Dictionary.com's word of the day, instauration, also refers to an act of instituting something; establishment that makes something else obsolete.
Will that happen today with the Patient Protection and Affordable Care Act, also known as Obamacare? The nation holds its breath as plans and counter-plans have swirled around for a long time. After last week's decisions from the Supreme Court, conventional wisdom swung even further into to realm of the individual mandate being a 100% goner while the rest of the plan remains somewhat up in the air. There are many reasons to root for this thing being dumped and sent back to the drawing boards. In addition to the probable unconstitutionality of the individual mandate, there is intense concern about costs to businesses large and small.
You see, while the harsh rhetorical language and public floggings have taken a toll on businesses, the darkest cloud has been the tidal wave of expenses to pay for Obamacare. Sure, hospitals and doctors are prepared to take a $155.0 billion hit over the next ten years, and drug companies are going to get hammered, as well as medical device makers. However, it is businesses, and states for that matter, that know they are going to be crushed. When you see a tidal wave, unless you're a swashbuckling surfer, you brace for the worst. Since the passage of Obamacare the nation has braced for the worst.
All morning long Angela Merkel has layered it on thick with respect to expectations at the EU meeting later this week-she is laying down the law. If you want German money, come with more than hat in hand and ridiculous demands. Such demands she is once again nipping in the bud:
Joint Euro bonds
Shared Euro-area debt
Joint deposit insurance without joint liability
She has used the word "counterproductive" and hopefully this time everyone catches her drift. Market action suggests the Street sees another European meeting with lots of picture-taking and nothing solved.
With this backdrop there is no need to force the issue.