“From a bullish perspective, we haven’t had additional stimulus because economic activity has maintained momentum.  Furthermore, I expect another extension of the payroll-tax break and unemployment benefits as well as political debate to reverse automatic spending cuts in 2013, warranted by the super-committee’s failure to cut the government’s budget deficit.  This would cushion some of the blow of fiscal contraction, especially in Q2.” —- (RCS Investments Macro Outlook Begn-2012: January 16, 2012)