So far at least, many on Wall Street seem to think that no matter what happens over the next few days with the fiscal cliff, Congress will still come through early in the new year.
When it comes to the “fiscal cliff,” Wall Street has yet to hit the panic button – although some politicians might wish it would.
“If we get pistol-whipped by the market, if it punishes us for our failure to act, it might be the only thing that gets us to act,” he told CNBC.
It wouldn’t be the first time a sell-off on Wall Street prompted Congress to do something. Back in October 2008, an initial failure by Congress to help the banking industry caused the Dow Jones Industrial Average to fall 30 percent, or about 3,000 points, in two weeks.
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