Biden last in Wall Street presidential losing streak

Oops, they did it again.

Wall Street has had a notoriously gruesome record in recent years of supporting presidential candidates who sound good on paper but ultimately turn out to be duds.

Add Joe Biden to the list.

Not only do senior executives at major investment houses and banks privately acknowledge this, they fear this misstep will cost more to the country and perhaps their business models than in the past.

First, a bit of recent history on banks and their bad bets in the White House. They supported Barack Obama in 2008, convinced that his transnational worldview would match their agenda for globalization and free trade.

As the public mood shifted towards the financial sector after the 2008 crash, Obama suddenly went populist and continued to screw up banks with post-financial crisis rules that squeezed profits for years.

That’s why they made a 180 in 2012 backing Mitt Romney, which further ignited their relationship with Obama when he won a second term. A hyper-accommodating Fed has helped ease some of the banks’ pain. Plus, they had a friend on deck: Obama’s former first lady and secretary of state Hillary Clinton.

We don’t have enough space to explain Hillary’s ties to Wall Street, but suffice it to say that they supported his center-left, corporatist economic policies against the nationalism offered by Donald Trump.

Senator Mitt Romney
Corporate America chose Mitt Romney over Barack Obama in 2012, but suffered another heavy blow when the outgoing president was re-elected.
Anna Moneymaker / Getty Images

Bad move again. No amount of Wall Street campaign money could overcome her weaknesses as a candidate and the foolishness that followed her and her ex-president, husband.

Trump as president wasn’t exactly anti-banking, but he never forgot the betrayal as he implemented his anti-globalist policies regarding trade and China.

Former Democratic presidential candidate Hillary Clinton
Wall Street pulled out all of its cards for Hillary Clinton in 2016 and was immediately humbled by Donald Trump’s resounding victory.
David Buchan / Variety / REX

This brings us to the banks’ backing for Joe Biden – the longtime Delaware senator and Obama vice president who was supposed to make Washington normal again. Uncle Joe, even in his old age and cognitively adrift, seemed like a no-brainer to the nationalist anti-commerce Twitter demon who occupied the White House.

How could they be wrong this time?

Well they did, many top Wall Street executives I’ve spoken to reluctantly concede, as Biden’s team barely eight months after taking office is delivering a never-ending string of preventable mistakes. . The border crisis and botched withdrawal from Afghanistan are rightly in the headlines because they sparked a humanitarian crisis and claimed lives.

But the Wall Street crowd also laments the fact that their vote for Biden was actually a vote for AOC, Bernie Sanders, Elizabeth Warren and a group of lefties who have more in common economically with Fidel Castro than Bill Clinton.

Biden’s mad $ 3.5 trillion spending plan features an array of anti-business levies. People who have made money tapping the markets through technologies such as Robinhood’s free trading app are now benefiting from the increased cap gains tax to target their returns.

Worse yet, Biden has ceded banking policy to Warren, who keeps talking about how she wants to break up the big banks. The National Housing and Telecommunications Program – key to the US economy and Wall Street – has stalled because the White House still can’t decide on who should run the Federal Housing Finance Agency and the Federal Communications Commission.

President Joe Biden
In the face of Donald Trump’s fiery tweets, Wall Street backed Joe Biden – a move now regrettable for the country.
Win McNamee / Getty Images

The biggest takeaway from Biden’s angst on Wall Street is the realization that while they may have hated Trump’s bluster, Twitter rants, and sometimes the dangerous impulses that spurred the Capitol Building on January 6, they liked its policies and the level of competence exhibited by the people. in his inner circle.

They can’t say that about Biden, which almost makes them miss Trump’s nasty tweets.

Amex hypocrisy

Last year, American Express announced that it had finally entered the Chinese market, going 50-50 with a Chinese company to process credit card transactions on the mainland. Amex has touted the company as an important step in the business even though it will have to collaborate with a regime that crushes dissent and punishes ethnic minorities.

Amex, of course, isn’t the only big American company to overlook Chinese oppression in order to make money in its markets. He is perhaps one of the most hypocritical on this quest if you believe the great report by Christopher Rufo, senior researcher at the Manhattan Institute, a New York-based think tank.

According to Rufo, in the midst of the company’s deals with Communist China, she was engaging in a series of corporate indoctrination sessions that seemed straight out of a George Orwell novel. American Express has brought in guest speakers to teach employees how America is an inherently racist country, dominated by white privilege, with a horrific history and a horrible place to live, reports Rufo.

All from a company that made devilish $ 3.1 billion in profits last year.

It takes a certain mind-boggling idiocy for any American business – let alone one called American Express – to embrace this buffoonery while doing business with one of the most oppressive regimes in the world. I called the Amex public relations staff to ask if their new Chinese employees should attend seminars on the oppression of their country.

I still have not had an answer.

About Therese Williams

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