RECESSION IMMINENT..And you might have voted for it if you didnt vote right.
Now that the 2012 race for the White House is in the books, the spotlight on Wall Street is shifting from a major political question mark to a more monumental fiscal one that threatens to cripple the stock market, send unemployment above 10% and drive the U.S. into a double-dip recession
Much more important is a speedy resolution to the fiscal cliff, the $600 billion batch of spending cuts and tax increases to take effect if unless Congress acts before January 1.
“Failure to reach even a temporary deal on [the] fiscal cliff would mean that the general election had not resolved the political gridlock in Washington and likely result in a sovereign rating downgrade by Fitch,” David Riley, managing director at Fitch Ratings, wrote in a statement.
Fitch further warned that falling over the fiscal cliff will “tip the U.S. economy into an unnecessary and avoidable recession” that sends the unemployment rate soaring from the current 7.9% level to 10% in 2013.
Read more: http://www.foxbusiness.com/investing/2012/11/ ...