By Greg Ip Close Greg Ip and Ken Thomas Close Ken Thomas Oct. 25, 2020 1:06 pm ET Former Vice President Joe Biden is running for president on the sort of platform that usually makes business sweat: higher taxes on corporations and investors, aggressive action to phase out fossil fuels, stronger unions and an expanded government role in health care.
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That prospect doesn’t seem to have bothered the markets so far. Stocks have remained buoyant, in part on expectations that a unified Democratic government means more fiscal stimulus. Several private forecasters, including Moody’s Analytics and Goldman Sachs, estimate a Democratic White House and Congress would lead to faster economic growth than otherwise, though some see him adding more debt, as well. Some conservative economists disagree, predicting Mr.
Andy Laperriere, a policy analyst at Cornerstore Macro, a brokerage firm, suggested in a note to clients that expectations a Biden presidency will be good for stocks are “wishful thinking.” In another report, he wrote: “Democrats have made clear they want to take from the 1% and make the economy fairer to average workers. It’s unlikely the 1% are going to be left better off under those circumstances.
The remarks drew criticism from the party’s progressive base. Still, Mr. Biden has continued to say similar things. Ms. Warren and Mr. Sanders had proposed the wealthy pay a percentage of their wealth each year in tax. People familiar with Mr. Biden’s campaign said he ultimately rejected a wealth tax, not out of ideology but practicality. Rather than create a completely new tax, he figured he could raise revenue by raising the tax rate the rich pay on capital gains to that of ordinary income, and eliminating a provision that shields large asset bequests by the wealthy from capital-gains tax.
Some of the goodwill generated with business by those policies and appointments, though, has been eroded by his trade actions against China and U.S. allies and the atmosphere of division and chaos that accompanies his economic decisions. Liberals in the party would like to see Ms. Warren receive a plum role in a Biden administration, along with progressive stalwarts in Congress such as Pramila Jayapal , and Katie Porter . Liberal groups have also promoted Columbia University economist Joseph Stiglitz as a potential head of the National Economic Council.
Et sånt jeg vil bli president i seg jo Biden lang live
Bobulinski
Not very bright from an economic standpoint! 🇺🇸
They know tRump is killing us all. If you do not fix the virus you have no economy.
If corruption is not matter, let vote JoeBiden. If JoeBiden is the king of USA, his family will have millions of dollars from corrupt CCP, not from Americans. But only CCP will take trillions of dollars from USA. Good business.
A large amount of these big businesses have offices overseas!
Because Donald Trump is a train wreck and a dumpster fire.
They are greeting it because that proves that President Trump is not giving them the tax breaks that Joe Biden will give them and he will open the gates for big companies to go back to china and pay cheaper labor
They only like him cause they know he will get the fed to print more money than trump
Given the alternative. Seriously? Higher taxes, more stupid regulations, higher costs. Whoever believes this is good is ignorant.
Democracy is better for business than corporate Socialism and fascism. The latter two always end up killing all of the slaves and customers.
I own a business and I am not. Going backwards is not a relief
Other than Silicon Valley who?
Do you really think global warming will spare the ultra rich ?
2themoonalyce Biden is actually as pretty fiscally conservative guy. If you study his life and his record. Even wall street know the fed govt can't keep bailing them out indefinitely for fake numbers.
MSM and the democrats have been trying to destroy Trump since he was elected. That can wear people down. After he’s re-elected they can relax.
The former
Businesses & Wall Street have made lots of money from CCPChina regardless of its human rights abuse.
Really can’t grapple with THAT thought process.
Here is what businesses know for a FACT....stocks went up OVER 150% under Obama/Biden. It has gone up LESS THAN 50% under Trump
Is that because he will let all our manufacturing return over to China?
What? This is pathetic.
Forget Biden..you'll Lose money ...
Lower taxes or complete uncertainty in supply chain. You can plan for higher taxes.
You are so out of touch.
Not true..... Business are sweating a Biden presidency, but think Trump will win despite what polls say.
Wow even can’t even turn a phrase to make it even sound good. Biden’s ideas and the people that are backing him would Thank United States oh yeah that’s right the New World order already wanted to destroy America they got their goon
Couldn't possibly mean JoeBiden is blowing smoke up the electorates ass while quietly promising donors that he will govern exactly as he has over the past 47 years.
When was the WSJ purchased by China 🇨🇳?
