Monday brought us a few indications that even Donald Trump has resigned himself to the fact that he lost the 2020 election to Joe Biden. More importantly that big business has moved on and is no longer afraid of Trump. Tuesday even the gambling casino (a/k/a Wall Street) joined the world of reality. There is more. Let’s explore.
I’m sure that in reading today’s title most people thought I was alluding to Michigan certifying its vote. That will be my second reference. It got precious little press but the big news is that General Motors removed itself from a court case the Trump administration was pursuing challenging California’s right to impose strict pollution standards on automobiles. GM and other automakers realize that more fuel efficient vehicles and in particular electric vehicles are the future. They are investing heavily in the R&D area of electric vehicles. That is both the globe’s and the auto industry’s future.
Along those lines one of the rumors I was most happy to hear is that Biden will name John Kerry as an environmental czar. I was also thrilled by the rumors about Janet Yellen at Treasury and several others. Some of those appointments will require Senate confirmation which is a concern and fodder for a future article(s).
The certification of the Michigan vote was also big news. It avoided several painful scenarios having much viability or credibility and perhaps from even transpiring. Despite conflicting messages from the Executive Branch – hey, Monday was a day ending in “y” – the GSA is allowing the transition to commence. This is certainly a case of better late than never.
Tuesday the Dow hit 30,000 for the first time in history. I’m sure that inside the Donald Dome they are figuring ways to claim credit but the reality is that the markets liked the beginning of the transition and while they may never admit it they know that historically the economy does better under Democratic administrations than under Republican ones. That is simply a historical fact. Wall Street may primarily be a gambling casino run by and for rich white boys using other people’s money but even they know a good thing when they see it. Whatever happened to Trump’s claim that if he lost the markets would tank?
Tuesday morning we awoke to encouraging news from AstraZeneca on the vaccine front. They are the third major drug maker to announce progress in the COVID-19 vaccine arena. As with its two predecessors AstraZeneca’s announcement is more marketing than science and has a lot of unanswered questions. There are two bottom lines to keep in mind here: At this point the “results” are not peer reviewed and trials are a long way from patients’ arms. All that considered this is more great news. We can see the light at the end of the tunnel but it’s still far away. That means be safe and responsible especially during the holidays!
Add it all up and I like the future. In the not that distant future America and the world will have rid itself of the plague of Donald Trump. Under the leadership of Joe Biden we can, among other things, begin to contain the pandemic, rebuild the economy and try to combat climate change before it is too late.
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