“They Live for F– king Gridlock”: Wall Street Is Giddy Over the Possibility of a Biden Presidency– And GOP Senate

 “They Live for F– king Gridlock”: Wall Street Is Giddy Over the Possibility of a Biden Presidency– And GOP Senate

Wall Street is dancing a jig. Donald Trump will likely quickly be gone from the Oval Office, and the money guys in New york city are great with the embers of Trumpism: a Republican Senate– although we will not know for sure until January, after the 2 runoffs in Georgia– and political gridlock in Washington. “Wall Street will like it,” one senior Wall Street banker informs me giddily. “Are you joke me? A growth agenda without overburdensome policy or tax reform? C’mon. Are you kidding me? Fucking they live for fucking gridlock.”

Another long time Wall Street banker, who’s been wishing for gridlock, tells me about the discussion he had two weeks ago with a previous U.S. senator who served with Joe Biden in the Senate. “There’s a large part of Joe that, if he wins, he hopes the Senate does not turn,” he states the previous senator informed him. He stated Biden worried that during the primaries, the progressive wing of the Democratic Party had pressed him too far to the left and that with a Republican Senate, “for anything to be achieved means that the management of the Republican Senate needs to pertain to the table with him, which he’s extremely comfy with, since that’s how he invested his entire profession, just navigating the happy medium. In an unusual method he’s more comfy having a Republican Senate than a Democratic one.”

That’s Wall Street’s delighted location too. The Dow Jones Industrial Average is up some 5%given that Election Day, a sign that financiers like the possibility of less daily mayhem and a return to some degree of normalcy. There is likewise a sense that early Biden policy efforts will be both much-needed– a real, science-based plan to deal with the COVID health crisis, a brand-new stimulus package, an infrastructure program, and a go back to the Paris environment accord– and tempered by having to reach arrangement with Senate Republicans. That also is most likely to suggest less of a tax increase on the wealthy and on corporations and a compromise on a return to tougher guidelines. All of which makes Wall Street smile. “The Senate Republicans won’t permit any progressive stuff to get through,” the longtime Wall Street lender continues. “[Higher] taxes– they can’t get it through if the Senate stays Republican. It takes a great deal of pressure off Biden, and likewise gives him the chance to do what he thinks he does best, which is take a seat at the negotiating table and go through the compromise procedure … If the Senate remains red and Biden’s in the White House, they’ll be unable to raise our taxes, they’ll be unable to roll back the regulative relief. Therefore, that’s not a bad circumstance. Two weeks ago it had to do with the possibility of a substantial stimulus expense. Now it’s: ‘Hey, with a divided Congress and Biden as president, nothing that we actually don’t desire that’s bad can take place.'”

For a reality check, I called The Mooch, a.k.a. Anthony Scaramucci, the hedge fund supervisor and temporary Trump interactions director turned leading Trump apostate. He advised me of our discussion in January, from Davos, where he forecasted Trump would lose the election due to the fact that most people in Davos th

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Redak staff

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