A Bear's Lament
There are two issues still confronting the stock market. The first is the outcome of the U.S. election. More is at stake than just “democracy” if you are an investor. There is no doubt that Kamala Harris has rolled out a big bag of candy for the proletariat — plans to raise tax credits substantially for families with children will surely resonate with lower-income households. So will proposals to boost housing construction, though that is smoke and mirrors because from a public policy perspective, supply is hitched to state and local governments. Besides the fact that a proposed $25k in down payment support for first-time homebuyers would merely be self-defeating by pushing up property prices before any new supply even arrives.
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