Paging Joe Klein

Everyone’s running out of cliches to describe how the news that the FBI is reopening its investigation of Hillary Clinton’s emails may affect the last 10 days of the campaign. The fact that it involves emails found on the smart phone of dumb guy Anthony Weiner is just a bonus. As of this afternoon, this crazy election cycle has gone from a reality TV show to a Joe Klein roman a clef novel that no one would believe. Like the Bill Clinton scandals of the 1990s, if you walked into a Hollywood studio pitching this plot, they’d throw you out the door.

One of the interesting things that happened when the FBI news came out earlier today is that the financial markets suddenly lurched. The stock market, which had shown a decent gain after the open this morning, suddenly dropped slightly into negative territory, and the Mexican Peso dropped against the dollar. (See charts immediately below.)

peso

Dollar-Peso exchange rate.

stocks

It’s not news that Wall Street favor Hillary Clinton over Trump. My old colleague Michael Strain at AEI notes this in a recent article, along with this chart of market future from the first Trump-Clinton debate:

stocks-clinton

Now why would Wall Street favor Hillary over Trump? My best guess is that they assume Clinton means easy money policy from the Federal Reserve (which is rocket fuel for stocks) will continue into the future. Perhaps it’s because they know Hillary is easier to bribe (or is already bribed). Maybe there are other reasons.

Anyway, stand by folks: The Week in Pictures tomorrow morning is going to be epic. That I can promise you, as Trump likes to say.

Responses