Expect more financial regulatory changes, Schwab executives suggested Thursday --  and be wary of a new recession if Congress and the new administration don’t take steps to keep the country from going all the way over the so-called fiscal cliff.

“If we end up going completely off the cliff" – raising taxes while reducing federal spending comprehensively at the same time – "there is not enough cushion to prevent a recession," cautioned Schwab’s chief investment strategist, Liz Ann Sonders.

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