Thu November 15, 2012
Analyst: Don't Panic About the Fiscal Cliff
As scary as the so-called "fiscal cliff" may sound, one local financial analyst says he expects more of a "fiscal slope."
The "fiscal cliff'' is a set of U.S. government spending cuts and tax increases that will take effect automatically at the beginning of next year unless U.S. leaders reach a compromise before then.
George Conboy, president of Brighton Securities, says it's not a time for investors to panic.
And while a slope isn't necessarily a good thing, Conboy says they don't anticipate anyone "falling over the cliff."
He says there shouldn't be any cataclysm in the stock market because everyone is aware of the pending cliff.
And it's usually the unpleasant surprise that drives markets down or up significantly.