-- He is more concerned about the impact of the fiscal cliff on business behavior versus the consumer behavior. Thinks consumers are feeling more confident and spending money.
-- Businesses are conscious and in a hold pattern for spending. They are putting in place plans since August on how they will deal with the fiscal cliff, assuming that congress will not be able to reach a consensus.
-- Even if congress cuts some kind of deal on the fiscal cliff, it will still impact the spending environment in 2013 leading to a slow or flat economic growth.
-- This will spiral into a further slowdown into 2014 as well as all the business spending decisions for 2013 have already been made.
-- The environment is very uncertain due to the fiscal cliff and constant push of the can down the road by the congress.
-- Bank of America has fared very well last year, is very well capitalized and dividends are surely in play in the near term.
Credit and source: www.cnbc, CNBC
Here is the video:
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