On Election Day, a fiscal cliff roundup
Today, Election Day. Tomorrow, time to get to work to prevent the fiscal cliff. A round-up:
From Reuters, Tom Fanning, chairman, president and chief executive officer of Southern Company, "Southern Co profit rises, weak economy hits energy sales": "'After a promising first six months of 2012, the economy has slowed due to uncertainty around the elections, the fiscal cliff and the slowing world economy'," Chief Executive Thomas Fanning said in a statement." Also a Bloomberg TV interview.
CNBC interview, Wilbur Ross, Chairman and CEO, WL Ross & Co. LLC, "Ross: US Congress to Remain Divided": "“There’s an old saying: business can deal with good news, business can deal with bad news, pretty hard for business to deal with uncertainty." More here.
CNBC interview, Business Roundtable President John Engler with Rick Santelli:
CNBC, Oct. 24, "Why CEOs Are on the 'Fiscal Cliff' Warpath":
“People say business leaders should be vocal,” said Jeff Immelt, General Electric CEO Monday, on CNBC’s “Squawk Box”. “Look, we’re vocal! This is a complete distraction…at a time when the country doesn’t need it…. Let’s get it done.”
The fiscal cliff ought to be easy. After the election is over it would seem like you would give a new president, let's say, time to put together a comprehensive plan. Or, if it's a re-elected president maybe less time. But we've heard a lot of talk. The fiscal cliff short term is extend the tax rates, back away from defense cuts on the sequestration side and for heaven sakes, don't fool around with the debt ceiling.
Do Russian PNTR while we're at it. That would be a good job for the lame duck.