美国有线新闻 CNN 2013-01-04

 What does, what do the markets want? You will not gonna be happy with this fiscal¹ cliff fudge tonight. 

No, not at all. The markets want clarity right? The markets want to know what the answers gonna be. I think the markets gonna be, honestly, quite dispointed as they start, the strategists and economist² start to dissect³ what the president just said, how it's going to be really a band-aid. They're talking about doing this in stages.  It's not what the market wants to hear, because all that leaves is more confusion.

Right, so, would, I mean, it's blunt speak time, it's time for you and I to have a bit of blunt talk. Would you have prefer to go over the cliff for a longterm beneficial grand bargain?

Ok, I actually thought it would be better to go over the cliff. Because if you went over the cliff, you would have clarity, right? Everyone knows exactly what would happen, taxes would have gone here, spending would have gone there. And then they could have argued it from the opposite side. They would have, on one level, brought some taxes down. They would have increased spending. But they would have been forced into compliance⁴. Doing this band-aid routine and doing it over a number of, a period of months or staged, as he said, it's not gonna work out well in my opinion because it's going to leave it way too confusing for investors⁵, it's going to leave it confusing for companies. They don't know how to make plans, they don't know what they should hire, they shouldn't hire...go ahead.

So where will we see the market effect? Obviously, with the Fed still buying $85 billion a month as part of Q Eternity⁶, and with, you know, with bonds still being only game in town, even a miner switch to equities⁷, where do you expect to see this balloon to squeeze out? 

Ok, so what I expect to see, and you're probably going to see, I wouldn't be surprised if we saw pressure towards the end of today, that people at the very last moment are going to take some money off the table. But I suspect once Asia and Europe opens on Wednesday, Tuesday night for us, into Wednesday, and the global market starts to react, I will then think you will see more pressure on the U.S. market. I don't by any stretch suggest you're going to get a TARP moment where the market sells off 700 points. I don't think you're going to get that at all, because there's a lot of money on the sidelines waiting. I think you see us test 1385 again, which is a 200-day moving average, and then as investors kind of re-price the risk. 

Kenny, as always, we've talked many times, you and I, over the year. It's been a treat and a pleasure to have you on Quest Means Business. We need you to make sense of this, and I wish you and your family a happy New Year, Kenny. How very good to see you.

And to you too. Thank you every much, Richard.

Thank you, Kenny Polcari joining me from the New York Stock Exchange.

1 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 dissect   

v.分割；解剖

参考例句：

• In biology class we had to dissect a frog.上生物课时我们得解剖青蛙。
• Not everyone can dissect and digest the public information they receive.不是每个人都可以解析和消化他们得到的公共信息的。

4 compliance   

n.顺从；服从；附和；屈从

参考例句：

• I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
• She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 eternity   

n.不朽，来世；永恒，无穷

参考例句：

• The dull play seemed to last an eternity.这场乏味的剧似乎演个没完没了。
• Finally,Ying Tai and Shan Bo could be together for all of eternity.英台和山伯终能双宿双飞，永世相随。

7 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。