Wall Street Is Torn on Whether a Biden Win Would Bring Joy or Misery
- Optimists point to his moderate politics, pro-business aides
- But some warn progressives would demand crackdown on industry
Aug. 1: Who Is on Joe Biden's VP Shortlist?
As President Donald Trump’s poll numbers continue to sink, Wall Street is starting to envision Washington under Joe Biden -- a scenario that many executives say they welcome. But to some pessimists, the upbeat view underestimates the rising influence of progressive Democrats who are demanding a clampdown on banks, hedge funds and private-equity firms.
Those with the rosier outlook point to Biden’s mostly pro-business inner circle, his significant campaign contributions from the financial industry and his longtime support of credit card companies located in his home state of Delaware. Plus, a Biden victory would likely be driven by U.S. voters seeking change because they believe the country is a mess. Wall Street thinks it has a strong argument to make that reining in lenders would be a fatal mistake when unemployment is sky-high and the economy remains ravaged by the coronavirus pandemic.