What truly worries top Wall Street executives following the Democrats midterm sweep
Wall Street may not be thrilled with Tuesday night’s blue tsunami, but many top executives see a more fundamental problem that’s threatening US business: a two-party system that’s increasingly dominated by extremism on both sides, On The Money has learned.The Democrats gave the GOP a thumping whose decisiveness surprised many pundits — easily taking control of both the House and Senate with left wingers picking up important seats in both chambers.Far-left members of the Democratic Socialists of America won key races.
James Talarico, known for his belief in six genders, won in Texas.A Democrat took a Senate seat in deep-blue South Carolina and a man who campaigned with the noxious Hasan Piker won in Michigan.These are the types of pols who hate Israel, would love to bring back trans day of visibility on Easter Sunday and would like nothing less than criminalizing making money even if there’s no criminality involved.Yet, the CEOs I speak to say if the GOP pulled out a semblance of a victory (like keeping the Senate) whatever happened wasn’t going to be good because this should have been a lay-up election for the GOP given the top-line economic numbers.
Even worse, they don’t see the GOP pulling away from the intense populism of the Trump agenda, and that goes to the heart of their angst. For one, they’re not holding their breath for an end to Trump’s bizarre habit of picking candidates that show only obsequiousness to MAGA, despite their unelectability (think Ken Paxton).Nor do they see him backing off tariffs.That’s despite the damage tariffs did to the GOP in the midterms – not to mention consumers’ wallets.
Ditto for immigration enforcement that went beyond sending criminals back to wherever they came from and which now makes it harder to find workers.The war with Iran won’t be concluded for some time because Trump can’t decide whether to fully embrace the hawks in his administration or those wanting an immediate negotiated peace.
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