Because the alternative is demented, unfit & nuts
Small business will go out of business!! He promotes to raise taxes on them .
Fake news! Businesses are horrified of Biden (or should I say Kamala).
Yes. You can make capitalism more equitable or lose it entirely to socialism.
Sure sure
There is no economy without the virus under control. trump admin failed and admit that. Businesss needs stability to perform. IMO a no brainer. I work in finance. This is our worse time since 2008.
Do you know why? Because they wishfully consider Biden would help them make money through his power to influence their business opponents like that done by his son Hunter
Yeah! Because the alternative is so beyond the pale no one with a thimbleful of sense can bloody believe it! And the Editorial team at the WSJ supported his campaign! A bit less so now. 😉 But when women have to fight for healthcare again, it’ll still be a little bit your fault!
Biden will create an environment where businesses can feel confident in planning their future. He will bring calm to the markets & strength through his plans regarding infrastructure, China, green energy, heatlcare, immigration and helping us regain respect ATW !
just maybe...they are not worried because they don't think he can win
[Insert TDS comment here]
In english, that means wall street is backing the establishment, but they want you to think Biden isn't the establishment.
Really, really bad, considering the alternative.
Big business has an undeserved bad reputation: they put food on our tables, Purina on our pets' trays, and latte + the illusion we just flew to Tokio in our spare time.
Relief? The word is disbelief !
Wsj is a joke
...?
Relief because there is a big red laser pointed at the back of their head. They have been paid to look the other way or suppress real news. There needs to be a senate investigation into who received money and the source. You need to rip out the Chinese wiring from your machine
I have an MBA, & I can see Trump doesn't have business skills. Where's the national economic strategy? Huge nat'l economic costs are associated with his lack of COVID policy and climate change denial. He has no real int'l trade skills. His personality is vindictive & unproductive
They will be voting for Trump & just not telling anyone. Same with celebrities & wealthy people. No one wants to lose more than half their pay to taxes!
Business craves stability and predictability. Trump brings neither. It is a binary choice. Go with Joe. Your portfolio will thank you soon enough.
Businesses leaders are fearful of the Woke mob. As a result, they act in a way that contradicts the company’s own existence.
Shuffling the deck
The Democrats always clean up the chaos and mess left by the GOP. The economy does well with Democrats because they govern like the grown ups and bring stability.
They privately back Trump. They need to virtue signal to the looting left to protect their company.
Yeah... It's crazy when they actually do the math.
This is not a picture of the Biden campaign this year!
🤣🤣🤣🤣🤣
Nothing matters. The whole world should be relieved to see that back of Truml whatever they believe in.
wall street’s greediness has put america in deep trouble twice: Subprime mortgage crisis and globalization.
Doubt...
SUBURBAN WOMAN UNITE: Trump NEEDS us. He WANTS OUR VOTE. Let's make it tougher on him! Be sure your girlfriends, sisters, cousins VOTE. - SHOW HIM OUR POWER! If every woman of Voting age Voted, we alone could CHOOSE each election! WE CAN HELP MAKE THIS CHANGE HAPPEN NOW! 🙏💙🇺🇸🌊
Businesses and Wallstreet are not sweating because they've seen this chart.
No they're not. Stop lying.
Really I think you are not telling the truth.
From Day One You Guys Was Biased. Trump Will Win 2020 Because Trump Is For Israel & Christians. GOD WILL BLESS THOSE WHO BLESS ISRAEL.
idiot ... zombie
It’s **almost** as if most of us just want some small sense of normalcy and decency back in our lives...and a potus who can quickest get us there.
Right, tell that to the retail businesses that fled San Francisco and many companies that left California. Biden and his radical left party is destroying the economy and the country. WSJ is just another fake news.
They're trying appeasement which is stupid 3x. First it signals they lack integrity and courage. 2nd, Biden will hate them anyway. 3rd Biden is not going to win.
Business is playing it safe: go with the guy you already own
They're largely beneficiaries of Trump's largesse, through fraudulent tax cuts. No surprise here!
I mean, he did tell Wall Street that “nothing would fundamentally change.”
They wanted to back Trump, but you saw a clear shift after the first debate. His beneficial policies are not worth him being a deranged loose cannon to them.
Woulda coulda shoulda. Fact is we don’t know what the conversation would’ve been if Wärme or Sanders were the nominee.
Does it make sense?
