Good morning!
The first televised presidential debates between John Kennedy and Richard Nixon in 1960 had a moderator seated at a comically small desk and a mood more evocative of a classroom than a TV studio. The candidates earnestly presented their views on salaries, health care, education, trade, farming, Russia and other policies. As Nixon put it: “The people now have the opportunity to evaluate his, as against mine, and I think both he and I will abide by what the people decide.” (The Watergate scandal, of course, came later.)
Contrast that with last night’s presidential debate, which was more akin to the schoolyard. Although it began with Kamala Harris initiating the first handshake in a debate in eight years, it devolved into taunts and rhetoric. Little was said about issues like taxation, trade policy, regulation, legal immigration, and debt. No one mentioned the potential cost of Donald Trump’s trade war or Harris’s new tax plan. With less than two months until the election and days to go before early voting starts in Pennsylvania, a lot is still unknown about how and where the candidates plan to invest in growth.
After the debate, I spoke with Stagwell CEO and Harris Poll chairman Mark Penn. He is a former top advisor to the Clintons who now works with CEOs and business leaders on how to build brands and navigate across the aisle in this polarized time. He, too, was underwhelmed by the content. Said Penn: “If you’re in the tech industry, what did you learn? Nothing. If you’re in the manufacturing industry, your focus is on the tariffs. In the health care industry, you’re probably more suspicious of her than you are of Trump, but she didn’t outline much of a policy. If you’re in the finance industry, you’d look for more clarity around spending and taxes.”
While some Americans may not feel it, the U.S. economy is the envy of the world, with relatively low unemployment, healthy wages, deep pools of capital, and an embrace of new technologies. Government plays a leading role in creating a culture that attracts excellence, rewards risk, allows for failure, and upholds the rule of law while protecting the environment and rights of all citizens. At a time of seismic challenges and opportunities, people deserve more details about the philosophy and policies of their future president before they vote.
Taylor Swift is free to endorse a candidate but most CEOs prefer to stay anonymous on political preferences to promote harmony and avoid a backlash. When a few weighed in after the debate, at my request, the common theme was disappointment. “I wonder if either of them would have my back in a fight,” said one CEO who works in the Midwest.
“It’s a close race, and you have to make a judgment about what their real policies are,” says Penn.
More news below.
Diane Brady
diane.brady@fortune.com
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TOP NEWS
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AROUND THE WATERCOOLER
Fed vice-chair slashes proposed capital cushion for JPMorgan, Bank of America, and Citigroup by over 50% by Michael del Castillo
Kevin O’ Leary gives money to family–but there’s a catch by Marco Quiroz-Gutierrez
The age of a Fortune 500 company is only part of its story by Lydia Belanger
Bank of America CEO says we need to take action on the national debt now, while ‘we’re in relatively good times’ by Will Daniel
Investors are pouring into leveraged ETFs to double up on Nvidia and Tesla—but risk getting burned by Greg McKenna
This edition of CEO Daily was curated by Joey Abrams.
