Twist Again, Near the Cliff, Like We Did Last Summer!

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It is always a challenge to come up with a title to the quarterly letter. This quarter it was much easier as there are two discussion topics in the news that help to sum up the economic environment in the United States. First was the decision by the Fed to do a scaled back version of its program from last summer which was called the Twist. With apologies to Chubby Checker and his 1960 chart topping song of the same name – the song that inspired the Twist dance craze – is the source of that part of the title. The second inspiration comes from the recognition that between now and early January 2013 there will be several serious events that are expected to shape our economy for years to come. It appears that the politicians who have some control of events seem willing to have the economy jump off a cliff rather than come up with a compromise. Both have appeared in newspaper headlines so we claim no particular originality. We will also touch on some of the other events that have been in the news as…

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