January 2, 2013


Politics lovers viewed the fiscal cliff negotiations in strategic and tactical terms.

Some time around 9PM Mountain on New Year's Eve, I confess I lost interest. I knew they would do what they would, that I wouldn't likely like it, and that it would not really solve anything. I didn't dream that we would get a full $0.02439024390243902439024390243902 in spending cuts for every dollar of tax increases, but there you have it.

And yet, I close the day in good cheer. The S&P 500 is up 36.23 (The Nazz almost a hundred!). American business will put up with all kinds of bad $%&*. When given the opportunity, there are more Dagny Taggarts than John Galts.

And, hey, there are now going to be more Famous Dave's!

"I've had four calls today from existing franchisees wanting to expand," said Dan DiZio, chief executive of Philly Pretzel Factory, a chain of 125 pretzel shops. "Uncertainty is a killer in any business and the pretzel business is not exempt."

John Gilbert, chief executive of Famous Dave's of America DAVE +6.20%, a chain of 185 barbecue restaurants, said consumers were holding back from dining out as they waited to see whether and how much their taxes would increase. "People have to eat but not at restaurants," he said. "We live and die by same-store sales and guest counts and when customers don't know what to plan for, it has a huge impact on businesses like ours."

I see very little likelihood that a cataclysm would have -- in this political environment -- lead to better policy and more liberty. I toast the 112th for putting just enough oil in the engine to make it to Jan 20.

Pretzels and Brisket for everyone!

112th Congress Posted by John Kranz at January 2, 2013 5:42 PM
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