Grab a parachute and hold on tight, it looks like we are going over the “Fiscal Cliff”
I never thought it would come to this, but after 18 months, our elected officials in Washington have waited to the very last minute and aren’t willing to negotiate a deal to stop our country from going over the “Fiscal Cliff”. President Obama won’t budge on reforming entitlement programs which he desperately needs to do, feeling empowered because he won the election but he forgets that he only won by a slim margin so there are almost as many people who want him to make the tough decisions, hoping he will act like a leader, not a dictator. Senator Harry Reid hasn’t submitted a budget in 4 years and now he feels he can put one together in 2 days. John Boehner has come off the Grover Norquist perch and is willing to increase taxes for those earning over $1m but he wants the White House to match his revenue with spending cuts, sounds reasonable and the Republicans may need to do more with defense etc….. Bottom line, President Obama can tax the rich all he wants but it only raises pennies when we need dollars. Washington needs to reform the entitlement programs for our country to be fiscally sound and the Democrats aren’t willing to do that. There is plenty of blame to go around for both parties, but why is it so hard to compromise and find a solution that is good for the country, the entire country. In Private Industry, they wouldn’t have a job if they carried on like they are in Washington, but then again, that’s why most of them are making a living off the tax payers because they would never make it in the real world. Investors need to hold on tight Monday because it will be a volatile day and remember, it’s probably too late to sell. Investors only lose money when they take paper losses and turn them into real losses. Somehow someway the Fiscal Cliff will be dealt with and when it is, the markets should rally and investors won’t want to miss out on those days, it could cost them a lot of money in lost gains. Review your portfolio and make sure you are comfortable with your mix of holdings and then don’t look at your investment account(s) until it’s over, things will get better. If you are tempted to look, then watch this You Tube of Bob Newhart ….JUST STOP IT. The video is amusing and we can all use some humor right about now.
http://www.youtube.com/watch?v=Ow0lr63y4Mw
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