my investment advisor on Obama
Topics: Campaign2008
15 Oct 2008
From: Ervan Darnell
I had a long phone call today with my investment advisor. One of the
topics was what to do about the upcoming capital gains tax increase. At
the end of it he offered the same theory I already had: We are in a
downward spiral between politics and the economy. When the Dow goes
down, Obama's chances go up. That means capital gains taxes are more
likely to go up. Because of that foolish policy), the Dow goes down
more. The only good news is that with Obama's election certain, the
spiral will stop. "The damage is baked in" as he put it.
He also agreed that the next political biennium is likely to see huge
increases in spending for programs that have "no visible impact" (his
words). I'll take that as the optimistic view that they won't do
positive harm instead.
Of course, he's not an economist, and he does have an incentive to cater
to my views (though I have never discussed politics with him beyond the
narrow question of changing my investment strategy based on a likely
Democratic victory), but he also has an incentive to be right about
helping me with investment choices. He's not a partisan in this sense.
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