the new climate

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via Eric Peters:

“Obama’s a bad trader, simple as that,” explained the political insider, breezing through Santa Barbara. “He adds and adds to losing positions, trades without stops.” Apparently, Summers was never ever going to get the votes he needed. And no votes equals no confirmation. Then we moved on to matters of political intrigue, Yellen, exit options, timetables, the difficulty in trading this thing. “Well, if you didn’t like the past four months, you’re going to just hate the next four quarters.”

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