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Friday, Jun 8
2012, 7:36 PM
While the European debt crisis garners most of the attention, the political mess in Washington...
While the European debt crisis garners most of the attention, the political mess in Washington and looming "fiscal cliff" at year-end may actually pose a bigger danger to the markets. Trillions of dollars in automatic tax increases and spending cuts are on the horizon, but it's barely registering with investors. "It is unlikely that the cliff is fully priced into the markets," says BofA Merrill Lynch economist Ethan Harris. We're only beginning to grasp the size and timing of the coming shock to the economy.