The Biden Rally Has the Look of Fool's Gold
A divided government may be good for markets when things are going well, but this is a situation that demands action.
It’s easy to understand why liberals are celebrating. Markets, not so much.
Photographer: Amir Hamja/Bloomberg
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On Saturday morning, I learned that the U.S. election had at last been called for Joe Biden from the sound of car horns honking in the streets outside, soon followed by singing and the noise of people leaning from their windows and banging pots and pans. My neighborhood, Washington Heights at the northern end of Manhattan, is utterly unrepresentative of the country as a whole; overwhelmingly Latino and very liberal, with the local Democratic Congressman receiving more than 90% of the vote. It’s not surprising, therefore, that the news was treated as the excuse for a vintage Latin fiesta in the streets.