BOSTON (TheStreet) -- There was no better time than Thursday night for a complete blackout to cripple a major metropolitan area in the U.S.
As President Barack Obama addressed Congress with his outline for creating jobs in America, a plan that includes the formation of an infrastructure bank to rebuild and expand the nation's flagging infrastructure, San Diego and the surrounding area went dark. Ironically, that meant 1.4 million residents without power couldn't watch the president's speech on job creation through improving and expanding the country's wilting infrastructure.
"It's another example of why we do need to invest in this country's infrastructure," says Mark Weisdorf, CEO of J.P. Morgan Asset Management's Infrastructure Investments Group. Weisdorf is responsible for more than $5 billion in infrastructure assets, including ports, water systems and airports, among others.
"It's about electricity transmission lines, especially after we suffered several major blackouts in the last few decades," Weisdorf continues. "It's about roads, rails, airports, seaports, water, waste water. There is a significant need for new and better infrastructure. There are a number of areas where we've fallen behind and we haven't kept up with the infrastructure needs. That blackout is just one example."Obama's call for an infrastructure bank as part of his grand American Jobs Act may have a tough time passing in Congress, but promoting private investment in U.S. infrastructure is the right plan and can greatly benefit investors, professional money managers such as Weisdorf say. Obama's four-point jobs plan, with a price tag of $447 billion, proposes the creation of an infrastructure bank that would combine private investment with public infrastructure construction. The bulk of the plan is dedicated to slashing payroll taxes, with the infrastructure bank going for a modest initial federal investment of $10 billion. "Although that $10 billion will be significant in bringing public and private sector finance and filling a gap, it's not a large amount in the scheme of a $447 billion plan," Weisdorf says. "It's been well thought-out and it's intended to be self-sustaining. It's not intended to be grants, but instead lending and loan guarantees. "
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV