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Austerity coming, well slowly if at all

One reason I’m optimistic on the markets for 2013 is that finally the U.S. looks like it’s going to do something about the deficit.  The bad news is that it’s a very sloppy and public process.  The good news is that neither Democrats or Republicans have an appetite for doing anything remotely austere.  In this case a gradual cure is better than the shock and awe treatment some proponents proclaim is needed.

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