After spending most of 2012 fretting about the weak U.S. recovery, high unemployment and the impending election—not to mention the long-running debt drama in Europe—by December many on Wall Street had settled down to expectations of a not-too-bad 2013. Most see the recovery continuing, and prefer stocks to cash and bonds.

Certainly, all were still eyeing Capitol Hill warily, waiting to see if Congress and the President would drive the country off the "fiscal cliff," a combination of automatic spending cuts and tax hikes set to be triggered January 1, almost certain to plunge the country into recession.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access