Alabama's Morning News with JT
Erin Real discusses what a Kamala Harris candidacy will mean for financial markets
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That's renter's warehouse.com or call 303-974-9444 to speak to a rent estate advisor today. Well, yesterday Vice President Kamala Harris held her first campaign rally as a presidential candidate and she said it was really important for her to continue with Biden's role of leadership. Right after Joe made his announcement, it was important for me to continue with his role of leadership in this office of like him who has said for many, many, many months. And I say it today, thank you all so very much for what you are doing. She's going to continue the plan. The Obama, the Biden plan continues with Harris. All right. She's not officially the lady or the person to take over yet, but it's coming. No doubt about that. With that said, let's check in with Aaron Rial and see what the market's thinking now. As they continue to just tout the Democratic policies and plan, no sign of any changes here. Does anything change on the markets? Yeah, they like it. They like it big time. Everything closed up yesterday. Futures are looking up this morning. The NASDAQ, which lost about 1% on Friday back up and that Trump trade, you know, the long oil and gas that they can serve as policies is not necessarily unwinding. I think they're baking it into the cake, but it's being hedged in various ways. So essentially, what we're seeing is that the markets like stability, whether that stability comes in the form of not biting on the ticket or a better mash up between Trump and Kamala or Kamala herself. That is unclear, but what is clear is that they're more comfortable with the current situation. Then they were with Joe Biden. Yes, exactly. Right. You know, when you see 70% of Americans, especially Democrats would rather see somebody else in that position. And now they've gone with a younger person, despite the fact that, you know, all she does is cackle a bunch, you know, but, you know, she is younger. She is going to still be a Democrat. She's very, you know, articulate most of the time until she gets into her word salad situation. But you're right. I think that the market tends to not react like the rest of the country, as far as the movement, the roller coasters, you know, there's other things that affect the market, but this certainly doesn't seem to be one of those. Well, will they, I guess, you know, have there been big financial people come out in support of this move that Joe Biden left and she is in? The story of this Papa and son Alex and George. Yes, absolutely. It's almost like a valve was released in terms of the money. Like no one, you know, rich people generally don't like to see their money walk through it. And let me let me be clear. It was also grassroots. She raised a tremendous amount of money to be a grassroots. It's like no one was excited about Biden and they were not opening their purse strings or sending them for him. But now it's like, oh, finally, and it seems like that's where all the money is flowing in from and the enthusiasm behind this. Also, I think an important next step in terms of economic use is like, what are Harris's economic use? And for the most part, we've seen that there, she's largely in lockstep with Biden on health care on student loans, on income inequality, on housing, on social security. But one place that she differs is trade policy. She actually voted against the US-Mexico-Canada agreement when she served in the Senate in 2020. This was signed into law by Trump. It's a replacement for NAFTA, which was positive for all three countries in North America, Canada, US and Mexico. And she also opposed the Trans-Pacific Partnership, which was Obama's big deal in 2016. And the reason was climate concerns. This is interesting because trade agreements in the modern world we live in often stand in for ceasefire agreements. When trade passes, borders, bullets do not. I know that sounds inflammatory, but it's not designed to be. It's just the reality of which we live in. And you can argue solidly that no trade agreement should exist in a true capitalist society. Well, we don't live in a pure, pure capitalist society. We live in a version of it. And that's why these trade agreements exist. But if you hear her not get on board with these based on climate issues, it's probably very indicative of how the policies she will enact in terms of economics and climate. Right. The honeymoon is on right now for her. The fundraising has gone through the roof. She did a fantastic job in the last 24, 36, 48 hours. There's a bunch of money there. The question is, will she get to use all of it that's been there since Biden was in office? And depending on who you ask it, but it seems to be leaning towards, yeah, she'll probably get there. But at some point, she's going to have to start addressing policy and the issues specifically, don't you think? For sure. Yes. And listen, we've had what we're approaching 48 hours. We hope to get that this week, particularly the markets and everyone else. And it's kind of quick. Like she's been around and governed in various ways long enough to have some insight. Like we know she likes Medicare for all when it comes to healthcare. We know that she's probably going to extend the tax cuts that were supposed to sunset on in 2025, which is what Biden was going to likely do as well. She also student loans. She wants to forgive a lot of it. She actually proposed something that was like way over complicated in terms of whose loans she would forgive. Like she wanted borrows who received a Pell Grant and opened a business and it disadvantaged community. People were like, what? Yeah, it's just the same stuff that Biden's doing. There's no doubt those policies will continue, but she does need to step out and, you know, reiterate those things and they need to come from the horse's mouth. Speaking of the horse's mouth, I wonder if this is going to continue. Well, down everybody. First Afghanistan. Do you plan to visit the border? Not today. More parents are seeing the value of educators when they had to you're considered the most liberal United States Senator. I somebody said that and it actually was Mike Pence on the debate stage. I asked for the A's and A's. President Duda, if you asked the United States to accept more refugees. Okay. A friend didn't need as a friend indeed. She still got a sense of humor. Yeah, apparently too much of one. I mean, I'm sure that cackling will continue. All right, Aaron Rial. Well, it sounds like the tenants at your rental property sure know how to throw a great party. You just wish they wouldn't throw so many parties on Tuesdays until four a.m. And if they could pay the rent on time, that would be nice too. Being a landlord can be stressful, but it doesn't have to be. 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