Last Gasp: Wall Street Turns on Trump
None other than the likes of Goldman Sachs, the Wall Street Journal, Moody’s, and Bloomberg have turned on Trump, saying that Biden is better for the economy. In a note to clients, Goldman’s chief economist, Jan Hatzius said,
All else equal, such a blue wave would likely prompt us to upgrade our forecasts. The reason is that it would sharply raise the probability of a fiscal stimulus package of at least $2 trillion shortly after the presidential inauguration on January 20, followed by longer-term spending increases on infrastructure, climate, health care and education that would at least match the likely longer-term tax increases on corporations and upper-income earners.
In the WSJ, Jason Furman, a professor of practice at Harvard, was chairman of the White House Council of Economic Advisers, 2013-17, said,
Over the longer run, the proposed tax increases would help pay for important measures to boost economic growth and ensure that it is shared more broadly. An allowance of at least $3,000 a child is a step that, if made permanent, would reduce child poverty and increase economic mobility. Expanded child care, a critical need exposed by the pandemic, would increase the labor supply. And investments in infrastructure and clean energy would dial up productivity growth. The three other estimates I am aware of for the complete Biden program, from the Penn-Wharton Budget Model, Oxford Economics and Moody’s Economy.com, also predict that it would add to overall economic growth.
Wall Street has clearly turned on Trump, and his own Madness of King George rage tweeting since returning to the Whitehouse while still contagious is cementing opinions that he’s profoundly unfit for office. Wall Street always votes its own wallet, and it’s learned that their vote in 2016 was folly. The path here is clear. Trump must be removed, either by the 25th Amendment or at least at the ballot box. Enough is enough.
And in normal circumstances, I’d think this is great news. But normal times are long gone. Anybody who has access to Netflix needs to check out The Social Dilemma.
1Corporations want low taxes, but they have to make money for low taxes to benefit them. Trump’s policies have extended the COVID epidemic, reduced sales, increased unemployment, and fostered a climate of permanent uncertainty.
None of that is in the long-term best interest for banks or businesses. Unlike other segments of the Republican base who will vote for invisible beliefs or blue sky intangibles, corporations won’t vote against their own self interest. They vote for dollars.
225 this Typoid Mary. Man be crazy.
3Have any of his children gone to see Mr. Virus since his return “ home”? If I were Ivodka I would be hesitant since she has children at home.
Speaking of which, the pandering Ms. McEnany has a BABY at home; what has she been thinking? Now 4 of her aides have tested pos. That WH sure is a dangerous place to work.
I don’t get it. For decades New Yorkers snubbed Trump. They wouldn’t let him join their exclusive clubs or their reindeer games. But then they voted for him? And they’re just now waking up?
Given what he has been doing to them and their economy for 4 years now, I doubt they’re just figuring it out but that they finally have the cajones to speak up — since he’s about to be ousted and won’t be in a position to attack them in future.
Once more, the people will save Wall Street from themselves.
4twocrows – Wall Street is not New York. New York ‘society’ snubbed Trump as the ostentatious (read: tasteless) huckster he is. Wall Street, which is run by the twin forces of Fear and Greed, has never been very bright about long-term economics – but is now proving it can tune in to the economics of Panic.
5OT, but damned good Texas news:
I always take this stuff with a grain of salt, but the Daily Kos Jefe hisself, MarKOS Moulitos, is stoked. And the numbers probably got better after Donnei Dexa’s COVID antics.
TX-GOTMFV!!!!
https://www.dailykos.com/stories/2020/10/7/1984216/-Dems-are-poised-to-flip-Texas-Blue
“The Civiqs poll of Texas for Daily Kos was conducted October 3-6, beginning the day after Trump was hospitalized with COVID-19. The results are mind-blowing.
PRESIDENT 10/2020
DONALD TRUMP (R-INC) 48
JOE BIDEN (D) 48
Two percent says “someone else,” and just 1% is undecided, pointing to just how close this race has become. …
SENATE 10/2020
JOHN CORNYN (R-INC) 47
MJ HEGAR (D) 46
KERRY MCKENNON (L) 2
DAVID COLLINS (G) 1
UNSURE 4 ”
Closing:
“Trump is headed to a landslide defeat. It sure would be great to paint Texas in Blue after November 3. But that Senate race is the top prize, followed by the battle for control of the state legislature down ballot (and with that, a say in redrawing the state’s state and congressional districts).
These numbers, in context with all other available public polling and the actions of the Biden campaign, show that Texas is poised for November dramatics. “
6And a treat, if one can’t be there at least you can watch the post-Hurricane Delta Cancun Caribbean beachfront
[Delta hit just south of Cancun at around 5AM CDT, Delta is now entering the Gulf of Mexico, heading for Louisiana, Mississippi, perhaps East Texas …]:
https://www.hrhcancun.com/webcam.htm
7I was a business reporter for most of my newspaper career. As part of that I studied economic history. I put 0 credence in ‘Wall Street,’ whatever that is.
It is a zero sum game.
Since there is way too much capital looking for places to work it is certainly correct to make gigantic social and public investments.
8