They Didn’t Become Plutocrats by Throwing Good Money After Bad

Mono Man

NOR ARE THEY PEOPLE LIKELY TO FALL FOR THE HOAX HOAX

William D. Cohen reports—and I certainly hope it’s true—that “THEY’RE SAYING, ‘WE’D LIKE TO SEE BIDEN CRUSH TRUMP’”: FOR SOME ON WALL STREET BEATING TRUMP IS MORE IMPORTANT THAN MONEY:

Most of Wall Street, it seems, is happily preparing for a Joe Biden victory in November. “The majority of my friends on Wall Street would like to see Trump lose to Biden,” one very senior investment banker tells me. “They’re saying, ‘We’d like to see Biden crush Trump.’” And that is without knowing exactly what Biden and the 117th Congress—to be elected on November 3—will do about such important economic topics such as the corporate tax rate, the capital gains tax rate, or taxes on the wealthiest Americans. The consensus on Wall Street seems to be that a Biden presidency will mean an overhaul of the Trump 2018 tax law. That means higher tax rates for the very wealthy, for corporations—likely an increase in the tax rate to 28%, from 21%—and on capital gains.

At a virtual fundraiser on June 29 with Wall Street types, Biden said he’ll likely roll back much of Trump’s $2 trillion tax cut “and a lot of you may not like that.” Interestingly, in my conversations with Wall Street executives, bankers and traders, higher taxes seems to be a small price to pay to be rid of Donald Trump. “Wall Street’s not this amorphous, unified blob,” the senior Wall Street banker continues, “but the majority of people I talk to on Wall Street think it’s worth taking the hit to get Trump out of office. They view him as an existential threat.”