2025 11-21 Matters of Democracy Political Dysfunction; Economic Uncertainty; split among conservative women

The political environment is characterized by significant dysfunction following a 40-day government shutdown, which ended without resolving key Democratic priorities like Affordable Care Act subsidies, leading to intra-party friction. Congress remains mired in partisan infighting, prioritizing member censures over substantive legislation, while the executive branch has employed increasingly inflammatory rhetoric.

Economically, investors are navigating a "wall of worry," with primary concerns focused on hidden credit risks in the market (the "cockroach" theory), the sustainability of the U.S. debt and deficits, and potential bubbles in the AI sector. The recent shutdown has further complicated the outlook by delaying key economic data releases, creating uncertainty for Federal Reserve policy. Amid this turbulence, a strong case is being made ...