Stock market vigilantes will force fiscal cliff de
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Stock market vigilantes will force fiscal cliff deal, analyst says
Worried Obama, Boehner and crew won’t forge a deal to avert the fiscal cliff?
Fear not, the stock market vigilantes will make them, according to Ethan Harris, North American economist for Bank of America Merrill Lynch.
“While we are very concerned about the cliff, it is important to underscore that we do not expect a prolonged plunge over the cliff or into a recession. We believe the markets—that is, the disgruntled passengers on this plane—will act as a disciplining force prompting a compromise in Washington,” Harris said in a note to clients.
Already, the vigilantes have expressed disapproval, with the S&P 500 SPX +0.48% down nearly 6% since the election.
http://blogs.marketwatch.com/election/2012/11...lyst-says/
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