Policy uncertainty tops the lists of risks hanging over the global economy and financial markets.
But in many cases, politicians face gridlock as they struggle to get political deal through.
Art Cashin thinks everyone ultimately agrees on what should be done. But at the end of the day, they’re politicians.
From this morning’s Cashin’s Comments:
One Sentence Perfectly Describes The Quandary On Three Continents – The ultimate award for candor and honesty must go to Jean-Claude Junker (Prime Minister of Luxembourg) who apparently said – “We all know what to do, we just don’t know how to get re-elected after we have done it.” That says it all. (Hat tip – Keene Little, Option Investor)
Treasury Secretary Tim Geithner will meet with Senate leader to continue fiscal cliff talks.
If Congress is unable to make a deal, a series of tax cuts and spending programs are set to expire by the end of the year, potentially cutting 2013 GDP by as much as five per cent.