One of the questions that we should all be asking as we get within two weeks of the election is:
“What will happen to the economy and the stock market if Kamala Harris gets elected?
Who shall we ask?
How about Jim Rickards? He is a lawyer and investment banker with over 30 years experience working in capital markets. Rickards advises the Department of Defense and the U.S. Intelligence community on global finance, and served as the facilitator of the first ever financial war games conducted by the Pentagon. He is a frequent guest on CNBC, CNN, Bloomberg TV, NPR, and lectures at Northwestern University and at the School of Advanced International Studies.
According to Jim Rickards:
“Kamala Harris’s policies will be extremely negative for the stock market. She wants to raise corporate taxes, which will reduce corporate profits. She wants to drastically increase capital gains taxes, which will induce some forced selling ahead of the tax law change and reduce total returns to investors. She wants to penalize the oil and natural gas industry, which will hurt valuations on major stocks like ExxonMobil, Chevron and Marathon while increasing gas prices at the pump for consumers. Increases in fuel costs raise the cost of transportation, which raises the cost of almost every tangible good. She supports Green New Scam initiatives in solar and windmills including subsidies, which will result in more debt and wasted investment. She favors greater regulation of wetlands, waterways and use of federal lands, which will raise costs to developers and natural resource exploration companies. Her open borders policy causes lower wages for U.S. works, which reduces consumption and slows the U.S. economy. There’s more to say but that’s a good overview. Harris will be a disaster for the economy and for stocks.”
So the basic simple answer to the question of “what will happen to the economy and the stock market if Kamala gets elected?”
According to someone who knows … NOTHING GOOD !
10/23/24