Let me start this update with a quick moment to reflect upon the tremendous legacy that the late RBG will leave on this great country. She is not only the first woman but also the first Jewish person to lie in state at our Nation’s Capital. She managed to overcome many obstacles throughout her historic life, from losing her mother at a young age to surviving several bouts of cancer all while ascending to one of the most coveted positions in our government. A truly amazing story. While we have come a long way, we still have far to go. RBG showed what we are capable of and she will be a badge of honor for many in the years to come.
RBG's unfortunate passing is also causing quite a stir in the political halls of our nation. The battle lines have been drawn quickly, but at this point, the agenda appears to be moving forward with an expected nomination for her replacement to come this weekend. This will no doubt dominate the headlines along with the impending debate taking place next Tuesday. The media frenzy is only going to intensify in the days ahead.
All of this comes as the market has experienced several weeks of choppiness and selling pressure. We have been expecting this and I believe this selling pressure is driving our elected officials back to the bargaining table. On Thursday, House Democrats prepared a new $2.4 trillion stimulus plan which includes unemployment aid and direct payments to individuals. The Republicans have been discussing a similar plan but with a price tag much less at $1 trillion. There is certainly middle ground to be had, but at this point it is unknown if either side is willing to budge enough to get a deal done. With several House and Senate seats up for grabs in the coming election, the pressure is on for many. We are working on a much bigger “election” and market impact piece that will be coming in the coming weeks. It is important to look at history in times like these while keeping the current state of affairs in mind.
We are excited to announce that we will again be hosting a Shred-It event at our office on November 7th from 9-12pm. Mark your calendars now, more details will follow soon.
Have a wonderful weekend and stay safe!