Unhedged
Why Wall Street picked Kamala Harris
Jul 30, 2024
This week, deals reporter James Fontanella-Khan discusses the surprising financial backing Kamala Harris garnered from Wall Street, leading to a strategic push against Biden. He explains the intense courtship between Harris and financial power players, exploring how her background as a public prosecutor ignited interest. The conversation also touches on Wall Street’s delicate dance with Big Tech and the implications for economic policy. Plus, there's a lively debate on investment strategies, featuring insights about McDonald's and Bill Ackman's latest moves.
20:34
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Quick takeaways
- Wall Street's support for Kamala Harris reflects its desire for pro-business policies amidst frustrations with Biden's anti-business stance.
- Harris is perceived as a stabilizing force for the financial community, offering open-mindedness on critical issues like corporate tax rates and mergers.
Deep dives
The Political Dynamics of Wall Street
Democrats and Republicans share a vested interest in strengthening the retirement savings system, as both parties recognize its electoral importance. Wall Street historically leans Democratic but harbors a desire for pro-business policies, leading to frustration with Biden's perceived anti-business stance. This frustration has prompted prominent Wall Street figures to express the need for a change in leadership, particularly eyeing potential candidates like Kamala Harris, who is viewed as more business-friendly. The pressure from Wall Street culminates in significant influence over the Democratic Party's direction and potential candidate selection.
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