Well, I feel kind of like I stepped into that punch. The initial market reaction to the obvious reelection of President Obama is still puzzling to me. After all betting sites, like Intrade had the election a near lock. I guess I should have seen that one coming. After all the market has a way of screwing the most people it can most of the time.
Since Obama was a lock, there was really no uncertainty to remove. Market pros faded certainty instead of buying it. A lot of pundits like to say it’s the fiscal cliff but I don’t think that’s it at all. The fiscal cliff is nothing more than a footnote and we’ll be hard pressed to remember it months from now. How many people remember The Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985?
So join us tomorrow night (Tuesday ) at the Blind Dog and hear my thoughts and share yours on the fiscal cliff and other pressing financial concerns like how are you going to live off investment income in a near zero interest rate environment, weak stock market returns, or maintain your standard of living when the cost of everything you need but not want rising relentlessly.