thedailybeast.com — If the stock market is a barometer on how the wealthy and powerful are feeling about their prospects, then the 1 percent has come down with a healthy dose of the Christmas spirit. In the past few weeks, the S&P 500 has rallied more than 7 percent. And why not? Staring at the fiscal cliff, which would have raised taxes on income, capital gains, dividends, and estates taxes, the wealthy had reason to fear. The moneyed class placed a huge, one-sided bet on their tribune, Mitt Romney, and on the Republicans. And they lost. Big time. In mid-November you could detect, in the precincts of Greenwich and Palm Beach, in Scottsdale and Buckhead, a grim sort of resignation. The first several weeks of the fiscal-cliff hostage situation gave them more reason to fear. But the developments of this week should cause the posh to take heart. Instead of getting soaked, it looks like the rich will receive a gentle spray of spring water.
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