This should be fun
Remember is not him, it is Bernie, Lamala and the rest of socialists. Biden will call a los soon
If elected, Biden won’t be President for long. The question is should the US panic about Harris as President?
Why is healthcare reform considered a RISK & not a REWARD? Remember when GM complained for 30 years that healthcare added thousands to the price of every car it made? Capitalist efficiency, with ALL under 1 national standard system on the Exchanges, is GOOD for the country.
Who’s tweeting this? That’s not what the articles are about in the actual newspaper.
Haha. Quite an endorsement! He's not the worst of the worst?
Isn't this just a polite way of saying they think he can be bought?
Yup，Joe Biden was dissed by Bernie Sanders👉
The business panic landslide will begin the second it looks like big guy Joe can’t continue.
Joe has dementia, he won’t last 6 months. The truth is, Harris will then be President, how about writing a worthwhile article from that perspective?
Makes sense for Biden to be the heir apparent, a centrist who knows how to get along with everyone, he’ll clean up the fiscal mess the GOP has left in their wake. They accomplished their goal, dominance in the SCOTUS. They’ve never minded leaving the hard work for a Democrat.
America is in real danger. The deep “deal “state is real. Can we trust the puppet (Biden)?
They should be, especially with the Joe/Hunter Biden fiasco
At least he isn't an obvious madman with a death cult.
No shit.
Make sense. Fully opening up to CCP and shifting everything there is good for corporations. Removing tariffs and aligning w EU is also a great positive for Wall Street.
Seems pretty ignorant because Joseph is a hybrid of all candidates if you haven't noticed & isn't that your job🤔 JoeBiden like you said it's Scranton versus Wall Street so no wonder they talk shit BernieSanders ewarren SEAvsAZ VoteBiden
Don't fret, your precious tax cuts are safe under 'Communist Joe.' Are all WSJ subscribers such absolute wusses they freak out every time a hair-thin slice of their hoarded wealth might be used to stop American children becoming more malnourished? What does this greed achieve?
'Perhaps folks think their stocks and 401(k)s will do better with higher taxes and increased regulation than with nastiness and scorched earth.” (Lloyd Blankheim, former CEO of Goldman Sachs) 👍👍
The real question, why didn’t businesses panic on failure of realDonaldTrump who shut down the US economy through utter incompetence? COVID19
Are you nuts? Wars,American jobs,Jobs, east chaos, packing the court, defending the police, bailing out criminals, shut downs, higher taxes, selling our jobs to China, hating the farmer, ...yeaWSJisNuts
panic
DO NOT KNOW WHY NOT BIDEN/HARRIS KNOWS THEY HAVE LOST AND HAVE GONE HOME 9 DAYS OUT TO CRY.
Businesses need people alive and not dead. With Trump there is no guarantee of that.
Why should they?
If Business does not see that the “progressives” will be calling the shot with a Biden presidency then they’re stupid.
Joe Biden will never complete his term, so they may want to consider what a Harris/Clinton admin would do. Great for Wall Street, the end of the Middle Class....you know, the ones who end up paying and suffering for their plans.
He’s apart of the in-crowd😭
Business have other things to panic about
Lol so many mellinneals I know have jobs that don’t provide healthcare or 401K options. In the next ten years Wall Street is in for a very rude awakening.
He’s going to lock the country down are you on drugs?
Free enterprise exchange or free commodity order
StandWithPortland
So biden's not a radical left wing socialist cannibal?
What about Harris?
Give it time
KyleKulinski
They will in next decade, millennials are coming.
Really?
If it ain’t broke, why make it worse! If Biden wins, worse is coming. Biden is racist. It was proven already with his criminal justice in 1990’s. Kamal Harris sent so many to prison just for possession of marijuana, mostly blacks and more!
People are nervous if Biden wins. It’s the fall of our democracy, financial superiority, law and order, safety of our country, loss of job,high taxes, Religious liberty and preservation of Life. People should really be scared. These are Biden’s agenda!
SethAbramson Trump is a moron. The market should appreciate predictable, consistent competency.
You mean the crooked biz world, right?
SethAbramson We still got to get to Jan without Fat Nixon pushing the button
SethAbramson “unpredictable”? That’s what Trump is? That’s his most important feature? Wow.
suesea2010 Just go ahead and jump on the BidenBandwagon ✊🏼🇺🇸✊🏾
SethAbramson Duh.
