October 31, 2018
By Elizabeth Dexheimer
Wall Street is opening its checkbook to soften the blow from a blue wave. (click here)
For the first time in a decade, the securities and investment industries are spending more on Democrats than Republicans ahead of the Nov. 6 midterm elections. Bankers are also giving to Democrats.
A big part of that is anti-Trump, but a lot of the money is flowing to moderate Democrats, a sign Wall Street is seeking Washington allies to temper the impact of progressives such as Representative Maxine Waters and Senator Elizabeth Warren, who are poised to hit the industry with subpoenas and tougher oversight....
I think this will continue past the Midterms. Democratic leadership should be speaking to these folks. Former Mayor Bloomberg is talking about running for President as a Democrat. That is not as strange as it might sound.
There have been statements coming of GM about cars that are electric and grossly diminished use of pertroleum. That is huge.
There is definitely rumblings out of Wall Street about uncertainty and it has nothing to do with the current interest rates of "The Fed." It is about tariffs and the increasing uncertainty major companies are facing.
The CEOs and their Board of Directors are paying attention and while the tax changes are nice and they have enjoyed increases in their treasury, THEIR SALES are not improving. So, the bump after Trump is transitory and the markets are reflecting that.
Many of recent elections have been dominated by the backing of private family businesses. Trump is a product of that movement. The abuse of power in destroying regulations and endangering the public is a concern to most CEOs. They are not as glib as politicians. They have employees. They want optimally healthy employees and when public policy falls apart uncertainty of a quality workforce enters the picture.
It is disturbing to realize the children of Flint were poisoned. What does that do to their future and their future employers?
Mike Bloomberg is a really great man. He is moral to the core and he is immovable. He has been on the right side of climate and regulation for environmental concerns for a long time. Governing New York City teaches a person to be serious about life and the way government interacts with citizens. I am sure there are aspects of Mike Bloomberg that Democrats will oppose, but, he is a darn decent man.
So, Wall Street needs to back peddle on their willingness to simply dump money into politics and instead INVEST in the future in a way that matters.
