Obama's last moment of meaningful power...
If 1/1/2013 comes and goes without any meaningful compromise between right and left, the alternative minimum tax will effect everyone making over $75,000. Not people making $75,000 next year, but people making $75,000 this year. This is a huge amount of voters that picked Obama that will be caught off-guard. Hardest hit will be people with large families and people counting on big mortgage deductions.
I find it very funny that the people voting against the evil rich will find out that they are the evil rich when the tax bill comes.
The impotence of the government that will result is exactly what the country needs. Expect 4 years of nothing. This is good, because neither side really cares about us,.
Unfortunately the stock market will suffer and this is on top of the fiscal cliff scenarios everyone is talking about.
Also unfortunately, my opinion is that the impotence of the government will result in a 4 year delay of addressing market concerns.
I am personally liquidating anything that has exposure to the S&P. I am trying to make up for it by buying commodities. I expect double digit inflation for 3 out of the next 4 years.
I was initially upset that that we had 2 extremely bad choices for president yet again, but I think the public got it right this time. We need this kinda of pain for both sides to reinvent themselves. The people will reinvent themselves too! Maybe they will figure out that there is a better choice than right or left.
May God help us all