Why hasn't the stock market tanked today?

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Neil Irwin explains why Wall Street hasn’t tanked today:

First, global investors clearly aren’t viewing this as an end-of-the-world doomsday scenario that they did in 2008 when the House rejected the bank bailout bill in 2008 on its first pass (that day, the stock market fell 8 percent). That will likely change if it starts to look like the nation is not only going over the fiscal cliff, but poised to stay there. It could also change if the brinksmanship shifts from the relatively manageable risk of an austerity-induced recession toward the more existential one of a debt ceiling showdown and possibility of a U.S. government default.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.