And yet the fact that Trump has been outraised so badly — by a wider margin so far than Republicans were outraised in 2008 or 2016 — is surprising because analysts warn that his opponent could be a nightmare for Wall Street.
Consider that S&P Global Market Intelligence
recently estimated that Biden's plan to raise the corporate tax rate could cause profits at America's ten largest banks to plunge by a combined $7 billion each year.
Boutique investment bank Keefe, Bruyette & Woods (KBW) told clients Friday that the best-case scenario for big bank stocks is a Trump win with continued GOP control of the US Senate. That would signal a continuation of light regulation and low taxes.
The worst case, according to the bank: a blue wave that gives Democrats control of both the White House and the US Senate, paving the way to higher corporate taxes, tax hikes on the wealthy and tougher regulation on banks.
KBW is so worried about a blue wave that, incredibly, it ranks it as an even worse scenario for big banks than a contested election that causes severe market turbulence.