January 9, 2017

The President-elect promised to drain the swamp once he got in to office. He never said exactly what he meant by that so he left it up to his supporters’ imaginations to fill in the blanks. Now that we are on the cusp of a series of historic events involving the Senate confirmation hearings without the nominees having completed FBI background checks and being properly vetted, we can see how the new swamp is taking shape. The old swamp is being converted into water hazards on another Trump luxury golf course resort complete with infinity swimming pool. Only billionaires need apply for membership.

I would like to ask a few simple questions. What is the rush, why is this okay, and what are they possibly hiding? I would think that reasonable people on both sides of the aisle would like to get this right the first time around, and avoid any potential embarrassments. Unfortunately, the new normal was set by Trump when he elected not to release his tax returns, and the voters gave him a pass. Part of the electorate seems to be okay when Trump says “trust me.” When someone says “trust me” once, I put my hand on my wallet. When someone says “trust me” more than once, I know they have something to hide.

So, at this point, it looks like the new swamp will be filled with unknown and possibly dangerous species. Don’t go near the water hazards. They may be hazardous to your health.

On April 22,1970, I was one of 20 million Americans who took to streets, parks, and auditoriums to demonstrate for a healthy, sustainable environment in massive coast-to-coast rallies. By the end of that year, the first Earth Day had led to the creation of the United States Environmental Protection Agency and the passage of the Clean Air, Clean Water, and Endangered Species Acts. Richard Nixon, a Republican, was president. We currently have another Republican occupying the White House, and he is systematically undoing 47 years of progress.

He has appointed a whole cadre of climate change deniers to the EPA despite the American public’s and world’s overwhelming acceptance of the fact that humans contribute to global warming. He wants to bring back coal to the detriment of renewable energies. He has given signals about backing away from the Paris Agreement, which sets out a global action plan to put the world on track to avoid dangerous climate change. He has authorized the construction of very controversial and unnecessary pipelines. He is rolling back mileage standards for our automobiles. The Secretary of State, a neophyte in world affairs, comes from Exxon Mobil.

He is ceding global environment leadership to the Chinese. This is all being done under the guise of creating jobs, and achieving energy independence. However, it is clear that the jobs, especially in the coal mines, are not coming back, and the US today is awash in cheap energy, and is an energy exporter. We are becoming a country that is fixated on the past, “Make America Great Again,” and afraid of tackling the challenges of the future. When did we become afraid to compete? We are better than this.

July 7, 2017

I think we are all tired by now about the president’s continuous harping about the fake news. Unintentional inaccurate reporting is not fake news. It is incorrect news. Fabricated news with the intention to do harm is fake news. I don’t know why he can’t keep the difference straight. If it is designed to be an inside joke, I am clearly neither in on the joke nor amused. Maybe it is time to start referring to Donald Trump as our fake president. It is no more true than his assertions about fake news, but he has set the standard about what is real and what is fake, not me.

What’s the case for the fake presidency? He received fewer votes than his opponent. Doesn’t that make him a fake? According to the New York Times, he told at least one lie every day for his first forty days in office. That’s pure fakery. He wrestled with a CNN reporter. What is more fake than wrestling? He denigrated former presidents ( both Bush and Obama) and his own intelligence community on foreign soil before “negotiating” with the Russians. Only a fake President would do that. Despite his bullying tactics, he folded like a cheap suit when he came face-to-face with Vladimir Putin. The word “hacking” got stuck in his throat. As Elaine Benis once said on “Seinfeld,” “Fake, fake, fake.”

As I said, President Trump is not a fake president. He just plays one on TV.

April 28, 2017

I used to think that I resided politically where most people were i.e. fiscally conservative, and socially liberal. National polls will support this assertion. Donald Trump’s budget proposal will test this assertion, however. This budget will dramatically increase deficit spending, and increase the national debt. It’s deja vu all over again. It’s the Laffer Curve and Trickle Down Economics all rolled into one. The success of the proposal hinges on increased levels of growth, which economists on both sides of the political spectrum say will not occur. The easiest thing to do in Washington is to propose tax cuts without finding ways to pay for them. Tragically and cynically, there is almost nothing in the bill for the disaffected voters who supported Trump. This bill does not leave any room for an aggressive approach to improving our infrastructure, and, thus, creating jobs. I think that any infrastructure program should be able to pay for itself, but this will no longer be possible.

