Stocks stayed glued to fiscal-cliff headlines on Thursday, transfixed by the mounting horror of Capitol Hill’s potentially catastrophic impasse. Midway through Wall Street’s day, with Harry Reid wallowing in a well-publicized Marianas Trench of despair, the Dow was down only 120 points, raising the question of whether The Street’s best and brightest comprehend the magnitude of the tax wallop slated for auto-enactment on January 1.

We’re probably already in recession, after all, and huge new taxes on top of a slew of economically asphyxiating Obamacare ‘revenue-enhancers’ would probably suffice to turn an incipient recession into a full-blown depression. The suspicion grows that Obama has been intent all along on wrecking the economy so that he could implement his own version of FDR’s New Deal. If so, he’s well on the way toward realizing that goal.

Meanwhile, our esteemed representatives on Capitol Hill have scheduled a special session for December 30 to discuss…whatever.  Stocks rallied back to unchanged on the news, proving that DaBoyz are eager and willing to put Other People’s Money on the line if there’s sufficient “good” news to sustain the epic delusion that everything’s going to work out just fine.