It's late in the clock for the U.S. Presidential race, down to nine days. Red Team candidate former President Donald Trump declared his candidacy in November 2022.
Carlyle Group co-founder David Rubenstein offered his thoughts on the election. He shared charts and graphs showing the closeness of the contest and how it may be some time before a winner is declared. The politically connected private equity underwriter (PEU) closed with six priorities for a new administration. Three directly impact his multiple pocketbooks. The Trump tax break for the wealthy and corporations will sunset and the PEU boys don't want to give up their golden goose.
The economy is working for the super wealthy as asset prices have soared. Rubenstein and his PEU brethren need valuations to remain elevated to support affiliate debt refinancing and investment exits.
Rubenstein cites the need to reduce the large level of the federal deficit, which grew in part due to massive tax breaks he and his fellow billionaires have enjoyed, some for decades. Eliminating his preferred "carried interest" taxation is a never-enacted campaign promise. Not this year. Neither team is even trying to ditch this wildly unpopular billionaire tax break.
The richest man on our planet Elon Musk stumps for the Red Team, while billionaire Mark Cuban does likewise for the Blues. Both want crypto. Both want gambling. The predatory nature of crypto can be seen in the vast number of criminal charges against crypto firms and their founders. Addiction destroys lives and high tech gambling can do so quickly.
Rubenstein's election newsletter is for those who wish to be mired in the details. San Antonio Spurs Coach Greg Popovich gave his thoughts on the election while answering questions after a game.
It's nice to hear from a "leader of people" and not a soul-selling politician or conflicted policy-making billionaire.
Update 12-15-24: From David's Desk published "Trump's Second Act." Rubenstein adjusted his historical mandate down from his CNBC interview:
Trump won the popular vote (though narrowly– 49.8% to 48.3%)
