As the GOP nomination for president in 2024 heats up, polls suggest that the twice-indicted Donald Trump remains the front-runner despite being attacked by growing challengers such as Ron DeSantis, Mike Pence, and Chris Christie. Meanwhile, on the Democratic side, President Joe Biden is being challenged by unelectable eccentrics, yet it appears he will still secure the party’s 2024 nomination, despite concerns surrounding his physical and mental capabilities. The 2024 election is shaping up to be a Trump vs. Biden rematch, but with every stumble, Biden’s fitness for office is brought into question. There is a possibility that he may need to be convinced to retire before the convention, throwing the nomination process into chaos.
This scenario, however unlikely, is making the rounds on Wall Street and causing concern among investors and financial advisers. The uncertainty surrounding Biden’s health and the potential for nominee disputes could unsettle markets and create pricing volatility. Wall Street banks have a love/hate relationship with volatility, and while traders may seek to extract value from wobbly markets, pricing uncertainty can make it challenging for investors arranging retirement portfolios.
Piper Sandler, an investment firm, recently addressed the extreme scenarios surrounding Biden’s nomination, including the possibility of him dropping out after being nominated and Kamala Harris subsequently declaring herself the nominee, leading to a last-minute battle for a spot on the ticket. These scenarios could be avoided if Biden admits his physical and mental limitations or if Newsom and Pritzker get on state ballots and offer the Democratic Party an alternative nominee.
While markets may be concerned about the outcome of the 2024 election, including the potential for a certain red-haired “crazy man” to win the presidency, it is vital to remember that the American people will ultimately decide the country’s fate.
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