JPMorgan: Wall Street is too negative over a potential Biden presidency

According to JPMorgan Chase & Co., Wall Street is too negative on prospects for the markets if Democratic candidate Joe Biden wins the U.S. presidential election in November.

Joanna Ossinger for Bloomberg News:

Joe Biden
Joe Biden
Numerous factors could make Biden more market-friendly than analysts currently predict, including a historical tendency to converge toward the political center, potential benefits from infrastructure spending, a softening of tariff rhetoric and higher wages, strategists including Dubravko Lakos-Bujas and Marko Kolanovic wrote in a note Monday…

Wall Street has gone from relief that Biden is the presumptive nominee over more progressive candidates like Elizabeth Warren and Bernie Sanders, to concern that an election victory could hurt stocks through policy moves like a rollback of Trump-era tax cuts. Goldman Sachs Group Inc. said Democratic tax changes could lower S&P 500 earnings per share to $150 from its forecast $170 in 2021.

A survey last month by RBC Capital Markets showed investors are more worried about the November election than another wave of Covid-19 infections…

JPMorgan looked at stocks that may fare better or worse if Biden is the victor in November. Potential outperformers under a Democratic agenda include companies like Tesla Inc., Johnson & Johnson, Caterpillar Inc. and Apple Inc., according to the report. Underperformers might be firms such as Apache Corp., Northrop Grumman Corp., AT&T Inc. and Wynn Resorts Ltd., they said.

MacDailyNews Take: Someday, we hope the deification/vilification of the U.S. presidency will end.

The U.S. president is but a person; flawed, as is everyone, and merely the head of one of three co-equal branches of government (i.e. not a king; on purpose). You’d think the last 244 years of presidents would have taught us that they aren’t gods/devils, at least.

The U.S. presidency calls out for an unassuming person who can reset and ratchet down the misplaced adulation/condemnation. Sadly, the way we elect presidents today – 30-second TV commercials, YouTube videos, armies of spinners infesting the news infotainment media, and ludicrous “debates” that aren’t even debates at all — an unassuming person is the very last person who’d ever bother to run, much less get elected to that thankless office.

For the several decades, at least, the people who want that job are, frankly, damaged in some way or multiple ways. For many years now, with several examples, narcissism seems to be the prevailing qualification for obtaining the office. Seriously, no sane person would want that job (or be willing to do what’s required to get it).

Don’t complain that the U.S. keeps electing narcissistic egomaniacs when virtually all of the requirements for getting elected to that job requires the candidate be a narcissistic egomaniac. If you want a competent unassuming president, stop electing presidents via TV commercials, YouTube videos, media spin doctors and a handful of televised pretend “debates.” (It’ll never happen. There’s too much money in the every 4th year presidential ad cycle.)

“No man who ever held the office of president would congratulate a friend on obtaining it.” ― John Adams

35 Comments

      1. He bundled nothing and those estimates are fairy tales concocted by detractor forced and the media. It is their opinion, but not their reality.

        The president did not personally go door to door infecting millions. TOTAL partisan a nd ridiculous 🐂💩!…

      2. Inflammatory and incendiary comment. It is asinine how people blame Pres Trump for every GD thing wrong in the world. Wake the hell up and take a look around ass hole. He’s been in office, never a politician, for a mere 3.5 years and you blame him for this crap. Every GD major city is run by democrats. Have you seen those decrpid people in the house and senate that have been there for 30, 40,50 GD years? Blame those ass holes and shut your FKNG stinking face hole.

    1. I take offense when people say that Biden is stupid. He is NOT stupid. He has dementia. That is a medial condition.

      It’s the Biden supporters who are stupid.

  1. This is such a fantastic MDN take. Kudos! No good people want any of these jobs anymore. A good person will take a high paying job where they dont have to fear being ruined for this thankless tasks. Thats why voter turn out is so low, and losers like AOC can get these jobs. The only people that want these jobs are losers for whom the job is an upgrade.

  2. Wall Street SOBs created the Great Recession and enjoyed billions s as a result. The trump tax cuts never made sense. Old white rich as___ just want more and more.

  3. “…Seriously, no sane person would want that job (or be willing to do what’s required to get it)….”

    Pathetic MDN take.

    Some people have higher ambitions than themselves. Unlike today’s sick and demented Dems, some just want to MAGA.

      1. Okay, Boomer, I’ll play your little game.

        First off, though, America is a constitutional republic. Article IV of the United States Constitution “guarantee[s] to every State in this Union a Republican form of Government.”

        Some are not so lucky.

        So Keep Republicanism First.

        Answer: America was always great. Always exceptional since its founding.

        Yes, even during the Carter years.

      2. When? Right up until the Demonrats turned full libturd and set out to destroy this country for their selfish benefit. Are you that stupid not to see that?

      3. Your name says it all, democracy first. You should understand that without the USA ever coming into existence your chances of having democracy would be pretty fkng low. If you don’t like the USA then get the fck out. Go to Canada or Mexico or Europe. Until then shut your face.

  4. Why is it great? Because your history is slavery, rape and a history so extremely blemished that it has to be lied about? We built this country for free. Helped beat the confederates and was the very first to die for this country. Too bad we had to suffer with racist like Regan and the dumbest president ever, yeah trump. States rights doesn’t mean being a racist.

  5. If Biden doesn’t win there will be a huge crash on many levels including economically with Civil War and unrest the likes of which this country has never seen. Or we will be a fascist country filled with such horror and disgust both from within and without that…. I can’t even imagine. Only a few months away, can we live through all of this?…

    1. Wow, where have I heard THAT before?
      Right, before GW was re-elected….and Reagan.

      How disappointed you must’ve been when your dream scenario didn’t come true back then.
      “Get used to disappointment…”

    2. I CAN’T WAIT TO HEAR YOUR CRIES WHEN TRUMP IS REELECTED !!!!!!!!!!!

      LIBTURD STUPIDY AND VIOLENCE HAS GUARANTEED HIS WIN, THANKS!!!

      ONLY A F’CKING IDIOT WOULD VOTE FOR A CORRUPT DEMENTIA PATIENT.

      Trump IS your President LOLOLOLOLOLOLOL

    3. Civil war?????

      One side had 100s of millions of guns and trillions of round of ammunition.

      The other can’t start a lawnmower and doesn’t know which bathroom to use.

      Bring it, yo f’ing moron

    4. I think you might be too stupid to realize what you just wrote.
      “If Biden doesn’t win, there will be …..” So, if your candidate doesn’t win, you are unwilling to accept it because your side didn’t win. AGAIN!! Let’s assume that there is a civil war, and the fascists win. Yes, that is correct. Those trying to lawlessly take over a country with violence, and take away the rights of folks who don’t agree with them, is the very definition of fascism. What, then, would you replace it with? Duh!

      You can not name one single thing that happens in the U.S. that can even remotely be described as fascism, except on the left. If you had the slightest idea of what fascism is, you would would stop using that word to describe people standing up for their freedom and the rights they have under the constitution. First, though, you should look up the word fascism.

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