter because even if the entire Draconian package were passed it would be the tip of the iceberg.
Free markets will continue to have to deal with a government with an insatiable appetite and sharp elbows... and the keys to the rules book.
This dual existence cannot be good for the economy but as usual I have to stress I don't think it means the wheels come off immediately. On the contrary, we are talking about the greatest nation in the world. Greece was able to make this junk-economic approach look palatable for decades. Although Grover Norquist took most of the punches on Sunday, there is no doubt the GOP woke up in pain this morning. (For the record, I'm not a fan of pledges beyond the oath of office for elected officials, even if it's for a great cause like not destroying the nation with an avalanche of taxes that fuel the dependency economy.)
In addition to more fiscal cliff drama, this is week is chocked full of scheduled economic reports finishing with Friday's employment report. I'm not sure to what extent Sandy will sway the numbers, but it will be a convenient excuse if things aren't up to snuff. Hearts and stuff are rare in Washington, and it looks like another week of daggers and spears. I suspect the market thinks a deal is forthcoming, albeit probably something akin to kicking the can into the new Congress.
This Week's Economic Data
Dec 3
* Auto Sales
* Eurozone PMI
* ISM (Manufactuering)
Dec 4
* China PMI
Dec 5
* Factory Orders
* ISM (Services)
* ADP Jobs Report
Dec 6
* Challenger Gray & Christmas
Dec 7
* BLS Jobs Report
* Michigan Sentiment
Comments |
You gotta pay to play. Chris on 12/3/2012 9:48:39 AM |
LIAR! or YOUR CHEATING HEART Bob G on 12/3/2012 9:59:42 AM |
"Ship of Fools" Paul on 12/3/2012 10:03:09 AM |
Death and Taxes S on 12/3/2012 10:03:40 AM |
If the opposite of pro is con, What is the opposite of progress? Tim Tougas on 12/3/2012 10:13:48 AM |
Tattoo quote,maybe too long, but the old joke "My name's Cliff. Drop over and see me." Tim Irving on 12/3/2012 10:16:44 AM |
Cover your Ass Z on 12/3/2012 10:18:31 AM |
If we are talking about a tattoo for the big O (isn't it appropriate that the letter O and zero are the same shape) to wear, then there is one that fits better than any I can imagine: COMMANDER-IN-THIEF Bob G on 12/3/2012 10:27:33 AM |
Stupid is as Stupid does. Jaan Goad on 12/3/2012 10:30:04 AM |
MAn of Mayhem - the grim reaper coutesy of Sons of Anarchy Daddyo on 12/3/2012 11:05:10 AM |
How did you miss that old time classic " Born to Fun - Loyal to None " Perfect for DC pols :))) Kevin Kehoe on 12/3/2012 11:14:07 AM |
"I'm with Stupid" Then an arrow and a picture of what ever politician you just "love". Cliff (not that cliff) on 12/3/2012 11:41:58 AM |
Old but good "Hi my name is Sue" Shannon Rachford on 12/3/2012 11:55:25 AM |
Hubris Goeth Before a Fall Arrogance: the vice of fools Obama could look like a hero if he were not so unbending and acted as if he really cared about the future of the country. If he maintains this arrogant attitude, he's inviting more disasters ahead and preparing the way for Hillary's defeat in 2016. His first big test will be in 2014 when the Democrats have 21 Senators up for re-election compared to 13 for the GOP. By then the country will be really fed up with the irresponsibility of both him and Harry Reid. A rise in unemployment over 10% or more and a sharp market drop will do it. Dennis Howard on 12/3/2012 12:48:40 PM |
Shanghai Sam's Conscript Rotunda Patricia Flynn on 12/3/2012 3:46:45 PM |
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