Originally published at Capital Gains and Games.
Have you heard the one about the big-name financial services CEOs who last week released a letter to Congress and the president demanding they do whatever it takes to avoid the fiscal cliff?
I have no doubt the CEOs were sincere: The fiscal cliff is terrible policy and a ridiculous situation that should be avoided.
But the CEOs’ letter attempts to have it both ways. It demands that the cliff be prevented without the bank and insurance company leaders ever admitting that what they’re really lobbying for is a higher federal budget deficit next year.
We have Federal Reserve Chairman Ben Bernanke to thank for this. more »
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