So. Much. Winning.

Quote

The US stock market has seen better returns in Joe Biden's first 100 days than under any president in the last 75 years

White House/Adam Schultz

• The S&P 500 has posted better returns in President Biden's first 100 days than under any previous president since World War II.
• JPMorgan analysts say the rise is due to record fiscal and monetary stimulus.
• The analysts also believe upcoming tax increases won't hurt market returns as much as anticipated.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The US stock market has seen better returns in Joe Biden's first 100 days as President than under any previous president in the last 75 years, according to data from JPMorgan.

In a note to clients on Friday, JPMorgan analysts led by John Normand reviewed the Biden administration's performance since inauguration day and discussed how upcoming tax policies and spending programs could move markets in the coming months.

In their note, the analysts said record fiscal stimulus pushed equity returns to all-time highs in Biden's first 100 days.

"Not bad for someone Trump labeled as Sleepy Joe during the campaign," the analysts wrote.

S&P 500 returns for the first 100 days during Biden's presidency were nearly 25% compared to returns of just below 15% for the index during Trump's first 100 days.

Data from JPMorgan shows Democratic Presidents' average S&P 500 return is more than double the average return of Republicans' presidents since the end of World War II.

The previous high watermark for 100-day success was set by President John F. Kennedy who oversaw equity returns of more than 20% in his first 100 days in office.

S&P 500 returns in the first 100 days after a new President's election.

JP Morgan

JPMorgan said in their note that while Biden's policies since the inauguration have benefitted the market, upcoming policies are "no longer so unambiguously positive."

Biden has announced plans to nearly double the capital gains tax rate to as high as 43.4% for wealthy Americans.

The JPMorgan team said that tax hikes on corporations and individuals to fund infrastructure and social spending coupled with a tightening regulatory environment could be a drag on equities in 2021.

That being said, the team doesn't believe tax increases will drive a big dip in earnings.

"The view since the 2020 campaign has been that a higher corporate rate would lower S&P 500 EPS by several dollars," the analysts wrote. "But within a surging earnings growth environment driven by greater fiscal outlays and vaccine-driven reopening, our US Equity Strategists have refreshed and expanded that original analysis this week, with no change to the year-end S&P target of 4400."

https://markets.businessinsider.com/news/stocks/stock-market-performance-president-biden-100-days-best-75-years-2021-4-1030346645

 

3 minutes ago, EaglesRocker97 said:

So. Much. Winning.

 

A lot of financial people are calling it the Biden Bulge 

6 minutes ago, EaglesRocker97 said:

So. Much. Winning.

The US stock market has seen better returns in Joe Biden's first 100 days as President than under any previous president in the last 75 years, according to data from JPMorgan.

 

On 2/23/2021 at 3:22 PM, Kz! said:

 

Biden's stock market absolutely blows donkey meat. 

TEW should be by any minute now to tell us how unimpressive this is because it's easy to make huge gains in a recession.

3 minutes ago, VanHammersly said:

 

Kz self owning. the gift that keeps on giving. 

Honestly, after the last four years, the most refreshing thing about Biden is just his basic competence. Everything else feels like a massive bonus.

all cheeto cared about was the stock market...to the point that he downplayed and lied about covid for an entire year...and joe is still kicking his orange azzz. 

  f'n joe!

 

 

 

5 minutes ago, mr_hunt said:

all cheeto cared about was the stock market...to the point that he downplayed and lied about covid for an entire year...and joe is still kicking his orange azzz. 

  f'n joe!

 

 

 

that's because covid is a deep state operative. 

4 hours ago, VanHammersly said:

Smart move. Republican governors say very nasty things about your favorite President (BIDEN!). No need to waste time talking to them. 

4 hours ago, VanHammersly said:

Smart move. Republican governors say very nasty things about your favorite President (BIDEN!). No need to waste time talking to them. 

Agreed. @Mike31mt, why should he waste time talking to nasty people who only have nasty things to say?

 

The perfect President for our times.

