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MAYBE FRIST FORTUNE
CAN RUB OFF ON THE NATION
by Mark Scheinbaum
NASHVILLE, TENN. (Dec. 28, 2002)--Senate
majority leader-designate Dr. Bill Frist (R-Tenn)'s seems to ahvwe led a charmed
life. This week his 19-year-old son, a freshman at Princeton, walked away from
a small plane wreck near here with only minor injuries--a holiday blessing to
be sure.
A conversation with some locals got me wondering whether the departure of Sen.
Trent Lott (R-Miss) from the direct national spotlight, might not be a good
omen for the nation as a whole.
"Both my kids worked for Bill Frist's campaign," an evangelist turned
food wholesaler at my table remarked. As Grammy-winner Linda Davis hosted a
Christmas Night dinner show at the Gaylord Opryland Hotel, his wife wheeled
the lazy Susan laden with yams in my direction and added, "He's the most
refreshing change in politics we've ever seen. An honest guy, a gentleman, who
is nothing like his father."
Well, no family is perfect, and Frist's "father" refers to the controversial
HCA fortunate, success, scandals, government investigations, and potential conflicts
of interest which surround the success of the Senator. A marathon runner, accomplished
heart doctor, renowned heart-transplant surgeon, and by local accounts "regular
guy" has plenty of family baggage to overcome.
Yet, with many Americans doubting that the traditional Gloria Gaynor mantra
of "We Will Survive" applies to Wall Street, perhaps some fresh Congressional
leadership, and a fallback to long-term thinking isn't a bad idea. What if American
politicians and CEO'S followed the lead of the European Commission, or Proctor
& Gamble, and looked to the next four or five years instead of the next
quarter?
What if U.S. pension fund managers, trust officers, stock brokers, mutual fund
managers, and workers with 401ks, really started to believe that the Rigas,
the Lays, the Sullivans, the Milkins, the Boskys and their ilk are the aberrations,
not the norm? the result would be the chance at a generational windfall.
This windfall might not compare to the HCA fortune in health care built by Frist's
family, but to the average Joe and Jane it is a chance to greedily sock away
more and more money--every penny you can get your hands on, in stocks which
are at historic lows. The few relatives we had who actually saved money and
invested it during the Depression, ended up being the richest folks in the family.
Anyone under age 40, with a job, low debt, low interest rates on a mortgage,
and good health in the family, should redouble their investments next year in
conservative investment-grade equities.
Over on fashionable West End Avenue, at the Loew's Vanderbilt Hotel is a big
old Wurlitzer Juke Box filled with hand-picked selections by hotel visitors
who have included Johnny Cash, Charlie Pride, Billy Joel, and Celine Dion.
Maybe it was the holiday spirit. Maybe the wine. Or maybe the positive spin
on a new majority leader in the U.S. Senate for the next year. But when we all
returned to the hotel after Christmas dinner, someone had punched in the strains
of Willie Nelson's "On the Road Again."
It would be nice if in spit of Iraq, Korea, and Venezuela, the U.S. economy
followed Willie's advice.
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MARK SCHEINBAUM is chief investment strategist for Kaplan & Co. Securities, members Boston Stock Exchange, NASD, SIPC in Boca Raton, Fla., and twice-daily business comentator for the nationally-syndicated "Good Day USA" radio program, which can also be heard online at www.dougstephan.com weekday mornings.