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Those Idiotic ‘Fiscal Cliff’ Countdown Clocks? All Wrong.

Posted By Barry Ritholtz On December 4, 2012 @ 2:30 pm In Financial Press,Really, really bad calls | Comments Disabled

I’ve made my views about what I think of hype about sequestration (aka incessant fiscal cliff nonsense)  pretty clear. (See this [1], this [2], this [3] and this [4] if you somehow missed it). It won’t surprise you to learn that as a general principle, I find the collection of fiscal cliff clock countdowns to be idiotic on principle alone.

It turns out there is another reason to dislike these down-to-the-second reminders of what we all know has been coming for 18 months: They are counting down to a date — December 31st — that is, for all intents and purposes, irrelevant.

As Dow Jones’ Vincent Cignarella [5] pointed out, according to the rules in the House of Representatives, the very last day any bill can be introduced to Congress before adjourning is December 18th. Not the 31st, but the 18th. And, Congress is expected to adjourn for the year on December 21st.

But that date may matter less than another date: December 17th. That’s when President Obama and his family leave the hellscape that is DC for their annual family vacation in Hawaii.

All of those countdown clocks you see on CNBC and Marketwatch and everywhere else counting down to December 31st?

Like so much else in the financial press, they are meaningless noise . . .





Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2012/12/all-those-idiotic-fiscal-cliff-clocks-are-wrong/

URLs in this post:

[1] this: http://www.washingtonpost.com/business/how-important-is-the-fiscal-cliff-for-investors-hint-not-very/2012/11/29/f10e982c-38ce-11e2-b01f-5f55b193f58f_story.html

[2] this: http://www.ritholtz.com/blog/2012/11/cjr-says-fiscal-cliff-is-a-cnbc-scam/

[3] this: http://www.ritholtz.com/blog/2012/11/discuss-to-hell-with-the-fiscal-cliff/

[4] this: http://www.ritholtz.com/blog/2012/11/fiscal-cliff-try-mis-positioned-investments/

[5] Dow Jones’ Vincent Cignarella: http://online.wsj.com/article/SB10001424127887323717004578157454262612488.html

[6] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/12/who_cares_wall_clock_blue_white.jpg

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