Politico: As Trump warns of economic disaster, Wall Street grows giddy about Biden

https://www.politico.com/news/2020/10/27/wall-street-biden-blue-wave-432710

Wall Street has come around to the dark side.

“Far from panicking at the prospect of a Biden win, Wall Street CEOs, traders and investment managers now mostly say they would be fine with a change in the White House that reduces the Trump noise, lowers the threat of further trade wars and ensures a continuation of the government spending they’ve seen in recent years.

“The market is focusing on an end to the uncertainty around the Trump administration, and that in many respects is what underscores the pricing action around a possible Biden scenario and a blue wave,” said Joseph Brusuelas, chief economist at consulting firm RSM US. “Firms and investors crave stable expectations and that is how the Street is interpreting a likely Biden victory.”

The rise in COVID cases and no new stimulus from Congress is doing a number on the markets this week. (Much to Mr. Trump’s chagrin.) A Biden victory appears to change the trajectory. Or at least the stability provided by a chaos-free administration does.

14 thoughts on “Politico: As Trump warns of economic disaster, Wall Street grows giddy about Biden

  1. “The market is focusing on an end to the uncertainty around the Trump administration…”

    Uncertainty among our international adversaries may or may not be a good thing. Nixon always kept our Cold War enemies on edge because they were not sure he might be nuts.

    Such a policy may or may not have merit.

    But what doesn’t even deserve the time of day is keeping the American people on edge all the time. Markets do not like chaos or seat-of-the-pants governing.

    “The Art of the Deal” outlines a few of the strategies Trump favors. Keep the investors guessing, shift positions at the last minute, intimidate, bluster, walk out, walk in, yada, yada, yada.

    Successful method? 1/2 dozen bankruptcies, bailouts, defaulted loans, stiffing vendors, illegal labor, etc. might indicate that the book was crap but Trump was well funded by Trump, Sr. More succinctly, bullshitting a bank or investor is much easier than the leader of China, or any other sovereign nation of size. Which is probably why the trade war with China was a bust that cost us untold billions in tariffs and bailouts for farmers. And we still had as big, if not bigger, trade deficit even before COVID. Or why North Korea is giving us the finger. Or the redone NAFTA deal was mainly a reshuffling of some cards.

    Trump speaks loudly and carries a wet noodle. Time to retire him to a life of leisure and lawsuits at Mar a Lago.

    IMHO

    Liked by 2 people

    1. Are you kidding? They have that now.

      The election itself is a good indicator.

      Democrats have tried for a year or more to shore up election security and access for Americans to vote. They are realistically looking at a pandemic and trying hard to still let ballots, votes by our nation’s people, decide our governance. Trying to make accommodations for the COVID reality.

      Republicans, or Trump really, is doing everything they can to prevent access to ballot boxes, jam the courts, dismissing ballots, disenfranchising citizens in order to have the court decide our next president. “We the people” scares the crap out of so-called “patriots”.

      Affordable healthcare and education for all Americans along with decent air and water quality are an anathema to the right because they have been sold a bill of goods by the con artist in charge. Actually, conservative politicians have been extorted to buy that fantasy that Democrats want to have central control over the means of all production and services. Trump’s threats against companies that don’t kiss his ass along with tariffs has been the modus operandi of control greater than any before. Autocratic socialism.

      Meanwhile we are the laughingstock of the world leading in one thing: COVID deaths.

      Liked by 2 people

      1. What Democrats are doing is to look for excuses to evade the law, using COVID as an excuse, in order to steal the election in close states.

        There is no innocent excuse for suing to allow mail in ballots with non-matching signatures. The only reason to do that is because you can’t duplicate the signature of a dead or senile voter.

        Like

        1. The last time I signed a voter registration form was decades ago. I have no idea what my signature looks like to the registrar.

          But we can verify signatures, it just takes time. And that is what Trump is depending upon so he can rig the election.

          Both he and his lackey Kavanaugh are lying to us big time. Elections have NEVER been decided on Election Day. That is a media play.

          It takes weeks in normal years to verify results.

          Liked by 2 people

          1. We’re not talking about examining the signature on a disputed will or mortgage.

            But when a signature does not even resemble the one on record, that ballot should be accepted as provisional pending a challenge refereed by a handwriting expert, or verified with a phone call to the voter.

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          2. I misspoke. I should have said “But if ballots are being invalidated with no follow up with the voter, that should not be happening.”

            Trying to answer some of these things at work and I get distracted.

            Mea culpa.

            Like

    1. They found every single CA voter supporting Trump and got them to march together. Looks like a VERY short parade with fewer people than at the inauguration almost 4 years ago.

      Like

  2. I would hardly say “giddy” when they know what they are facing if Biden wins and it isn’t good for business. Perhaps skeptical and quiet are better characterizations? Biden only means time to move back overseas, pare down staff and pass on whats left in tax increases to customers as best they can. Of course they are playing both sides of the fence for a reason…

    Like

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