WASHINGTON – A number of outlets reported an astonishing bit of news Friday morning. The Democrats’ presidential nominee-apparent, Demented Joe Biden, said America’s investors “don’t need me.” And to prove his point, Demented Joe experienced a genuine Walter Mondale Moment. He went one step further, according to a CNBC report.
“Presumptive Democratic nominee Joe Biden, laying out his plans for an economic recovery Thursday, said President Donald Trump is too focused on the stock market during the coronavirus pandemic.
“The former vice president, speaking at an event in Pennsylvania, said he wanted to end the ‘era of shareholder capitalism.’”
Demented Joe Biden has a Walter Mondale Moment
But wait! There’s more! Demented Joe Biden ranted on. In so doing, he proved that he’s either distanced himself from economic reality completely, is totally under the mind control program of AOC, or both.
“‘Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq. Not you. Not your families,’ Biden said. ‘If I am fortunate enough to be elected president, I’ll be laser-focused on working families, the middle-class families I came from here in Scranton. Not the wealthy investor class. They don’t need me.’
“Among the policies Biden described Thursday is a tax hike for corporations. His plans call for a 28% corporate tax rate, well above the 21% set by Trump’s 2017 tax cuts but still below where the top rate was previously.”
That’s just great. Elect Demented Joe and America’s families can kiss their retirement funds goodbye. (And perhaps their collective derrières as well.)
But the real problem is that a lot of American workers — traditional Democrats — will unwittingly believe every word of this as gospel. As a result, they will pull the lever for, and / or mail in 4 or 5 fake vote-by-mail ballots for Demented Joe Biden. They will thus guarantee that the Federal government will soon repossess their retirement accounts. The ones they’d counted on to earn them a decent after-work afterlife. They know how to spend your money better than you do, Deplorables. Just like Walter Mondale promised in 1984. But we’re getting a little ahead of ourselves here.
The “wealthy investor class” will get even wealthier under a President Biden
“Wealthy investor class” is the usual smokescreen the Democrats use to obscure financial issues and their actual but well-concealed hatred of the middle class, aka, the bourgeoisie and the petite bourgeoisie.
So does the “wealthy investor class” exist? Of course it does. But do you think the “wealthy investor class” – 90-95% of whom vote for and contribute heavily to Democrat candidates – will have their pockets emptied by Demented Joe Biden? Not on your life. As has been the usual practice over many decades, the “wealthy investor class” routinely puts up with this kind of rhetoric. That’s because they know, in the end, they can cut a deal with the Democrats to keep all their wealth – and their lucrative special tax deductions. But only as long as they keep sending those big donations to local and national Democrat candidates.
Meanwhile, it’s Demented Joe’s beloved “working families” and “middle class families” that will discover they’ve just had their retirement pockets picked.
But, as usual, they’ll only figure that out after they’ve been scammed again, enthusiastically voting for Democrat pickpockets this fall before the real or metaphorical axe falls on them on January 20, 2021.
If “shareholder capitalism”ends, what happens to your 401(k)? Demented Joe Biden ain’t telling.
Let’s examine the obvious. Where does all that 401(k) money – both individual and employer contributions – get stashed? In managed funds that invest in stocks and bonds, that’s where. But the problem is, many decent working class and middle-class Americans somehow fail to make that connection. They may think only corrupt rich guys invest in stocks. That’s the mantra of the Democrats.
But – perish the thought – that makes they, the middle class and working class 401(k) investors, no better than those filthy rich guys. That’s because the retirement money saved up by the middle and working classes is primarily invested, surprise, in stocks and bonds. These investors may not pay much attention to those accounts (though they certainly should). But they, too, just like those rich guys, are investing in the market via their 401(k) funds. They, too, are investors, and are depending on stocks and bonds to help them achieve a much better retirement than they’ll get from Social Security.
But now, Demented Joe Biden, the media’s all time Hero of the People, has effectively informed America’s investors – all of them – that they can pound sand after they elect him America’s president. In practical terms, that likely means that the mega-wealthy captains of industry can keep on doing what they do. They’ll likely retain ownership of surviving American companies.
But in the meantime, if Demented Joe and his AOC-led Board of Directors don’t outright steal the 401(k) savings of America’s investors outright, they’ll simply force that money into “high-yield” moneymarket funds paying 0.01% interest or less. Or will force the money into the nonexistent Social Security Trust Fund (Congress has already borrowed it all), where it will likely “earn” even less.
