Wall Street Bullish on Biden

I’ve run into quite a few investment bankers since Trump took office who have explained that the president’s removal from office, regardless of how it comes about, will be good for world stock markets.  The core reason, of course, is certainty and predictability.  Trump by nature is impulsive and erratic; he’s a man whose decision-making is rooted solely in what he happens to perceive to be good for him in that very moment of time.

I’m told that it’s the president’s impetuous and volatile character, btw, that lies at the base of the economic quagmire with China.  It seems that the Chinese negotiators learned early on that Trump’s word on something means nothing at all.  Talks on a Wednesday could end for the evening with an agreement on a certain subject, one that had totally evaporated by the time the conversation resumed Thursday morning.  After China experienced this frustration a few times, they wrote the Americans off as insane, and decided to wait until a bit of rationality and honesty returned to the White House.

In any case, at this point, a Biden victory is baked into the stock market, and Wall Street seems to like what it sees.