[VIDEO] Larry McDonald: “THIS IS THE BIGGEST TAX INCREASE SINCE 1970!”

Larry McDonald, author and senior director of credit sales and trading at Newedge USA, gave Brian an expert’s perspective on the fiscal cliff.  McDonald said that since 1970, we have never had any tax increases or spending cuts that were more than 1% of GDP.  In a best case scenario, this tax increase is going to be 1.3-1.5% of GDP.  “When we did the same thing back in 1969, the stock market went down by 35% over the next 12 months.”