Policy Paralysis

This is not a rant about healthcare legislation, or a lack thereof. It is not even about the ill-conceived sequencing of healthcare legislation and tax reform. My take is that tax reform was more important, would give a chance to generate some bipartisan efforts that could be exploited going forward. I will admit I did not anticipate a leadership crafting bills in secrecy from even their own rank and file.

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Shutdown and Equity Values

Reminder: I am not giving trading advice, just my interpretation.

Some of my students wondered why equity markets are not down more and at times look to potentially increase. Equity markets are an imperfect reflection of future economic prospects because there are company specific issues that could dominate national negatives.

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