 

Quote

Biden 100 days: What we all got wrong about him

Jon Sopel
North America editor
@bbcjonsopelon Twitter

Published

16 hours ago

 

As I remarked, perhaps unwisely, to an audience the other night, the transition from Trump to Joe Biden has been like going from a daily crack pipe to a small bottle of low-alcohol beer once a week.

The daily White House briefings now are a snoozefest. There are no fights, no name-calling.

No middle-of-the-night Twitter storms, no payments to porn stars, no rollicking MAGA rallies.

So does all this mean it's been a boring presidency? Absolutely not. This is a far more interesting presidency - so far - than I think any of us had imagined. I would go as far as to say it's fascinating.

The sad thing, from a purely selfish point of view, is that what it isn't is a made-for-TV spectacular, which is what I have feasted on these past four years.

Donald Trump always had an eye for the visual and outrageous. He knew how to make himself the centre of attention; Biden seems to relish the lack of histrionics, and seems to think it is important for people to focus on what he delivers, rather than what he says. Most strange.

We reported that Joe Biden - all 78 years of him - would be a transitional president. He would be there to lower the political temperature; try to heal a divided nation.

Take the absurd politics out of the response to Covid. Improve vaccine roll-out. Drain the poison from the body politic. But that aside, not do too much.

He appointed a largely technocratic cabinet, presumably to perform managerial functions. Maybe make the trains run on time a bit better, but not change all the rolling stock, let alone alter the gauge of the railway. A fitting ambition for Amtrak Joe.

But maybe we've got that all wrong. Is it possible that far from being transitional, he's transformational?

And that word is not freighted with a positive or negative connotation - it is merely a statement based on the ambition of what we've seen so far. Voters will soon decide whether it's for better or worse.

Let's start with the $1.9 trillion (£1.35tn) stimulus package.

The headline from the passing of this humungous piece of legislation was that nearly all adult Americans would receive a cheque for $1,400 to help them cope with the hardships brought about by the pandemic. It was cash in hand to a lot of Americans, and won massive approval - from Democratic and Republican voters alike - although not a single Republican lawmaker would back the proposal.

But look beyond the headline and lift the lid on this policy a little further. There is a lot to see. Perhaps most significant is the extension of child tax credits. Poorer families could soon be receiving up to $3,000 per child per annum. It is estimated this one measure will lift literally millions of youngsters out of poverty. As things stand, this measure is for 2021 only - but it is clear within the White House that Joe Biden wants to make this permanent.

It is a major piece of social policy. It is big potatoes.

With the passing of the stimulus package - or the American Rescue Package, as it is more properly called - Biden wanted to correct something he felt that Barack Obama had got wrong when he came to power and inherited the mess of the financial crisis in 2009. Yes, Obama passed a variety of measures - but with hindsight they were seen as too cautious; not ambitious enough.

One insight that Biden has borrowed from his time as vice-president to America's first African-American president, is do not let a good crisis go to waste. The urgency of the pandemic has given Biden the excuse he needed to push for a massive plan. And he got it through.

Now look at what he's planning on rebuilding America's infrastructure. Again, the price tag will be in the trillions. Again, the ambition will be immense - not just the staid repairing of bridges and roads (important and vital though that is); it is about making digital access more equitable - but it goes wider than that. Way wider.

"It is not a plan that tinkers around the edges," the president told an audience outside Pittsburgh. "It is a once-in-a-generation investment in America."

For Republicans it's typical government overreach and smacks more of social engineering than the civic kind usually associated with highway repairs.

One insight that Biden has borrowed from his time as vice-president to America's first African-American president, is do not let a good crisis go to waste. The urgency of the pandemic has given Biden the excuse he needed to push for a massive plan. And he got it through.

Now look at what he's planning on rebuilding America's infrastructure. Again, the price tag will be in the trillions. Again, the ambition will be immense - not just the staid repairing of bridges and roads (important and vital though that is); it is about making digital access more equitable - but it goes wider than that. Way wider.

