When the US has become the equivalent of a Eurogroup Belgian summit at 4 am, with interim red headlines the only market moving variable, all one can do is sit back and laugh. In the meantime, here are the obligatory headlines:
- BOEHNER SAID TO BE MOVING TO `PLAN B' ON FISCAL CLIFF
- BOEHNER SAID TO PLAN BILL WITH TAX HIKES ON INCOME OVER $1M
- BOEHNER SAID TO CONTINUE NEGOTIATIONS WITH PRESIDENT OBAMA
- HOUSE LEADERSHIP TO START WHIPPING VOTES ON "PROBABLY THREE DIFFERENT SCENARIOS" ON TAXES TODAY.
One wonders what Plan A was... Of course, Obama demanding $400,000 as the threshold, so we will by plan ZQX before this is all over. Perhaps it is time for Chained Employment to go alongside Chained CPI - just think of the savings? In the meantime, Obama's plan involves cutting spending at some point in the future, but first hiking it by $80 billion. We hope the Belgian caterers, made so filty rich thanks to an insolvent Europe, i) open a Constitution Avenue office, and ii) launch a 10x levered ETF.
Finally, for those confused what "Plan B" is, and why Boehner is moving there, here it is: