Scaramucci Predicts Biden Win ‘Great for Markets’

November 9, 2020 by Kate Michael
Anthony Scaramucci with President-elect Joe Biden. (Photo via Twitter)

WASHINGTON — Less than 24 hours before news organizations called the election for President-Elect Biden, financier Anthony Scaramucci predicted, “It’s likely to be Pennsylvania that tips this thing… and [Biden’s] election is great for the markets.”

Speaking at an Axios News Shapers event, the SkyBridge Capital investor, who previously had a career in investment banking, equities, and private wealth management for Goldman Sachs, detailed why he stumped for the Democratic candidate after serving as White House communications director for the Trump Administration — albeit for only 10 days — and why he feels Biden’s election is actually best for the economy.

“One of the problems with Trump-ism, which is really a hijacked, deformed brand of Republicanism, is massive deficit spending and sometimes very reckless behavior when it comes to health and safety,” said Scaramucci. “Markets recognize that [Biden’s] team could be a steady hand for the economy and stock market.”

“I predict Biden, as president, will govern from the center,” Scaramucci forecasted. And if the Republicans can retain their lead in the Senate after Georgia’s special elections in January, the government and economy over the next four years can stabilize, or even thrive. 

“If you’re a business person, you look at this stuff objectively,” he added, offering that with over 120 years of stock market activity since 1900, Democratic administrations have done “better in terms of market performance numbers and higher GDP numbers.”

“His economic plan is better than Trump’s economic plan,” said Scaramucci, “and Biden’s election is great for the markets,” especially if Republicans continue to control the Senate. The investor said this is because “markets love divided government; they like the sclerosity of government.”

Scaramucci also believes a divided government will enable greater compromise on Capitol Hill. 

“My guess is that we’ll have some legislative achievements in 2021. You’ll see a bipartisan stimulus plan, and the divided government will probably protect business from big tax increases.” He also sees a path ahead for common ground on education and infrastructure plans.

“With a combination of stimulus and lack of a big tax hike for individuals and corporations… we’re going to be off to the races here,” Scaramucci said. 

“If you take a president off of Twitter and you end the bellicosity, the rhetorical impetuousness and craziness — particularly as it relates to publicly traded companies — that will reduce market anxiety, people anxiety, and global anxiety,” Scaramucci predicted. “And so for all of those reasons, this is a great day in America.”

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