"It is not a plan that tinkers around the edges," the president told an audience outside Pittsburgh. "It is a once-in-a-generation investment in America."

For Republicans it's typical government overreach and smacks more of social engineering than the civic kind usually associated with highway repairs.

All that said, the statement of intent is big, and this is what makes boring old Joe Biden so interesting.

This is a blog column and not a book, but arguably the dominant idea in American politics for the past 40 years has been the low-taxing, economy-deregulating, budget-balancing, competition-encouraging, union-limiting small government of Ronald Reagan.

The same is true of the influence of Thatcherism in the UK - yes, there have been 13 years of Labour government since Maggie's demise, just as here there have been the Clinton and Obama terms since Reagan. But arguably they operated within, and were defined by, the orthodoxy of the monetarist economists who've held such intellectual sway on both sides of the Atlantic: Milton Friedman, the Chicago school, Laffer curves, Sir Alan Walters.

If Obama's rescue package didn't go far enough (as Biden believes), surely that was because he was looking at the disruptive and growing power of the conservative Tea Party movement. Both Clinton and Blair saw their paths to victory through the elusive "third way": free-market economic liberalism with a big dollop of concern for the least well off.

After the morale-sapping defeats of the 1980s- both for Labour in the UK and Democrats in the US - the head-scratching was intense on what they needed to do to win. Both Bill Clinton and Tony Blair came to believe firmly that tax-raising and big government pledges would not reverse that trend.

But Biden - for better or worse - looks like he is using the pandemic and the woeful state of America's infrastructure to unapologetically say to the American people "yep, big government is back". It is territory that Republican opponents - still trying to sort out their post-Trumpian identity - will be keen to fight on.

Joe Biden's former pollster is even more bullish, arguing the president should be more direct about the need to raise taxes on the wealthiest to pay for this ambition.

Make no mistake: this is a big break and a mighty gamble. So far, his approval ratings on the ground where he has chosen to fight - handling of coronavirus, the economic stimulus, his plans for infrastructure - have been really positive.

Less so over the chaos at the southern border; something the president now acknowledges is a crisis. And the perennial issue of gun control is going to lead to a lot of huffing and puffing, but it's hard to see what he will be able to achieve through legislation, given the fine balance of the Senate.

Joe Biden has been a stickler for sticking to social distancing and mask wearing, marking a big distinction with the freewheeling, coronavirus super-spreading White House of his predecessor. Meetings with the president are kept socially distanced; protocols strictly adhered to.

But this time last month an interesting meeting took place in the East Room.

Presidential historian Jon Meacham brought in a number of his eminent colleagues for a sitdown that Joe Biden was anxious to host. At this stage, only around 60 days into his presidency, Biden was already thinking about his legacy and what he needed to do; what was the limit of presidential power; what lessons could he learn from his predecessors.

At one point he turns to - perhaps - the most revered of these presidential scholars, Doris Kearns Goodwin, and says "I'm no FDR, but… "

Perhaps Joe Biden is eyeing this as his moment to deliver a New Deal à la Franklin Delano Roosevelt following the Great Depression, or the war on poverty and fight against racial inequality that was championed in the 1960s by Lyndon B Johnson.

The taunt of Donald Trump during the campaign was that Biden may have been in politics for over four decades, but what did he have to show for it.

It looks like in power he is trying to give a mighty clear answer to that question - even if it doesn't make for great theatre.

https://www.bbc.com/news/world-us-canada-56903805?fbclid=IwAR0KrFIfE0tt1Di6Gna4mR14vtoEQ9RwgRwPaZoHScAOk8lecjk-C6LM_OM

 

18 hours ago, EaglesRocker97 said:

Fox News spews hate and division. The constant lies never end.

Has Joe gone Golfing on the taxpayer dime yet? 

I'm not saying it, Joe's not saying it, some people have said it and I've heard people think it... Greatest first 100 days evah?

Video included for the trumpers!!!

https://www.cnn.com/2021/04/28/politics/president-biden-first-100-days/index.html

45 minutes ago, MidMoFo said:

Greatest first 100 days evah?