SethAbramson To be fair, Trump has become predictable..😅😅
👎👎👎👎👎
Really? Might I suggest that the so called “biz world” is scared to death of a Biden win? I’ll take Mr. Unpredictable over Mr. high tax-Biden!!
Exactly! How refreshing. Maybe we can get gov to work even a little bit. Every 4 yrs. opposition candidates say the sky is falling...and then, it doesn’t. Stock market has done equally as well under both parties.
All Obama & Biden did was 1) horrific foreign policy putting America last 2) regulations to regulate their newly created and record number of regulations 3) a side deal with Hillary for no inspector general at state and a blind eye to her bribing foreign entities
Biden doesn’t know what day it is. His handlers will be running the show.
No he’s just a crooked, life long do nothing politician who used his position as VP and his son as a conduit to launder money from China, Ukraine, Kazakhstan & god only knows what other corrupt or communist countries Biden thinks he’s running for Senate and wants to jack up taxes
Cos they know BidenCrimeFamiily can easily be bribed
AMAZING what a TRUE National Leader can do when they are HONEST with their people. The President continues to fail badly, Joe WILL BE EXPECTED to find a way to achieve the same results as Jacinda Ardern has. With 60 Million Americans already voting, we expect positive RESULTS!
You're wrong. Biden used an obscene word in debate: 'Prevailing Wages.' Muni projects cost 30% more. Bernie wants to be Sec. of Labor. Say hello to $15 minimum wage. Say goodbye to Defense Contractors and oil companies. Welcome persecution of white men and Christians.
But you know Biden will not be in charge so WSJ why aren't you addressing that perspective?
Yo say and write any bullshit to sell newspapers
Biden suffers from dementia and it’s getting worse. Compare his debate performance last Thursday with his performance in the primary debates.
Well, maybe the superrich realize slowly but surely, that there is not a lot to buy anymore on a Planet, which is about to get to hot to live on.
Has good business experience by using Hunter to feed family fortune!!!
If you think Biden is not copted by the Uber Socialist of the Democratic Socialist Party then you are ill informed and need to do your research.
Watch the news
Fake news
Open boarders & cheap labor makes for big bonuses...
And he can B bought 💰💰
Don't forget that that stocks gained more during BarackObama first term than realdonaldtrump CountryOverGreed TrumpIsAFailure
Trump will win.
What about all of Biden’s appointees?
Biden is predictable, like any Democrat. He will apply socialist policies that will impoverish the country, make it more insecure and less free.
Save_the_Iraqi_people
But for Business it‘s“The Devil‘s Alternative“. Biden will likely be a one-term President,the very strong socialist fraction of the Dems around Sanders, Warren will wag the Biden“pussy cat“ reinforced by leftist Harris who keeps the operation rolling. Business must be worried.
The “business world” doesn’t get to vote. They pay to play with the candidate of their choice, which is bad enough. What is the point of the electorate voting given business’ interference in the election? Their motivations are often opposite and mutually exclusive to voters.
More control for corporates! corporate Google is already invading privacy, policing internet, collecting personal data more than the governments. Now Biden will join hands with corporates to sustain power to the detriment of citizenry! realDonaldTrump
Yes, Biden is the candidate to bring US back to being a position of respect world VoteBidenHarris BidenHarris2020 VoteBlueToSaveAmerica
Sure.... the Senile old man will make decisions. He will last. Sure.
‘...as unpredictable as Trump’ that’s quite the euphemism!
But Kamala is...
I guess they don’t care what in his moving van. Will be a lot of surprises for everyone.
My 401K never went up more than under Obama/Biden.
This is why we got a 30 year trade deficit w China. And big government deficits. Business wants to get in w the old status quo. More disruption necessary.
He's anything you want him to be. He's for fracking, but also very much against it. He's for socialism, but also a capitalist. He's pro-jailing black people for being black, but also against it...
His policies will ruin Wall Street and destroy the economy.
Investors and financial markets priced in a Biden win several months ago. Higher taxes seem a reasonable price to pay for consistent economic policy, less tariffs and expanded infrastructure spending.
He’s friends to China, we know that.
May God's will prevail and HIS name glorified in the election!!
The big news is that Communist China owns JoeBiden; Joe Biden sold out CIA assets in China who were then executed or imprisoned...
See this beauty
a big red indices monday , END GAME PELOSI
Lol 😂
Businesses want status quo back?
We told you. Kkkonservatism always fails.
Winner
That’s a stupid comment because they all will be in his cabinet
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