let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients about what's going to happen on january 1st? >> it's not so much that they're concerned about what happens on january 1st because i think the bulk of our meetings have focused on the fact that this isn't really a cliff so much as a lot of people have been saying a slope. more importantly to your first question, i have been on the road for the better part of 2 1/2 months now. i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether it happens on january 1st or not on the fiscal cliff. >> let me follow up with that real quick. here's the thing -- the greek situation, which was driving the market negativity a few months ago, is the same, roughly, as it was then. but yet we've conveniently forgotten about it because the fiscal cliff. >

let's bring in gina sanchez, and steve white. a great note this morning, titled, what happens if and when the fiscal uncertainty lift. generally it is ladies first. but i want to start with steven for a reason. steven, do you believe we can take out the "if a deal get done ". do you believe it is now a matter of when a deal get done. >> it seemed like we would have a deal eventually even if we went into the first quarter of the year. we will have to raise the debt ceiling. the question was would what kind of terror the economy need to live through. what sort of drag was on the economy before there was a deal. the news report suggest that a deal was onity way. >> you know, gina, you've got your portfolio, position for a dark moment before the light. what assumptions are you making with regards to the fiscal cliff? >> we do generally assume a deal will get made but we think there will be squabbling. i would agree there seems to be a belief in markets and a deal looks more likely. but neither side is giving on theirer to tennants. s