Greatest since FDR is my take.

On 4/26/2021 at 4:04 PM, Boogyman said:

Agreed. @Mike31mt, why should he waste time talking to nasty people who only have nasty things to say?

Im just working off of my experiences in here with the endless crying whenever you all would catch wind of Trump missing just 1 briefing

Now you know Biden/Harris couldnt be bothered to attend a single briefing on THE #1 issue that got Biden elected, and its no big deal.

As predicted, now that your media overlords have told you that everything is OK and democracy has been saved from the pretend threat, you have gone back to turning your brains off and not caring about politics.

 

I just popped in today to read some of the libertarian-turned-radical leftists supporting Bidens vision for the country where we eat the rich.  Is this the right place?

I look forward to hearing all of the "taxation is theft" people telling me why we need to vastly expand our social programs at the cost of an enormous tax hike 

Im ready when you guys are 

2 minutes ago, Mike31mt said:

Im just working off of my experiences in here with the endless crying whenever you all would catch wind of Trump missing just 1 briefing

Now you know Biden/Harris couldnt be bothered to attend a single briefing on THE #1 issue that got Biden elected, and its no big deal.

As predicted, now that your media overlords have told you that everything is OK and democracy has been saved from the pretend threat, you have gone back to turning your brains off and not caring about politics.

 

I just popped in today to read some of the libertarian-turned-radical leftists supporting Bidens vision for the country where we eat the rich.  Is this the right place?

I look forward to hearing all of the "taxation is theft" people telling me why we need to vastly expand our social programs at the cost of an enormous tax hike 

Im ready when you guys are 

But they are nasty Mike. Very nasty people that say very nasty things.

 

Oh and I can't speak for anyone else, but I'm fine with taxes.

7 minutes ago, Boogyman said:

I'm fine with taxes.

 

This. I love when people bring up "taxes" as some automatic disqualification in political arguments with me. "Yeah, but who's gonna pay for that! It's not free it's taxpayer funded! Taxes, amirite!" Ah, yes, taxes, you mean the standard requirement for running any modern industrialized nation? Sounds good! I actually get a sense of satisfaction and civic pride from paying my taxes. It feels like I'm contributing. Taxation is not theft; it is a basic civic duty.

Just now, EaglesRocker97 said:

 

This. I love when people bring up "taxes" as some automatic disqualification in political arguments with me. "Yeah, but who's gonna pay for that! It's not free it's taxpayer funded! Taxes, amirite!" Ah, yes, taxes, you mean the standard requirement for running any modern industrialized nation? Sounds good! I actually get a sense of satisfaction and civic pride from paying my taxes. It feels like I'm contributing and upholding my civic duty.

Yeah taxes have never bothered me much. 

Just now, Boogyman said:

Yeah taxes have never bothered me much. 

Yeah and if you don't make 400K the tax increase proposed will have no effect at all. 

9 minutes ago, jsdarkstar said:

Yeah and if you don't make 400K the tax increase proposed will have no effect at all. 

Yeah. And those people don't count at all. Let's take the most progressive tax system in the developed world and make it more reliant on a small group by stealing from them. Makes sense.

Thankfully, it won't pass.

24 minutes ago, Mike31mt said:

Im just working off of my experiences in here with the endless crying whenever you all would catch wind of Trump missing just 1 briefing

Now you know Biden/Harris couldnt be bothered to attend a single briefing on THE #1 issue that got Biden elected, and its no big deal.

As predicted, now that your media overlords have told you that everything is OK and democracy has been saved from the pretend threat, you have gone back to turning your brains off and not caring about politics.

 

I just popped in today to read some of the libertarian-turned-radical leftists supporting Bidens vision for the country where we eat the rich.  Is this the right place?

I look forward to hearing all of the "taxation is theft" people telling me why we need to vastly expand our social programs at the cost of an enormous tax hike 

Im ready when you guys are 

Right now, Joe Manchin is my hero. Keep him in office.