If there was no fiscal cliff I would guess the focus would be back on Europe which was supposed to cause the end of the world about this time last year. Or maybe they would be focusing on high oil prices and tension in the Middle East.
How did we have a wall of worry to climb without these financial networks?
Head to the 6:21 mark for Heebner and his comments.
- Thinks the key part of the deal on the cliff is that we need to avoid any increase in taxes on people with incomes under $250,000.
- The under $250,000 segment is the consumer class which is driving the economy.
- He thinks over the long term the fiscal cliff is not going to be a big deal.
- If we go over the cliff we return to the Clinton-era tax rates during which we had a great economy.
- He likes homebuilders, retailers and automakers which are early cycle stocks, he thinks there is a long cycle of growth ahead of us.
- The biggest single impediment to the economy has been the decline in housing prices; that trend has reversed and will drive the entire economy.