Regardless, the relationship between investors and the folks who manage their investments and retirement accounts should be more akin to a lawyer or an accountant, and not a used-car salesman. There is still much residual anger at Wall Street due to the financial crisis and bailouts. This is a winning position for the industry and investors.
• Climate change: Here is an amazing factoid: The GOP is the only major political party in the world that denies climate change. Large donors with interests in carbon-based energy, such as the Koch Brothers, and Trump’s bizarre obsession with coal are only two of the reasons why.
I have exhorted investors to ignore the agnotology and recognize the shift that man-made global warming is causing in their investment portfolios. It’s more than a talking point: Real estate, energy, insurance (and re-insurance) leisure and hospitality, transportation and manufacturing are all undergoing major transformations courtesy of climate change. And it’s going to become a bigger issue, especially in places like Florida where Republicans hold most of the political power.The hope for a big infrastructure bill springs eternal, and maybe something will happen this time. The rest of the issues have some measure of crossover appeal, too. Moreover, they are well-regarded by the Democratic base. These four agenda items could even act as test cases heading into the 2020 election. When the new Congress convenes on Jan. 3, here’s hoping they give these due consideration.
This column was provided by Bloomberg News.