Wall Street trader tells an inconvenient truth
This Wall Street trader told the MSNBC reported an inconvenient truth. It is a truth that many have written about before. Economic performance under Democratic leadership is substantially better than under Republican leadership.
The MSNBC reporter was providing the narrative that the majority of Wall Street traders skew conservative. She then segued to an interview she had with a trader on the floor. She said the Wall Street trader told her ultimately traders will vote their wallets.
“I will tell you what somebody told me, the richest man I’ve ever known in my life before I use to work on Wall Street,” the Wall Street trader said. “If you want to live Republican, vote Democratic. The fact of the matter is that when Hillary Clinton’s husband was president of the United States, we had the greatest bull market in the history of the United States. Democrats usually produce a much better economy than the Republicans do.”
Interestingly I have written about this before.
MSNBC Chuck Todd interviewed Princeton economist Alan S. Binder to his show the Daily Rundown a few weeks ago. They discussed a striking paper that he co-wrote with Princeton Economics Professor Mark W. Watson. The title of the paper is “Presidents and the Economy: A Forensic Investigation.”
The paper is a very well researched paper that analyzed the performance of the country’s economy under different presidents. The paper came to a striking conclusion. The economy does substantially better under Democratic presidents than Republican presidents. This occurs irrespective of who controls Congress.
Many already knew this. What these Princeton economists did was to quantify the results. They also attempted to play with different degrees of freedom within the dataset to find out why Democratic presidents did so much better.
But the trader went much further when asked who is the floor rooting for to win the election.
“I would say the floor right now is Donald Trump,” the trader said. “But, because most people are not as open as I am in having discussions about Hillary. There are many people in her that will claim to be Republican and may very well throw the Democratic switch when they walk in.”