Political Dysfunction on Display
Dec 21, 2012 at 5:21 pm
After trending up nicely, the MI survey of consumer sentiment tanks in Dec thanks to the self-inflicted wounds around the cliff.
Source: Univ of Michigan Consumer Sentiment Survey
Markets slumping today as their priced-in solution ran into the buzz saw of House R’s.
Source: MarketWatch
One Response to “Political Dysfunction on Display”
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About
Jared Bernstein’s areas of expertise include federal and state economic and fiscal policies, income inequality and mobility, trends in employment and earnings, international comparisons, and the analysis of financial and housing markets.
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Er, when was the survey taken? Given the likely timing, it’s striking that consumer confidence would be more skeptical than the “efficient” financial markets. Also, at this writing the S&P is down a little over one percent–a much quieter response than I’d have expected. Perhaps it’s the holiday lull, and things will heat up late next week?