News or Rumor re: Biden Resigning?

[tsptalk]

I wonder what this will do to the stock market, if true?


From Tom Fitton:

I hear Joe Biden is resigning from office -- next Monday.

https://x.com/TomFitton/status/1808661808238243896?t=w-hHJv2JFzLKqTb0TIFtiw&s=19

 

[amoeba]

Markets have been digesting the debate consequences fairly well so far: I say it doesn't matter; but I don't think it will happen.

 

[amoeba]

Markets have been digesting the debate consequences fairly well so far: I say it doesn't matter; but I don't think it will happen.

Well, that was before Biden's comments on 7/4/2024; to put it mildly - he did not look well; confirms a problem to me. Still unsure how/if markets will react. Thus far positive so more of that?

 

[amoeba]

He ain't throwing in the towel in the words of Apollo Creed (Rocky 4) "no matter what". Now the markets get to digest that reality. Absent some wildly serious DJT unhinging or physical injury, it doesn't matter who opposes. Election over. Stocks continue higher.

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[James48843]

You know- that’s all a bunch of bull, and you know it. Biden isn’t going anywhere. He is the President, and he is the candidate, no matter what Russian propaganda you all try to spread about resignations.

Come on, man. This is Joe. He’s fine.


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[tsptalk]

Russian propaganda? :laugh:

 

[rangerray]

Hilarious.


Scott Harrison
Senatobia, MS

 

[James48843]

Nope. Biden will be the candidate. Today is Trump’s day to be heard. (Pun intended), but we still have a lifetime to go in election season. Anything can happen.

In the meantime, I’m thinking to load up more on stocks.


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[JTH]

I tired to explain this to my Polish Millennial wife, but she doesn't get the cultural reference when I tell her someone is "Pulling a Ruth".

I think of the Babyruth candy-bar scene from the movie Caddyshack, which I then correlate with Justice Ruth Bader Ginsburg's death before retiring. She was the proverbial turd in the swimming pool. It's not a knock on her work, it's a knock on her not passing the torch, which is the same issue my Generation-X is having with their elders.

Now we have two turds in the pool and everyone is swimming around like this is normal. One thing I've figured out, is that age and experience does not necessarily equate to wisdom, if anything it leads to severe "gate keeping". Not that President Biden has much choice here, since he chose an unlikable VP. But if he loses this election, that's a potential 4 to 12 years of damage for his party.

 

[tsptalk]

I wonder what this will do to the stock market, if true?

We got a small taste of why we don't like to discuss politics here. It's more emotional than the stock market. The discussion was civil, but the question was how would the market react if Biden did resign? So, I'll ask again -- what do you think stocks would do should these rumors come to fruition (not will or won't Biden resign)? It's a valid question that could shake up the markets.


Obama, Pelosi and other Democrats make a fresh push for Biden to reconsider 2024 race

Democrats at the highest levels are making a critical push for President Joe Biden to reevaluate his election bid, with former President Barack Obama expressing private concerns to allies and Speaker Emerita Nancy Pelosi privately telling Biden the party could lose the ability to seize control of the House if he doesn’t step away from the 2024 race.

Obama, Pelosi push for Biden to reconsider 2024 race | AP News


Sorry for the Russian propaganda from the AP.

 

[JTH]

We got a small taste of why we don't like to discuss politics here. It's more emotional than the stock market. The discussion was civil, but the question was how would the market react if Biden did resign? So, I'll ask again -- what do you think stocks would do should these rumors come to fruition (not will or won't Biden resign)? It's a valid question that could shake up the markets.


Obama, Pelosi and other Democrats make a fresh push for Biden to reconsider 2024 race

Obama, Pelosi push for Biden to reconsider 2024 race | AP News


Sorry for the Russian propaganda from the AP.

I'll bite

I'm of the mindset the economy and Fed is the main focus of the markets, and we haven't begun to price in the President (or I can't see it). If President Biden were to resign, then I might see it as an end to our participation in Ukraine.

For the energy sector: If we end the war in Ukraine this may free up energy reserves for Europe, but perhaps not in time for this winter. Our natural gas cost in Poland are skyrocketing, we just got another 45% increase this month. But if we free up cheap Russian energy what will this do for the US which is the #1 supplier of LNG to Europe? I have heard CNBC talking heads mention if Trump is elected it will hurt our energy sector.

But... Energy often runs its own path, any conflict in the Middle East, could ramp up prices overnight, so there's that.

 

[amoeba]

He ain't throwing in the towel in the words of Apollo Creed (Rocky 4) "no matter what". Now the markets get to digest that reality. Absent some wildly serious DJT unhinging or physical injury, it doesn't matter who opposes. Election over. Stocks continue higher.

Sent from my moto g 5G (2022) using Tapatalk

I said this 8 days prior to the barrage of 8 shots, one winging his right ear and another passing in front of the left side of his face in camera view. First blood but cosmetic damage only. Hopefully tonight's acceptance speech passes without incident; so maybe a deadcat bounce at least tomorrow? Beyond that.....anyone's guess.

 

[tsptalk]

From Mark Halperin:

BREAKING NEWS: Multiples sources outline the apparent state of play on Biden at this time:

* plans to announce withdrawal from nomination as early as this weekend, with Sunday most likely

* Jon Meacham polishing up remarks

* Biden will NOT resign the presidency

* Biden will NOT endorse Harris

* open convention with Harris and about 3 others

* super delegates will not be allowed to vote on 1st ballot

* Harris is vetting at least four possible running mates, including Andy Beshear and possibly Shapiro

https://x.com/MarkHalperin/status/1814049842790006837

 

[tsptalk]

From CNBC - although it's not really stock market related:

What happens next if Biden drops out of the presidential race

President Joe Biden is under mounting pressure to withdraw his reelection bid in the wake of his damaging debate against Donald Trump.

The campaign crisis has put a spotlight on Vice President Kamala Harris, who many pundits and experts view as the likeliest choice to replace him.

Biden recently floated the possibility that a “medical condition” could force him to rethink his decision to stay in the race.

What happens next if Biden drops out of the presidential race

 

[tsptalk]

More from CNBC:

Biden won’t drop out, campaign insists in a new memo

President Joe Biden will remain at the top of the Democratic ticket, his campaign insists in a new memo obtained by NBC News.

The memo from the campaign’s battleground states director Dan Kanninen stresses that while lawmakers increasingly call on the president to step down, Biden still has the support of voters.

But Kanninen acknowledged that many polls show Biden trailing Trump, writing, “I will not sugar coat the state of the race: we have our work cut out for us to win this November.”

Biden won'''t drop out, campaign insists in new memo

 

[tsptalk]

Biden says he will end his re-election bid, endorses Harris

Biden had faced growing pressure to exit the race amid questions about his age and mental faculties following his June debate against former President Donald Trump.

Election 2024 live updates: Biden says he will end his re-election bid, endorses Harris

 

[James48843]

Stock market futures appear optimistic on news of a Harris campaign.

S&P 500 futures now up 0.65% .

 

[tsptalk]

And that's all you have to say? :blink:

That's not very bilgistic of you.