Here’s some advice for the Democrats

[Bloomberg]( Today’s Agenda - Dems should be [careful with the “socialism](” thing, and other advice. - Begun, the [mid-tier bank consolidation]( has. - There’s a way to [save the INF]( treaty. - Be on the [lookout for SPAC](s. Advice for the Democrats The Democrats have a lot going for them these days: the House of Representatives, new faces and ideas, and an unpopular president to run against in 2020, to name a few. But if 2016 taught us anything, it’s that they are perfectly capable of blowing their momentum. Maybe a little advice is in order. For one thing, Dems should be [careful of flirting with the “socialism](” term, Cass Sunstein warns. Sure, the general idea is increasingly [popular]( these days, rising along with wealth and income inequality. But it also has a cautionary tale (and convenient GOP talking point) in Venezuela; and the word “socialism” doesn’t really describe what Dems favor these days, Cass writes. Policies of fairer taxation, health care and income are better framed as saving capitalism from itself – sort of the way FDR, no socialist, put it, Cass writes. Dems also must decide [how they feel about work](, writes Noah Smith. Many of their proposals, from a higher minimum wage to an expanded earned-income tax credit, are work-based – again, in the tradition of FDR. Others, such as the universal basic income built into Alexandria Ocasio-Cortez’s Green New Deal [plan](, are based on the idea Americans should get health care and other benefits “simply for being Americans,” as Noah puts it. This might be entirely justified, but it could also create new problems and face higher political hurdles. And Sarah Halzack suggests presidential contenders spend a little less time touring factory floors and pay more attention to the industry where many more Americans have [been working for the past decade: retail](. Higher minimum wages, paid family leave and robot-proofing the workforce are among the many retail-related ideas that could win votes, Sarah writes. Further Dem-Advice Reading: - Take reports of Senator [Amy Klobuchar being a bad boss]( with a large helping of salt. – Jonathan Bernstein - Instead of limiting stock buybacks, Congress should make it [easier for more Americans to own stocks]( so they can benefit from buybacks. – Barry Ritholtz BB&T and SunTrust to Make Slightly Bigger Bank Two years ago, Jamie Dimon complained there were too many banks. “And now there will be one fewer,” writes Brooke Sutherland, after North Carolina’s BB&T Corp. agreed to buy Atlanta’s SunTrust Banks Inc. The deal, the biggest in banking since the crisis, could [kick off a round of mid-tier-bank consolidation](, Brooke writes. At the same time, it also helps clear the table for the field’s still-mammoth leaders – led by Dimon’s JPMorgan Chase & Co. The combined new bank, which has no name but a future home in Charlotte, will still just be the 11th-biggest bank by assets in North America, Brooke notes. How to Save the INF Nuclear Treaty It was a big mistake for President Donald Trump to pull America from the Intermediate-Range Nuclear Forces Treaty, leaving European allies vulnerable to Russian nukes massing on their borders, Bloomberg’s editorial board writes. Fixing this won’t be easy – assuming Trump wants to. One approach that could appeal to him is to [renegotiate New START](, Barack Obama’s nuke-slashing deal with Russia, set to expire in 2021. A New New START could include the mid-range nukes the INF covered. It wouldn’t hurt to also work on a three-way deal with China and Russia, the editors write. Everybody Have Phunware Tonight Quick, what’s the best-performing U.S. stock of 2019? Some bank? A FAANG? [A payday lender](? Sorry, no. It is Phunware Inc., which Stephen Gandel writes was up 721 percent this year as of this morning. (It was briefly up 2,000 percent last week.) What’s that you say? “Phunware” isn’t a name that ricochets around your household very often? Maybe that’s because Phunware didn’t exist as a publicly traded entity until December. Then, it was just another special-purpose acquisition company, or “SPAC” or “blank-check” company, looking around for something to buy, preferably in “the energy logistics space,” whatever that is. Instead it found a startup called Phunware, which will destroy Facebook Inc. with PhunCoins, apparently. Stephen has the whole tale, along with a warning about how Trump’s [SEC has given free reign to these SPACs](, which may not always be able to guarantee 2,000-percent returns. Telltale Charts Chipotle Mexican Grill Inc. is finally [turning itself around in a sustainable way](, writes Sarah Halzack. People talk often about how Apple Inc. should [buy Netflix Inc. or some other hot tech]( company, and usually you can dismiss it. But it may need a transformative deal now, writes Shira Ovide. Further Reading Bond investors took it [relatively easy on Michigan State University]( as it raised millions for sexual-abuse victims. – Brian Chappatta EU politicians may feel they’ve prepared for a no-deal Brexit, but [EU businesses probably haven’t](. Their pain could help Theresa May win a new compromise. – Leonid Bershidsky It shouldn’t be surprising Israel will soon [host Hungary’s Viktor Orban]( and other illiberal Eastern European leaders. Israel is a nationalist country with a history of looking the other way. – Zev Chafets Australia’s economy [finally seems mortal](, and that’s a good thing. – Dan Moss Figuring out the [best diet for humans and the planet]( isn’t easy. – Faye Flam Stop picking on [billionaires](. - Tyler Cowen ICYMI Trump [probably won’t meet Xi Jinping]( before the deadline for a trade deal. Trump fears House Intelligence Chairman Adam Schiff is trying to [hire former White House employees]( for his Trump probe. Kickers Living alone [can be deadly](. Doing good makes it [easier to be bad](. You can teach a [bee to do math](. A list of stories set in a [future now past](. Note: Please send bees and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022