The fiscal cliff is over. And it turns out it was just a reality TV show that was devoid of reality. Taxes are going up on everyone. Make sure you check your paycheck, because you’re included too, not just the dirty, rotten rich.
Now that Fiscal Cliff, the TV show has been cancelled, Wall Street is back to concentrating on the normal cliffs they usually worry about: the earnings cliff, the interest rate cliff, the money printing cliff (QE4EVER! <3 <3) and whatever other cliffs that worried traders can dream up for gullible journalists to write about.
I always find it hilarious to read AP/Reuters reports that tell us why the market is going up- or down. I’ve talked to people who write the news; I know some of these folks. You could tell them that the market was going up because Justin Bieber was getting breast implants and some of these guys would write it.
But here’s the bigger problem: Governments today are chronically unable to solve the very issues that they propose to solve.
For example, the Vatican can’t take credit cards anymore.
Why? Because governments can’t solve even simple problems.
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