I think it's a bit early to label the administration's financial regulatory reform proposals a "damp squib." This wouldn't be the first time that the run-up to a major policy announcement announcement out of the Obama White House depressed expectations but observers found themselves pleasantly surprised when the details were unveiled.
WASHINGTON — Working against a midnight deadline, negotiators for the White House and congressional Republicans in Congress narrowed their differences Monday on legislation to avert across-the-board tax increases.
Congressional officials familiar with talks between Vice President Joe Biden and Senate Republican leader Mitch McConnell said one major remaining sticking point was whether to postpone spending cuts that are scheduled to begin on Jan 1.
Equity investors can't buy enough this morning. The latest rumor - that the House Republicans are willing to consider voting first on an emerging Senate proposal - provided some fillip to an opening selloff. As Politico reports, this move could expedite bipartisan legislation developed by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell.
With just over 24 hours to go until the fiscal cliff deadline, Senate negotiators are still scrambling to come up with a last-minute deal to prevent the huge tax hikes and budget cuts scheduled to go into effect on January 1.
[5:20 pm ET] Thirteen Italian banks suffered additional credit ratings cuts on Monday, which directly led to the losses in Italy and Spain as well as traders are now focused on more cuts to come for Spain. In this WIR, in the section on International Equity Markets, I look at a couple Spanish banks. From Friday’s scoreboard, I could as easily looked at the Italian banks or the French banks or the German banks or the British banks.