One of “president” Donald Trump’s favorite arguments against Joe Biden is that he will destroy the economy and the financial world as we know it. Trump seems to be the only one feeling that way. According to Politico, Wall Street is practically “giddy” about a possible Biden win. Wall Street investors are betting on a “blue wave” across the board, which they believe means a stimulus package that will inject strength into a flailing economy. They have even gone so far as to predict the stimulus will be $3 trillion or more.
Further fueling the giddiness, Wall Street CEOs, traders, and investment managers “would be fine” with a change in the White House that “reduces the Trump noise, lowers the threat of further trade wars and ensures continuing of the government spending they’ve seen in recent years,” Politico reported. Joseph Brusuelas, chief economist at consulting firm RSM US, told Politico: “Firms and investors crave stable expectations and that is how the Street is interpreting a likely Biden victory.” As are we all.
Wall Street will fully embrace a Biden win if Democrats also take the Senate, eliminating the risk of deadlocked votes on policy initiatives and the passage of a stimulus bill. A divided Congress and Republican Senate would not be the best thing for Wall Street and would leave Mitch McConnell in charge to block Biden’s policies just as he did with Obama. The tipping point could well be Donald Trump himself as he continues to ignore COVID and make speeches like the ones he made in Pennsylvania.
Trump claims that he brings optimism while Biden promises “doom and gloom and depression,” according to Intelligencer. No, Biden brings truth, and truth is sometimes hard to face. What good is “optimism” when it is based on false assertions? Getting hopes up only to have them dashed is worse than giving people the truth. Trump, however, loves to lie and is the one creating the very “doom and gloom” of which he complains. Take, for example, his claim at one of the Pennsylvania rallies that if Biden takes office there will be no air conditioning in the summer and no heat in the winter. Where does he get this stuff?
In Allentown, Trump told the people that he would love to “just drive the hell out of here, just get the hell out of this.” Oh, how we wish he would. When everyone was puzzled by his comments, he went on and on about what a “good life” he had prior to taking the presidency. Hardly. Trump has made a fortune off his “presidency,” including $40.8 million in profit from the Trump Hotel and charging the Secret Service up to $650 per night at Mar-a-Lago.
No, Donald Trump wants to retain the presidency to continue lining his pockets, continue deceiving on the dangers of COVID-19, and continue to wreak havoc. Hopefully, Wall Street is right, and Joe Biden wins if for no other reason than to keep the taxpayers’ money in the treasury where it belongs and out of Trump’s pockets.
Shirley is a former entertainment writer and has worked in the legal field for over 25 years