“Fiscal Cliff” drama: Wall Street invading Washington and US homes

The plot thickens. Top generals on Wall Street are hence trying to make sure there is no re-run of “Fiscal Cliff”. Devote 4 minutes to watching this Hollywood style video about the dangers of “Fiscal Cliff” and how the armies intend to make it history:

Reuters’ video explaining the problems, battlefields and actors taking part in “Fiscal Cliff” is not only a creative but also laudable way of making the public understand what “Fiscal Cliff” is all about.

The “Fiscal Cliff” war room

As Lloyd Blankfein put it: “Would you lend money to someone with the credit characteristics of the United States? Of course not”. And added that a repeat is unthinkable .

In the “Fiscal Cliff” war room you hence find not only Blankfein but Jamie Dimon. They are in charge of  invading Washington and the American public as part of their strategy of putting an end to the dreaded “Fiscal Cliff” dramas.

Would another episode of “Fiscal Cliff” stop US recovery and entail losses for Wall Street? Can Wall Street make Tea Party republicans surrender to their financial logic? Or will corporate America CEOs convince them? How about the Gang of Eight? Will appealing to the American public work? Can the armies assembled stop conservative Republicans and the forces of Congress from staging more episodes of “Fiscal Cliff”? Can repeats of “Fiscal Cliff” be peacefully avoided? Will K Street be able to assist Wall Street, corporate America and the Gang of Eight in assigning “Fiscal Cliff” to a thing of the past? Or maybe you are of the opinion that another episode is essential for the Unites States and the world economy?

By Catarina Alexon

Video: Reuters – You Tube

23 thoughts on ““Fiscal Cliff” drama: Wall Street invading Washington and US homes

  1. The most interesting thing about the video — besides the poor editing of accidentally mixing the debate footage into it — was the idea put forward by the Wall Streeters that one could reason with the tea-baggers in Congress. What a hoot! These people are ideologues, and you don't reason with ideologues.

    As the video correctly points out, Speaker Boehner is beholden to the tea-baggers for his job! How could he force them to do anything? And if he is sacked, the next speaker of the House would be Cantor, who is perfectly in tune with the tea-baggers,

    Our only hope is that the influence of the tea-baggers has been somewhat reduced by the recent election. If this is not true then we may face more Congressional gridlock, as the Senate plays the role of blocking what it sees as the irrational legislation passed in the House.

    1. Doesn't look like their influence has been much reduced unfortunately, Don. Most likely the next episode of Fiscal Cliff that's coming up soon will be a horror movie. Boehner has already indicated that:-)

  2. America does not have an economic problem. We have a political problem. We are caught between a Pelosi and a Tea Party.

    When the election is over, the only thing that will save us…dare I say it…is if normal politicians are elected to Congress. Reagan did well with Tip O'Neill, Clinton did well with Newt Gingrich…when we begin electing politicians to Congress again, things will get done.

    My recent post Theocracy? America!

    1. Yes Slim, it's a political problem. But Blankfein is right when he says a repeat of fiscal cliff is unthinkable. Do you believe Wall Street can make Tea Party surrender to logic? Nobody likes to pay taxes, but to think taxes can be abolished is wishful thinking:-) Taxes have been paid for thousands of years and will be paid as long as this planet exists.

  3. It will take cooperation and a real desire to fix the problem on both sides of the aisle. The problem is both think they're right and are unyielding when a need to sit done and compromise on the smallest of issues is required, much less the important ones. It is disturbing to me that they can't seem to see beyond their own political agendas for the better good. It may just be that another crash will be needed to get them to see the light. I sure hope that isn't the case.
    My recent post La Merika Pinot Noir 2010: Wine

  4. I like the video. Right now I think the biggest problem we face is stalemate. No one can do anything in government right now. No one will compromise. No one will try to work together. They all say they will, but in the end no one does. I don't have an answer. But the problem is staring us in the face. I realize that educating the public is important. But if our elected representatives cannot work together then having an educated public is a bit of a moot point. Yes. You hear frustration from me…
    My recent post Motivational Monday – 10/22

    1. Thanks Cheryl. Good point that if your elected representatives cannot work together having an educated public is a bit of a moot point. However, in the US you have access to your congressmen + you have the ability to vote. So in theory you can vote the worst ones out of office:-)

  5. Thanks, Catarina. It does seem like a great way to bring the topic to the attention of the public. There's no question the US is facing – like so many countries in Europe and elsewhere – a significant problem brought about by decades of spending more than it can realistically afford.

    Politics taking precedence over common sense – short-term gain for long-term loss.

    The question now is how countries, including the US, can get out of this mess without global chaos. What's clear, is that spending more money to paper over the proverbial cracks simply delays the inevitable, which then gets even more expensive.

  6. There is a huge amount of our USA population not engaged in the conversation at all. Even polls show that the majority of Americans are feeling OK about our economy. So to me that says there is a big misunderstanding about our ability to go to a grocery store being taken for granted.

    Grover Norquist is the person responsible for the grip on all Republicans with the pledge he has had nearly every Republican senator and congressman sign to – never, under any circumstances, vote to raise taxes on anyone.

    I personally love the idea of going back to the Gilded Age when there were no taxes at all. But that's just a dream.

    But it's horrifying that one man has that much hold on what is happening to prevent compromise.

    Hopefully there has to be one smart cookie in our representatives to find a way that both parties can come to an agreement.

    Nice post Catarina.
    My recent post Seven Reasons You Want to Get Organized This Holiday Season by guest blogger Karin Stewart

  7. Catarina – I watched most of the video and maybe I missed the reason why the last half was the of vice presidential debate. Both Republicans and Democrats must work together to address our fiscal crisis. But compromise has become a dirty word. As long as the Tea Party holds the Republican Party hostage the "take no prisoners" mentality of never compromise will push us closer to the edge of the fiscal cliff.
    My recent post You’re Not the Only One Who Hates to Register for a Website

    1. Glad we agree Jeannette. The reason there are more than one video I simply cannot comprehend. For some reason when you added the Fiscal Cliff video another 165 of Best of Reuters were added. Tried to get rid of the 164 added videos but it wasn't possible so I just left it like Reuters intended:-)

  8. I too fall into the category of blissfully unaware. Thank you for the information Catarina, you have contributed to my understanding 🙂
    My recent post The joy of Grandparents

  9. Consumers do seem blissfully anaware and it's probably suffice to say I belong in that category. Thanks for posting the video as it also made me research above and beyond your post. I agree with Lubna that providing the public with digestable information can be powerful, but how to get that information to a big enough portion of the public is another matter.
    My recent post Cool Cover: Inspector Grape and the Case of the Killer Corset

  10. Let me comment on the strategy adopted rather than the US scenario. Reaching out to the public and explaining things in a simple yet cohesive manner, does help bring about the required action – the public collectively is very powerful, at least in a free country.
    My recent post Double Time on the Oregon Trail

    1. Yes Lubna, it's a great way of communicating, isn't it.

      The video is the reason I decided to do a post on the fiscal cliff. Enabled me to kill two birds with one stone i.e.featuring a great way of communicating complex concepts and the necessity of avoiding further fiscal cliff episodes:-) It would be fantastic if I, by making more people watch the video can contribute to more people understanding what the fiscal problem entails.

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