Elizabeth Warren scares Wall Street for good reason via YahooFinance
At Tuesday’s Democratic debate, Sen. Elizabeth Warren asserted that only corporations and the wealthiest Americans will see their tax bills rise to pay for her boldest campaign promises – universal childcare, Medicare for All, and student debt cancellation. Hard-working middle-class families will be spared, she said.
A Trump victory is viewed by most investors as good for stocks, according to a recent RBC Capital Markets survey. Two-thirds of respondents expect President Trump to get re-elected in 2020, but doubts are creeping in. A dwindling share of respondents think Trump will get re-elected, while a growing number think Warren will lead the Democratic ticket.
While the CEOs of America’s biggest corporations have decried the negative impact of Trump’s tariff policy on sales, hiring and capital investments, Warren has not advocated for a reprieve from the financial pain inflicted on corporate America. Rather, her plans could cut further into profit margins of corporations.
“Elizabeth Warren would be a fairly significant negative for the financial services sector broadly,” says Heights Capital Markets Senior VP Edwin Groshans. “I think some captains of the finance industry will either stop support for Democrats entirely or to a large degree, and some will actively support Trump over Warren. They’ll switch parties basically.”
Warren’s proposed student-loan debt forgiveness program is also viewed as a threat because it would strike at lenders’ profit centers. Groshans says that assigning blame to lenders is misplaced.
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