Donald Trump’s stunning victory blindsided investors and media pundits alike—not to mention part-time finance bloggers like myself. Last week, I all but guaranteed a Clinton victory, and predicted that it would probably lead to slower earnings growth for health care and energy companies, as well as continued anemic economic growth for the country as a whole.
If you missed Tim Cook’s interview on 60 Minutes on Sunday, watch how fired up the normally serene CEO gets when Charlie Rose asks him about the billions Apple is keeping overseas (email subscribers can find the video here):
I don’t blame Cook for being angry. I’ve been saying similar things for awhile now. Our corporate tax system is “awful for America.” It would be bad enough if we were growing at a decent, or even somewhat decent rate economically. But in this ‘new normal’ era of slow to no growth, it’s inexcusable.
No matter who is in office, or which party he (or she) belongs to, I always look forward to the State of the Union address. Even though I never got to attend the speech in person, watching it always reminds me of the summer I worked in Washington D.C. as an intern for the House Minority Leader.
My “office” that summer (actually a very small desk in a larger office) was just off the Capitol’s rotunda. I would arrive at 9 AM(-ish) every morning, write one page responses to constituent mail on issues ranging from gun control to NASA, and then continue to perform my duty as an (unpaid) civil servant at cocktail parties and other social events around town. It was a fun time, and it gave me a lot of respect for people who work in government. Politics aside, most of them–including President Obama–are decent human beings trying their best to do right by the country. They don’t always succeed, of course. Many of their policy initiatives are well-intentioned but misguided, which brings me to the tax reform proposals the President spoke about last night. One is a good idea that will only affect a select few. The other is a less-than-good idea that could affect a whole lot of folks.