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Rolling down the fiscal cliff

The fiscal cliff awaits us. Are you ready for it?

Felix Salmon of Reuters and Catherine Rampell from the New York Times discuss the big topic of the day -- the fiscal cliff. Hard to avoid. Rampell says "it's a mess, whatever it is...we just want it to pass." But both Rampell and Salmon aren't panicking about the prospect of toppling over the so-called fiscal cliff come January.

"If they manage to fix it at any point over the year, I think we'll be okay. There's nothing taxmagaddenish" says Salmon. Rampell points out the payroll tax cut could be something Americans see hit their wallets pretty quickly.

When it comes to how the fiscal cliff could affect Wall Street, Rampell says "the markets are just going to react to politicans."  And about those politicians? Salmon wonders if the politicans will learn to "grow up now" after Tuesday's election results.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.
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Cheers to Felix. He's always got this sideways spin that's not even close to the box. I might not always agree with it, but I'm normally chuckling. Now about that fiscal cliff, I get to join the 47% come Jan 7. That's 3 stints since late 2009. Thank you Mr. Bush!

Fiscal Ditch .... 1.1% increase in unemployment, unless the confidence fairy makes an appearance and magically boosts GDP, Huge cutbacks in the Military (yay), sweet delicious tears of Grover Norquist in a two stage meltdown- step 1, Tea Party opposes compromise- Dems hold the line- economy goes into Fiscal Ditch. Step 2, economy bad in time for 2014 elections, tea party voted out (play video of them taking credit for fiscal cliff in 2012 as campaign ads). So Grover cries because taxes are raised, then he cries because his minions become part of the 47%.

My deepest hope.

Hi Kai. Not a shining star segment. Catherine Rampall didn’t seem to know what to say. Will press let this false image of ‘cliff’ distort debate over what we should do about a Fiscal ‘Slope’? Or will the press (youse guys & gals) explore this concept of ‘slope’ further and reject ‘Cliff’ FUD-mongering? Lucinda in Topeka and Simon Johnson get it.
bitly.com/bundles/crsasser/j - I made this bundle of their views. No panic in Topeka. What say ye?
BTW I listen on WABE-FM, Atlanta, GA.

BTW that payroll tax cut expiring isn't raising taxes on the middle class...only rich guys like our president will have to pay it. Repeat this until you believe it.

Someone should send Felix back to school about how legislation is done in America. How many bills passed by the elected House of Representatives have had absolutely no action in the Senate during the past two years? Tell me who the obstructionists are? Why has there not been a budget in three years? The Senate voted on the Obama budget and it got ZERO votes. The House sent a budget to the Senate…but wait there’s more…oh, maybe not. It wasn’t acted on. Maybe Marketplace should look for more fair and balanced commentators.

Nice to see that Marketplace is maintaining its balance by inviting Felix Salmon back as well as a writer from the NYT. It would have been nice if Salmon had wondered if all politicians would learn to "grow up now" but of course that's not what he said. He said that the congressional Republicans need to grow up now. He conveniently neglected the arrogance and petulance of the current occupier of the Oval Office. What a surprise.

By the way, Kai, that market drop the day after the election (and the day after that)? Yeah, it really was because of the election. It really was.

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