Robert J. McCann, Chief Executive Officer of UBS Wealth Management Americas (WMA), hosted an exclusive client event in Chicago as part of WMA’s ongoing Revitalizing America Initiative, which aims to forge common ground and discuss nonpartisan ways to revitalize the U.S. economy. Together for the fourth time in the series, President Bill Clinton and President George W. Bush shared their unique insights on a range of issues including leadership, job creation, immigration and the country’s economic recovery.
Prior to the presidential conversation, Mike Ryan, WMA's Chief Investment Strategist and author of Election Watch 2012, hosted a discussion on the current political climate and its impact on investors and their portfolios. The conversation included Tony Roth, Head of Wealth Management Strategies, Andy Blocker, Federal Affairs Manager and Managing Director and Keith Hembre, Chief Economist, Chief Investment Strategist and Head of Quantitative Strategies for Nuveen Asset Management.
Following the event, McCann commented: “I am grateful the presidents have continued to share their invaluable knowledge and perspective on the types of leadership we need to rejuvenate our economy. The Presidents’ participation in Revitalizing America underscores UBS’s commitment to providing our clients with meaningful and unique insights into the issues that matter to them.”
Augmenting the Presidential Conversation, WMA’s dedicated Wealth Management Research (WMR) unit published the second volume of Election Watch 2012, a series of reports designed to guide investors through the critical issues and developments of this election season.Highlights of the report include:
- The year 2012 will see presidential elections in the US, France, India, Iran, Korea, Russia and Taiwan, as well as a leadership transition in China. There exists potential for leadership changes in countries representing nearly 50% of global GDP during this year alone.
- There are a few broad themes that are widely shared across countries and are likely to influence the policy landscape for years to come: the key issues to influence policy outcomes will be the health of the domestic economy; the proposals for tackling rising levels of public indebtedness; and the evolving role of government in economic matters and shifting tides of social unrest.
- Improving competitiveness, stimulating job growth and reducing high rates of unemployment are high on the issues list as elections near in the US and France.
- In the US, an improving jobs picture and strength in manufacturing bodes well for President Obama, but potential pitfalls include low job approval ratings, high unemployment and a looming Supreme Court decision on healthcare reform legislation.
- President Obama will likely win a second term based on an improving jobs picture and recovering economy, although the high unemployment rate, the future of healthcare reform in the Supreme Court and still weak job approval numbers present potential pitfalls.
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