A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City, two days after the 2020 U.S. presidential election, New York, U.S., November 5, 2020. REUTERS/Carlo Allegri
Yahoo News: Stocks rally as US tax hike threat fades
Stock markets rallied Thursday as investors saw the potential for US tax hikes fade while the dollar slid ahead of a key Federal Reserve update.
The knife-edge US presidential race has tilted toward Joe Biden, with Democrat wins in Michigan and Wisconsin bringing him close to a majority.
But President Donald Trump claimed that he was being cheated -- an unprecedented complaint unsupported by any evidence -- and has gone to court to try and stop vote counting.
Even if the outcome of the White House race is still uncertain, investors see greater certainty of continued divided government with Republicans holding control of the US Senate, which would frustrate any effort by a Biden administration to raise taxes.
Read more ....
Update #1: Wall Street rallies on bets for divided U.S. Congress, Fed holds steady (Reuters)
Update #2: Wall Street rallies again as election-week gains continue (AP)
WNU Editor: If there was ever a time where the disconnect between Wall Street and Main Street was obvious .... it is now. The pandemic is accelerating. A huge percentage of the American population is suffering. And everyone understands that trillions will need to be approved in the coming month or two to support them. Contrary to what the markets may think, the Republican Senate is not going to block this. In fact. US Senate majority leader McConnell has already signaled that an emergency bill will need to be approved in the coming days/weeks
Existing lockdowns are also not going to be removed. And with a Biden administration coming in at the end of January .... and if the projections on where this pandemic will be at that time come even half true .... do not be surprised if his first act as President will be to impose a mandatory nationwide lockdown. A lockdown that will definitely stop any hope of an economic recovery. How does that help the stock market?
It then gets worse.
This pandemic is probably going to burn itself out by the summer of 2021 (at least I hope it will). It is then that the economic costs of this disaster are going to be calculated. And this is where it gets scary. Knowing how much this pandemic has cost, we will then start to learn what the Biden administration will want to spend their money on, and what their priorities will be. We will also learn how they will raise the money to accomplish this.
This is going to make everyone's jaw drop.
They are going to accomplish this through unprecedented tax increases and the accumulation of unprecedented debt.
Just to rescue the pension funds and the city/state governments will run into the trillions of dollars. And these pension funds and cities/states are expecting this emergency money in 2021 ASAP.
Will a Republican Senate block this?!?!?! I doubt it. Their focus will be more on how can they help their own state and constituents.
I can easily see a massive tax revolt exploding in a year or two. And that is when the power of the state is going to be felt by everyone.
How can all of this help the stock market?
It does not.
But today, the stock market is booming.
8 comments:
Stock market is booming since if the Republicans in the senate it will be divided government.
Also without Trump there will be no talk of breaking up or reigning monopolies.
We are looking at double digit inflation. Joe is incapable. He is a poster boy for white privilege going through college and getting elected. Kamala is also incapable. We can only hope that their handlers can manage taxes and spending such that there is no inflation.
Doubt it. Dollar is going to be devalued for a hoax. COVID 19 is real. How dangerous that it is hyped to be is not real.
Tired of the local news reporting on the deaths of octagenarians and nonagenarians. The yearly death totals show now bump due to excess deaths caused by corona. But miraculously cancer deaths are way down. We must have cured cancer.
Fucking Bullshit
I'm keeping my powder dry for the most part. And hoping the hapless biden and his vp choice don't further damage a lockdown devastated economy with their unqualified presence. These are not people to match our mountains. Probably few are. Get out of the way and we'll take care of it.
Invest in Gold!
Some guy with a Twitter handle of mikeriz12 says that Pennsylvania will call it for Biden tonight
Trump is ahead 1%. Over 99% of the vote is in.
So I guess they plan on stealing it with Philly and mail ins.
https://pjmedia.com/liveblog/2020/11/03/live-blog-election-day-2020-n196
"Media polling was election interference," said President Trump
It is why they call some polls push polls. They are meant to push into the political position that the pollster desires.
Other polls are meant to depress turnout.
Most pollsters should be detained as enemy combatants and sent to POW camps.
Why should the stock market rally. Western leaders are insane.
European police in coordinated raids against online hate speech
https://fr.reuters.com/article/idUSKBN27J1C3
Now, Vienna
https://www.frontpagemag.com/fpm/2020/11/now-vienna-bruce-bawer/
The last sentence of this article is the most significant. Coordinated police raids against fakebook posts. The exact same response to the Manchester islamic cowardly attack was to go after white people who say something.
And the, mostly Pakistani community, is taking advantage of this, kids are being expelled from school, young adults are being arrested outside nightclubs and bars after being provoked by Pakistani muslims.
And fat boy Boris closes down the bars and nightclubs, muslims don’t use them.
Subsidises restaurants, muslims run most of them.
Bans church going whilst allowing mosques to remain open.
Bans families from visiting for Christmas.
Closes the country as it prepares for Christmas.
// “Sell, Mortimer! Sell!”
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