Guiding the financial lives and portfolios of other people in a humbling passion. To do this well, it is mandatory to seek out the thoughts of others. I have found conferences are an excellent and efficient way to do this. One of my favorites is the annual Policy Conference of the National Association of Business Economics in Washington, where I am now. I'll be blogging about new thoughts over the next few days.
Yet, as I wait for tomorrow's conference on economic policies, I watched Fareed Zakaria's TV special tonight on Restoring America. The conclusion is that economic policies are not failing America, but political institutions are. He cited the electoral college and the U.S. Senate as examples. Last week, I heard a well-known lobbyist in Richmond say that legislatures are essential to keeping governments from functioning, which seems to be the objective. Last year, I visited China, where governments make all important decisions. Such different models for political decision-making . . . none of which were designed in the 24/7 Internet Age.
One of our panel discussions tomorrow is "The Politics of Deficit Reduction," which I look forward to. Deficit reduction right now is more important than tax cuts for the "rich", more important than maintaining entitlement levels, and more important than any political party or leader. I'm looking forward to the thoughts of others tomorrow. It is my job, and it is my passion!
