The Clintons’ favorite bank, Goldman Sachs, has downgraded its market expectations since President Donald Trump took office.
In the lead-up to Inauguration Day, economists and financial experts made favorable market predictions, buoyed by expectations that Trump would usher in an era of lower taxes, deregulation, and stimulus spending. It wasn’t just expectations that were elevated, the market itself experienced a historic rally in the month after Trump won. (RELATED: Here’s How The Market Looks One Month After A Trump Win)
After multiple executive orders meeting with a great deal of public backlash, a bumbled effort by Republicans to quickly “repeal and replace” Obamacare, and an ongoing battle between the Trump Administration and mainstream news outlets, Goldman Sachs economists are downgrading their expectations for the market.
“Following the election, the positive shift in sentiment among investors, business, and consumers suggested that the probability of tax cuts and easier regulation was seen to be higher than the probability of meaningful restrictions to trade and immigration,” Goldman Sachs economists wrote in a note published last week. “One month into the year, the balance of risks is somewhat less positive in our view.”
The statements are not the first instance of a Goldman employee speaking publicly about the president. Goldman’s CEO Lloyd Blankfein, after Trump signed an executive order that critics call the “Muslim ban,” recorded a staff-wide voicemail, saying: “this is not a policy we support.”
Blankfein went on to say that, if the order were to come into effect, the bank would do everything in its power to support those affected. The executive closed by reminding employees of one of the key pillars of Goldman: “being diverse is not optional; it is what we must be.”
Former President Bill Clinton and former Secretary of State Hillary Clinton are no strangers to Goldman Sachs. Since 2001, the political power couple have received millions in speaking fees from the bank. Hillary Clinton admitted to Anderson Cooper that she was paid at least $675,000 from Goldman Sachs for giving just three speeches. In addition to paying the Clinton’s fat checks to make speeches, the bank even held up office space in D.C. to an interested party in order to give the Clinton Foundation priority. (RELATED: Goldman Held Out Leasing Office Property For Clinton Foundation)
Goldman’s stock has been the envy of every major financial firm since Donald Trump defeated former Secretary of State Hillary Clinton. The value per share of Goldman stock went from $178 on Nov. 1 to $241 Monday, Feb. 6.
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