Too many policies with noble intentions end up hurting the very Americans they are supposed to be helping. For a prime example, look no further than the November ballot. Initiative 428 would place a government-imposed price control on the level of interest that lenders are allowed to charge borrowers on a short-term “payday” loan. This is an onerous rule that is more likely to decimate credit markets for Nebraskans in desperate need of a small, quick loan.

Initiative 428 prohibits lenders from charging an interest rate in excess of 36%, imposes new restrictions on fees, and limits the ability for lenders to advertise to customers. Small dollar lenders tend to help rather than hurt the people they serve. According to Pew Charitable Trusts, “69% used it to cover a recurring expense, such as utilities, credit card bills, rent or mortgage payments, or food; and 16% dealt with an unexpected expense, such as a car repair or emergency medical expense.” Small-dollar credit products help them deal with everyday household expenses and that unforeseen emergency that can happen to anyone from any income level.

Every election cycle I field the same inquiry from my clients: Don’t you think stocks will sell off if my candidate loses? My response is always the same: Don’t invest your politics.

Though most investors handicap the election on a daily basis, savvy investors should focus on long-term economic trends that are likely to continue no matter which party takes the White House, the kinds of shifts that will have a profound impact for years, even decades.

Here are three trends to consider:

Manufacturing is on the rise

Orderliness is a blessing you leave your children. Which is how I wound up this week in a pawn shop.

For the record, I had never been in a pawn shop. I assumed they were for other people: gun traders, drug addicts, gamblers, those seeking bail money or who were otherwise down on their luck ― not that I haven’t run out of luck myself from time to time. But there I was, in my tailored blouse, good haircut and sensible pumps bargaining with a pawn broker as several closed-circuit cameras looked on.

Christine Gerardi got me into this. You may recall, a few months ago, I wrote about Gerardi, a jeweler who came to my home and helped me sort my jewelry. Besides giving me permission to let go of some dated costume pieces, Gerardi bought some gold jewelry I no longer wore for their melt value. (Huzzah!) During that one extended visit, she helped me downsize my jewelry stash by a third.

But, I had more to deal with. Specifically, I had two pairs of my mom’s good earrings that I would never wear, but that Gerardi thought too nice to sell for melt, and, oh, my former engagement ring. Ouch. All were, honestly, a little tough to part with.

New York Fed President John Williams says that the outlook for the economy depends on the spread of the coronavirus and people's behavior containing the spread—the latest Fed official to stress that the outlook for the economy remains highly uncertain at the mercy of the virus.

“This is not a standard recession and the economic future is inextricably tied to the spread of the virus, people’s behavior in containing that spread, and the development of vaccines and therapeutics,” Williams said.

Williams underscored the Fed’s new approach to policy – linking raising interest rates and other policy actions like buying bonds to economic outcomes on employment and inflation -- allows the Fed to respond to changes in the economy as they happen.

Bank of America will begin to offer small, short-term loans to cash-strapped customers, the Charlotte-based bank announced Thursday, a move that could upend the market for short-term loans.

The loans, called Balance Assist, will have a $500 limit, and will only be available to people who have had a checking account at the bank for at least a year. The roll-out will start in a handful of to-be-announced states by January 2021 before expanding to the rest of the country early next year.

The move makes Bank of America — with its tens of millions of customers — one of the biggest financial institutions to have a small-dollar consumer loan.