Fox Business host Maria Bartiromo got a response she didn’t like one little bit when she asked a financial analyst from Wells Fargo who he was predicting to win the upcoming election.
Paul Christopher of the Wells Fargo Investment Institute was a guest on Bartiromo’s show Monday morning, and she asked him who he expects will win in November. He replied:
“We think the House stays with the Democrats and the Senate goes whichever way the White House goes. At this point, that looks to be for the Democrats. It would be a single party government, which we’ve had in the past and markets have done pretty well under that scenario, whether Republican or Democrat.”
Clearly taken aback by Christopher’s response, Bartiromo tried to suggest that the stock market might well collapse if Biden and the Democrats take power:
“Are you saying if we have a Democratic sweep with the House, the Senate and the White House going to the Democrats, the market does not sell off?”
Christopher calmly responded:
“We think whoever gets elected president will have to follow a lot of the implications of those [current economic] trends. If you’ve got an economy that’s recovering but it’s still fragile then whoever is president and whoever is leading in Congress will have to do what is necessary to prop up and support that economy.
“That’s why we see so many similarities between the two parties. Both want to see infrastructure spending. Both want to get tough on China. There are more similarities than people expect between the two parties.”
Bartiromo then raised the specter of higher taxes if Democrats are in power:
“Joe Biden wants to raise taxes by $4 trillion. Donald Trump wants to cut taxes. That’s a significant difference. And I imagine markets would trade in accordance with that. It’s not similar at all.”
Again, however, the Wells Fargo analyst shot down the host’s gloom and doom scenario:
“If you’re the Democrats and you come into power, are you going to just raise taxes and if you do so, you’ll crater the economy and you’ll destroy your chances in the 2022 elections. They’re not stupid. They certainly want to keep the economy alive. So would a President Trump. That’s where you have to as an investor start to work off of those similarities and not just focus on the differences.”
Republicans and Trump’s cheerleaders on right-wing media want you to believe the U.S. economy will collapse into a deep depression if Joe Biden is elected. But that’s complete bullshit. And let’s not forget the current recession we’re stuck in happened under Trump’s so-called “leadership.” Four more years of his incompetence could well destroy our economy completely.
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