President Biden and Wall Street

Why are we so quick to blame Biden for destroying our economy? Where’s the evidence and how can it be just one person’s fault? We can’t! However, we can look at his effects on the stock market, a major role in our economy. As we now know, Biden has spoken out about his plans to raise the tax margin to a standing 39.6%, and nearly double capital gains to 43.4% for those earning more than $1 million.

Who is earning that much to make this such a big deal anyway? We call these whales. Whales are institutions, large funds, and even banks. They have so much stock and price that they can move the price of stocks instantly when they buy or sell. So here’s where we get into Wall Street. Wall street is not on your side. They want these whales all over the stock market to continuously increase and drop stock prices. Wall street’s job is to take your money, that’s how the stock market works; the more you make the more someone else loses. Whales can take your profit extremely fast which is why it is important to predict their move. For example, Biden’s tax margin proposal today. As soon as that made headlines, all the big shot traders and whales immediately cashed out from Dow Jones Industrial Average and company tumbles down over 300 points costing everyone their shares, as well as Nasdaq composite and S&P 500. Now the tax plan didn’t directly affect Dow Jones, but Dow was increasingly gaining value because of the wealthy and whale investors. So with the tax plan raised on the wealthy, they immediately cashed out the stock where they were at, leaving all other shareholders to cut losses and cash out with less than they had. Which now brings the effects of the raised tax margin full circle. Rest assured our economy was already in decay and his intentions for our taxes are good, but it does not help Biden’s case and he does deserve accountability for these falls.