Now we get to watch how those who call themselves fiscal conservatives tie themselves up in knots trying to spin how this time it is different. If someone tries to tell you that this time is different, be skeptical. I heard that many many times during my years in the brokerage business, and it was never true. If you are fiscal conservative, be accountable. Sadly, I think we will find that so-called fiscal conservatives, and politicians, will put their personal net worth ahead of the financial health of the country.

June 23, 2018

History can be cruel. A lifetime can be summarized in a brief comment or moment. It can wind up in your obituary or on your Wikipedia page. Marie Antoinette will always be remembered for “Let them eat cake.” Richard Nixon, despite his many accomplishments, famously said about the Watergate break in, “I am not a crook.” George W. Bush, during his inspection of the damage caused by Hurricane Katrina, said, “Brownie, you’re doing a heckuva job.” All of these people are more than these moments, but this is what we remember.

So what will we remember about our current president? For some, it may be the “you can grab them by the you-know-whats” audio clip. For others, it may be the recent cover of Time magazine showing a glowering Trump looming over a crying, two year old, immigrant child. For me, however, it will always be the image of Trump tossing out paper towels to a gathering in Puerto Rico post Hurricane Maria. “Let them eat paper towels” should have been the headline. The insensitivity of these actions is incomprehensible. Trump was essentially saying, “I don’t care. Do U?”

Which gets us to today. Trump is still figuratively throwing out paper towels. Rather than negotiate a “fair and balanced” immigration deal that resolves an issue that is in no way as serious as he bloviates about (border crossings have been on the decline for years after all,) he needlessly and cruelly decided to separate families. All that is missing is a visual of Trump throwing paper towels into the cages holding the children. How ironic that these same children may some day be working on his golf courses or in his hotels.

August 15, 2017

“No one ever got hit by a bus they saw coming.” I first heard this expression in 1999 as we all prepared for Y2K. As it turned out, we were prepared, and we never got hit by the “bus.” Unfortunately, as are most sayings, they are not always true. Charlottesville got hit by a bus and Donald Trump was driving it. He claimed to not know anything about David Duke even though video evidence proved otherwise. He feigned ignorance about white supremacists even though everyone knew what their deal was. He embraced, endorsed and promoted birtherism, a clearly racist position. He would not acknowledge the holocaust. The tragedy in Charlottesville was a bus we all saw coming, at least some of us. And, even though he was driving the bus, Donald Trump couldn’t see the destruction he left in his wake.

July 28, 2018

As a Democrat who voted for Charlie Baker, I have been asked what it would take for me to support a Republican candidate for Senate. Here is my list.

1. Reduce the trillion dollar deficit by rescinding tax cuts for the rich and corporations.

2. Address entitlement reform.

3. Support an infrastructure “Marshall Plan.” Start with train service between Springfield and Boston.

4. Support equal pay for equal work. Increase the minimum wage.

5. Admit that climate change and global warming are real, and endorse The Paris Agreement. Support clean energy initiatives. Stop the rollback of environmental regulations.

6. Reaffirm support for NATO and Article Five

7. Pledge to support the conclusions of the Mueller investigation.

8. Support reasonable gun safety proposals

9. Call out Donald Trump every time he lies. Condemn the president every time he insults anyone.

10. Roll back tariffs, and support free trade. Rejoin the Trans Pacific Partnership, and support NAFTA.

11. Support universal healthcare

12. Reaffirm support for the European Union.

13. Do not fund a wall between Mexico and the US

14. Condemn separating families as a tool to fight illegal immigration.

15. Remove our embassy from Jerusalem.

16. Withdraw support for autocrats, and reaffirm relationships with allies.

17. Reaffirm a woman’s right to choose. Support Merrick Garland for the Supreme Court. Offer legislation rolling back Citizens United.