So is Demented Joe a Closet Communist or a Secret Stalinist? Or does he even know?
It’s clear at this point that whatever part of the Demented Joe Biden brain yet remaining is now clearly under the direction of the well-programmed, largely Soros-funded American hard left. Let’s call them Commies. Or, better yet, given their love of violence, intimidation and “cancel culture,” let’s call them what they really are: Stalinists.
Unfortunately, factual American and world history texts are no longer read by today’s intentionally uninformed students. But the bulk of remaining Boomers and, likely, a good chunk of Gen Xers as well, know full well what violent Marxist dictators will do to dissenters once they’ve managed to wipe out a rational form of government like ours. Is this what’s in the 2021-and-beyond plan for “economic recovery” incoming Demented Joe Biden administration as reinvented by AOC and Susan Rice? You’d best believe it.
People expect politicians to lie. But Demented Joe Biden has just sprung 2020’s greatest electoral surprise with his biggest-ever lie. Mind-controlled by the crazed, only nominally Democrat left, he really, really means what he just said about ending the era of shareholder capitalism. An era that has created more wealth and more economic freedom for more people than any economic system yet seen in all of recorded history. Is he kidding?
Now, we get to the heart of Demented Joe’s Walter Mondale Moment: Screwing America’s investors
Biden’s solemn promise to destroy the average American’s ability to invest is a key statement marking a key moment in the Biden presidential campaign. It’s the 2020 equivalent of Democrat standard bearer Walter Mondale’s solemn 1984 promise to all Americans. He said, flat out, that he intended to raise their taxes. Everyone’s taxes. This proved a truly memorable, historical Walter Mondale Moment.
So does anyone remember the final result of that 1984 election? Democrat Walter Mondale lost the 1984 election to the GOP incumbent, Ronald Reagan, in a massive landslide. Mondale won only his own state, Minnesota (of course) and the District of Columbia. He even lost Massachusetts’ electoral vote to the Republican incumbent.
Now, we have Demented Joe Biden making essentially the same promise to all hardworking Americans, disguising it, as usual for a Democrat, as “soaking the rich.” The media will send this key news tidbit down the memory hole as soon as they can. But look back at history of the 1984 contest. Have the Democrats ever really soaked the rich? Seriously? They only tax the living hell out of you and me: America’s investors. Biden’s foolhardy promise will prove to have been his Walter Mondale Moment.
The mega-wealthy always get to keep their tax breaks. Those special breaks reduce their annual taxable incomes each year to the level of a high school janitor.
And now, back to Wall Street and Mr Market
Oh, yes, Mr Market is at it again today. In Thursday’s column I put out a modest rant against our current yo-yo investment climate. One day up, one day down, rinse, repeat. Blame in part this year’s weird presidential campaign. President Trump trying to get out on the rally circuit again. Meanwhile, his own CDC continues to sabotage him with contradictory coronavirus predictions.
Elsewhere, protected by the media, Demented Joe Biden conducts his Basement Campaign. His wife often sits at his side, probably kicking him under the table whenever his mind wanders. Given this strange campaign and even stranger year, stocks have been gamely hanging in there. And thus far, they’ve evaded another horrific downdraft, at least thus far.
And so, unlike Thursday, averages are struggling to end up in the green zone, and the picture is interesting. The Dow, absolutely hammered Thursday, is currently up over 200 points (+0.80%) around 1:30 p.m. ET.
The previously heroic, tech-heavy NASDAQ has dipped into the red zone for at least part of Friday. But it’s still up a negligible 6 points at the moment for a piddling +0.07% gain. The broader-based S&P 500 is hanging in there, too, up nearly 15 points for a +0.48% gain.
(UPDATE: All three major averages closed Friday in moderately positive territory.)
No guarantees that something like this will mark the market’s Friday close. But at least America’s investors won’t be going home scared for the weekend.
Unless, of course, they’ve read the news detailing the chilling economic plans put out by Demented Joe Biden. Or Bernie Sanders. Or whoever else is controlling Demented Joe at any given moment.
– Headline image: Cartoon by Branco. Reproduced with permission and by arrangement with Legal Insurrection.