On October 2nd, 2008, Biden participated in a televised debate against Republican vice presidential candidate Sarah Palin. On August 22nd, 2008, Obama announced that he had selected Biden as his running mate in the upcoming presidential election. On January 31st, 2007, Biden declared his candidacy for President of the United States and subsequently ran a campaign emphasizing his foreign policy experience and how he would handle the war in Iraq.ĭuring a presidential primary debate in October, Biden mocked Republican presidential candidate Rudy Giuliani for often mentioning the 2001 World Trade Center attack on the campaign trail (shown below).Ģ008 United States Vice-Presidential Debate However, the campaign lost its momentum following a series of plagiarism scandals in the news media, ultimately resulting in Biden's withdrawal from the race in September 1987. In 1987, Biden entered the race in the 1988 Democratic presidential nomination as a potentially strong and the youngest candidate since John F. During his seven consecutive terms in the Senate, Biden became heavily involved in the legislation of federal crime laws, and later, in diplomacy, as the ranking minority member and chairperson of the Judiciary and Foreign Relations Committees. Sworn into office at age of 30, Biden became the sixth youngest U.S. Representative Pete du Pont and Wilmington Mayor Harry G. Senate election in Delaware, which he won in an upset victory against U.S. After serving for two years on the County Council from 1970 to 1972, Biden announced his first bid in federal politics as a Democratic candidate for the 1972 U.S. “So long as we get a resolution to the debt ceiling - which is our base case - we do think that it’s possible in the near-term you actually see the S&P 500 break above our year-end target of 4,300,” she told Bloomberg TV.In 1969, at age of 27, Joe Biden entered politics in the state of Delaware as a Democratic candidate for the New Castle County Council election, which he won by a solid vote margin of 2,000. The overhang is putting a lid on the market right now, according to Elyse Ausenbaugh, a global investment strategist at JPMorgan Wealth Management. Others point out that market gains are capped right now thanks to worries around the debt ceiling. “If Washington does manage to get a deal done, this will likely remove a key downside risk for the stock market and is likely to cause the bears to quiet down,” Calvasina wrote in a note. Those drawdowns have varied anywhere between 5-6% to 10-19% during what she calls “higher-drama years.” Still, angst around the debt ceiling has given investors a reason to rotate out of growth and into value, helping backstop the S&P 500, she said. Since 2011, a meaningful stock-market decline has typically been required to force policymakers to come to an agreement, according to Lori Calvasina, head of US equity strategy at RBC Capital Markets. Meanwhile, Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of reaching a deal. President Joe Biden will again meet with House Speaker Kevin McCarthy on Monday. The S&P 500, currently hovering just above 4,200, is around its highest level in nine months, propelled, in part, by news that lawmakers were making some progress on debt-ceiling talks in recent days. And investors are well-advised to respond to that reality, as dictated by their investment horizons and appetite for risk.” “Rather, with or without an immediate market response, the debt ceiling brings heightened economic and financial uncertainty and other pressures. “Investors shouldn’t be seeking to game the politicians into a solution - that is a risky and uncertain proposition at best,” wrote analysts led by Nathan Sheets. Holding tight, though, could lead to an impasse that eventually craters the economy and markets. Simply put, investors could unload risk assets now and force negotiators into a deal - and then immediately regret that they sold. Game theory offers some insight, according to analysts at Citigroup. Parents Sue Elite Schools for ‘Indoctrinating’ Their Kids With Anti-Racist PoliciesĬhina’s New Covid Wave Set to See 65 Million Cases a Week Mexico Raises Alert Level on Volcano Rumbling Near Capital So why is the S&P 500 treading water near a nine-month high?Ĭhina’s $23 Trillion Local Debt Mess Is About to Get Worseīiden-McCarthy Debt Talk Ends With Optimism, But Without a Deal (Bloomberg) - The US is hurtling toward a credit default that pundits universally agree would be catastrophic for the economy and financial markets.
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