Remember, Wall St doesn't love growth because it's growth. They love growth because it makes them money. They only need their bets to pay off and Biden's plan tells them where to bet to guarantee payoff for them. Not growth for you. https://twitter.com/schwartzbCNBC/status/1321508780274831363

The stock market is at root speculation. That's great when the speculation is real attempts to purchase risk in order to achieve payoff by filling a consumer demand, but that's not what planned economy programs like Joe's iteration of the green new deal is.

Government programs like that take demand from disinterested parties with no personal risk and impose them on producers and consumers. So millions of people that don't think it's desirable or worth paying for to have their home weatherized will be made to by reward or punishment.

How does this appeal to investors? Biden says he's going to invest 90 trillion an industry, investment in that industry becomes risk free. For them. The risk is realized, just not explicitly or definitely, but money or future money was used by the government to back that risk.

It sucks cash that spurs innovation out of other potential investments or future investments or taxpayers or future taxpayers. So risk is redistributed from Wall St to taxpayers and benefit is redistributed from stakeholders to non-stakeholders.

So when Wall St endorses some Keynesian job creation plan it's not because they're benevolent capitalists looking out for the little guy. It's because they expect to get rich off of risk free investments made risk free by a captive consumer base.

@mungowitz please love me.