18. Condemn Nazis and White Supremicists.

19. Support voters’ rights, and undo gerrymandering.

20. Support public education.

21. Never use the phrases “fake news,” “witch hunt,” or “lock her up.”

22. Require all candidates to produce their tax returns. Enforce the emoluments clause.

23. Do not attack the media as an “enemy of the people.”

24. Do not wear stupid hats.

I find it very interesting, if not totally ironic, that the party of Lincoln, the Republican Party, is dragging its feet on comprehensive immigration reform while the Democratic Party, the pre-Civil War, pro-slavery party, wants to get something done, either by congressional action or executive order. Just as in Lincoln’s time, the battle lines today are roughly drawn between the progressives of the north and the conservatives of the south. Lincoln, of the other Springfield, recognized that slavery could not coexist within a free society, and would eventually die of it’s own weight. In his Cooper Union speech, he famously said, “right makes might.” Similarly, it seems to me that the United States of today should not tolerate the shadowy world of illegal immigrants, who we rely on whether we want to admit it or not. Immigration reform is inevitable so let’s get on with it. During this holiday season, let’s focus on what is right, and let’s have some compassion for those who are struggling to make a go of it. Let’s not get caught up in turf wars and bureaucratic maneuverings.

May 16, 2018

What is worse than impeachment? Impeachment, after all, is a

political death sentence, which casts everlasting ignominy on the politician unlucky enough to be impeached. Republicans, taking their cue from Trump, are trying to gin up the impeachment controversy in hopes of energizing their voters. Just by shouting “Maxine Waters,” they believe their supporters will show up at the polls.

My advice to Democrats is not to take the bait because the one thing that is worse than impeachment for this shameless autocrat of a President is emasculation through the ballot box. Can you imagine Trump having to go golf hat in hand to Democrats in Congress anytime he wanted to do something? Would Trump prostrate himself to House Democrats? He would be ineffectual in the Oval Office. He would be inconsequential. He would have the sword of Damocles hanging over his head at all times. He would have to answer for his conflicts of interest. He would have to suffer constant rebukes for his Tweets. He would have his appointments vetted and rejected. He would have to watch as his family and friends were convicted of crimes.

How would he react? If he were as smart as he claims he is, he would work with Democrats to actually deliver jobs and benefits to those people he falsely claims to support. My guess, however, is that he would respond like the Wizard of Oz. There would be pyrotechnics, lots of noise, and much bluster, but it would all be a charade. The egomaniac in chief would become the vetoer in chief. He would have to watch as his anti-Obama policies were unwound. He would be sentenced to two years of irrelevance and unimportance. In my mind, that would be worse than impeachment.

June 29, 2018

The Democratic Party is looking for a positive message for the 2018 mid-term elections and beyond. Being the anti-Trump party will not suffice. The anti-Trump sentiment is already baked into the polling numbers. Democrats need to attract independents, former Obama supporters, and millennials. Paraphrasing a a famous line from “The Graduate,” I have one word for you…investment. One man’s investment may be another man’s expense, but I believe that the Democratic Party should be the party of investment. Investments are outlays that are made today for expected positive returns in the future. The future could be one year, ten years, or longer. As a former investment executive, I appreciate the ability of the capital markets to allocate capital, but there are some things the government needs to get involved in.

The Republicans squandered a chance to invest in infrastructure because they were adamant about transferring money into the hands of wealthy individuals and corporations today. The jury is still out, but early returns show that the tax cut money is not going into capital expenditures and hiring, but, rather, is going into stock buybacks, increased dividends, and M&A activity. There is certainly nothing wrong with these activities, but they do not put people to work rebuilding our fragile infrastructure. Let’s make America again.

As every parent knows, education is the key to our children’s future. Let’s invest in public education from pre-school through college and beyond. Let’s invest in buildings, books, and teachers. Teachers don’t need guns. Teachers need supplies. Let’s make our national goal to be number one in the world in math and science. Dollars spent today will generate massive human resource dividends in the future.

There are many other worthwhile investment opportunities, clean energy being one, but the Democratic Party needs to be the party to have an honest discussion with the American electorate as to how this gets paid for. The Democratic Party should not be the deficit party like the Republican Party. Dynamic scoring of the budget is wishful thinking, and “voo-doo economics.” Realistic budgets should take into account tax increases and entitlement reform. The sacrifice should be shared. It’s a tough but fair message.