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The fiscal cliff is right around the corner, and we still have no deal.But it may be an exaggeration to say that the economy is doomed if we “go over” the cliff without a deal.
Jim O’Neill, Chairman of Goldman Sachs Asset Management, thinks markets only need the impression that a deal will get done sometime soon, even if it is after December 31.
O’Neill spoke with the U.K.’s Daily Mail:
So far markets have taken this all reasonably well, assuming there’s a chance of some last-minute deal. Even if they can’t put together something on Sunday, if they can create the impression they can put together a deal in the next couple of weeks then the markets will be OK.
‘Even if all they can come up with is something cobbled together, well, maybe that would be no bad thing.
Sure, it’s ridiculous that a deal hasn’t been done yet. But, perhaps the fiscal cliff fear mongers should tone it down a bit.
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