Election Thought From Lawyer Perspective

I received a lawyer newsletter in my email today. Generally a better than thou liberal leading rag. The usual Samantha Bee sort of stuff.

With the same sort of vile hatred, the article specified what the election of Trump means for lawyers. It means pro-business, fewer regulations, and lower taxes. And the author specified this with the same aforementioned vile.

Practically speaking it means less anticipated legal work for business and tax attorneys, which this author thinks is a bad thing, and that it may also lead to the Trump recession (because only regulations and higher taxes have kept us out of recession).

Circular logic of the highest order.

But the gist being, Trump may get out of the way to let business grow, and for many business attorneys this is not necessarily good. Ignoring the fact that a growing economy will create more work anyways, just more productive work.

For those who are panicking, perhaps a bit of less dire prognostication.

Tinker

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Tinker,
I already posted my over-reaction to political events elsewhere. I’m kinda old, not sure I’ve learned my lesson. If you’re younger, and we go into a sustained recession (or worse) it can usually be weathered (unless you rely on a portfolio for livelihood I suppose, I’ve known a couple of folks in that boat). As an older person still wanting to grow my portfolio before I need to rely on the returns scary events are amplified somewhat.

My “over-reaction” was driven mostly by Trump’s stated positions on trade and immigration. Both positions, I think, could be very bad for the world economy - some reports I’ve read (maybe exaggerated) predict a roll-back in world-wide GDP of 5% or more. That would be devastating.

I guess Wall Street figures saner voices will prevail in these areas while Trump will find a lot of Republican support in rolling back regulation, climate agreements (also a frightening scenario, but less immediate - Hail Nero!), etc.

So the one good thing for me is that I finally bailed from some positions that I was holding for no particularly good reason (SEDG, INFN, a few other). So it may have actually served me well in the long run. Unlikely that I’ll get back into any of those positions in the near term. I still think ultimately they will pay-off, but I really had no justification for just sitting on them waiting for the turn around. A lesson from Saul, sell your losers quickly, even at significant loss (if you didn’t recognize they were losers quickly enough). There is always, always a more productive investment available somewhere.

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Says it all

https://youtu.be/cWcdZA4NpSI

Tom Paxton…

too many lawyers.

Too many frivolous lawsuits - too many ambulance chasers.

Too many lawyers involved in the million pages or regulations that strangle business.

Probably half should have a reason to retire. Trump might give it to them. No work… no phony lawsuits. No lawyers extorting the ADA laws for giant gains from small business for very minor ‘violations’…

t

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