Varney: Democrat victory in November will sink markets
2020 Democrats could damage investments
Americans check their 401(k)s and smile as the stock market rally enriches the country, FOX Business’ Stuart Varney argued in his latest “My Take.”
“It’s a favorite theme of President Trump at his rallies. You’ve doubled your money. He says you look like a financial genius,” Varney said.
Exit polls from the Democratic primary in New Hampshire, according to Varney, suggest 79 percent of voters believe the economy is unfair to most Americans, 69 want to change the political system and 39 percent think Sanders and Warren would be best at handling the economy.
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“Now let’s not get carried away. It’s just one night’s sampling, but, when you see that kind of left-wing opinion, perhaps investors should get worried,” Varney said.
If a Democratic victory in November looks even remotely possible, the markets will tank and your pension plan will go with it, he argued. Perhaps, he suggested, investors should be getting worried.
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“Conventional wisdom has it that the current front runner, Bernie, can’t win, but as the Wall Street Journal says ‘that’s what they said about Donald Trump.’ A little anxiety is justified,” Varney said.
There is also cause for anxiety if Pete Buttigieg or Amy Klobuchar emerge as leaders of their party, Varney argued. The two may not be socialists, but they are climate warriors who want big tax hikes, which are not great for stock prices, he added.
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“Mike Bloomberg? I think he may buy the convention, but he’s a tax the rich guy who hasn’t said much about the growing economy. For your 401(k)? He’s no Donald Trump,” Varney argued.
As the race stands right now, all signs point to a Trump victory, he said. Enthusiasm, prosperity and weak opponents are all forces in his favor.
“The Democrats want to rearrange this economy. They want to change the political system and they’re leaning far left. If a Democratic win looks likely, watch out below. Of course, if it still looks like a Trump win, we may be off to the races all over again,” Varney concluded.