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This is a very pro Biden piece by the Washington Examiner that states investment banks backing Biden for the best economic outcome.
Now, I could quibble about the nuance to the statements here (most of them are about the certainty of stimulus payments, which as we all know do NOT ensure a strong economic recovery), but I’m struck by something.
In an age where savers have nowhere to hide, what does it mean when we equate stimulus payments and monetization of debt with a “good economy?”
The past few Trump years were buoyed by tax cuts and government spending, for sure, but the real economy was booming. COVID will be the historical event and the crushing of the real economy the footnote, of course.
im very concerned that we are going to face a ton more uncertainty under a Biden presidency than These bankers realize. Inflation is looming, jobless recovery is looming. The collapse of the service economy is looming (travel is gone, dining is gone, education is on the ropes). How can certainty of a really bad outcome be better than uncertainty related to somebody trying to allow the real economy to operate?
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Sic transit gloria mundi (so shut up and get back to work) -
“I’m very concerned that we are going to face a ton more uncertainty under a Biden presidency than These bankers realize.”
It’s amusing to to see the executives who are well compensated for managing risk to insure open, free flowing & efficient financial markets engage in political discussions to minimize the risks they must effectively manage to earn their returns.
It is similarly amusing that they would focus on domestic fiscal policy. Perhaps delusional? If memory serves, we’ve had two major financial/economic dislocations in the last 12 years. The first caused by Wall Street risk management policy. The second caused by a foreign government.
I don’t see suggestions for the effective management of these risks in the linked article. Nothing on mission critical supply chains? Nothing on the effective oversight of global biohazard research? Nothing on exploiting current Chinese malfeasance to shift global leadership? Nothing on balance sheet management and transparency in the financial sector? Nothing on long term currency debasement?
Perhaps this analysis should be retitled as “Whistling Through the Graveyard..The Ignorance is Bliss Imperative”?
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long -
Simplistic and so short sighted, but as rjn aptly points out, these are the clowns who brought us 2008 and suffered no consequences. One wonders if these folks studied economics in school( though even in Econ, academia has been infiltrated by the Left). There is no free lunch and at some point the gig will be up. If these geniuses looked slightly deeper, they would realize that the Trump boom was more about decreasing regulations than any other fiscal action ( tax cuts included). The Ds will increase regulations and then the engine of growth will be gutted ( see 8 years of Obama Biden).
An eminent economist I respected just put out a piece that the Biden tax increases will be neutralized by the decrease in tariffs from the D administration. So all is fine. How stupid and inaccurate is that statement. -
You guys are hitting on the problem that I am bothered by. Whistling past the graveyard sums it up. I fear that the electorate is going to vote Biden in ONLY because we are tired of the noise from and around trump, when in reality his policy positions are closer to the pin than anything the Dems are putting out there. GR’s commentary has been consistent about just moving on from Trump, but I fear that’s a frying pan to fire proposition.
No, Trump hasn’t been fiscally responsible. That is bothersome. Trump has, however, put far less faith in government planning than the Dems ever would. And that focus on the private sector is what matters. People forget easily that the 2016 election was expected to precede a recessionary period by most educated people. It took a massively over-played pandemic response to bring the recession on…three and a half years later.
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Sic transit gloria mundi (so shut up and get back to work)
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