Actually, I've always thought it was a faux cliff and more of a political way-point. But we've survived the first few hours of the new political year without the market tanking. Of course the USA is still on track for bankruptcy but at least the current batch of politicians once again successfully avoided making any truly difficult decisions!
The only good news in this deal is that the tax rates are now as permanent as they can ever get since today's congress can't bind future congresses to anything. Certainty is usually better than uncertainty as far as taxes go. And that's all I've got to say about that.
It is amazing that "the Bush tax cuts" are now permanent.
Not for the top tier, they're not.
I also note with amusement that the stock market likes the deal that the allegedly "pro-business" party whined about being bullied into.
I note with further amusement that the reason the right caved is that they were convinced that it's better to quit whining about this deal and "keep the powder dry" for the upcoming fight over the debt ceiling, when the only thing shutting down the government over that was always a net loss for the GOP in mid term elections.
But the GOP *IS* crazy enough to get sold on the idea enough to vote for the fiscal cliff bill.
Joe Biden---DAMN you're good.
And add to that the debacle over the Sandy Relief bill--Cristy is now running for re-election by running against his own party. The GOP definitely has a death wish.
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