Phil Orlando: Hi, I'm Phil Orlando, the Chief Equity Strategist and this is a Washington on Wall Street Update from Federated Hermes. Wow, what a hot mess. Last night's first Presidential Debate was hard to watch. It was the nastiest Presidential Debate in history and we are all losers in its wake. Moderator Chris Wallace of Fox News lost complete control of the debate, despite an outline with six excellent topics. President Trump's behavior was disrespectful, unprofessional, and un-presidential and for him it was a lost opportunity. He had one great line last night, where he said that quote, 'I've done more in 47 months than you've done in 47 years.' unquote, but he failed to detail his policy successes on the economy.
Vice President Biden for his part, committed numerous gaffes, dodged questions and spread misinformation. Three examples. First on the Supreme Court, in response to judge Amy Coney Barrett's recent nomination to replace Justice Ruth Bader Ginsburg, he dodged the chance to deny his plans to eliminate the Senate filibuster and expand the size of the court. Next on the economy, Biden said that President Obama had left President Trump with quote, 'a booming economy' unquote, but the U.S. economy was on a glide path back into recession in 2016. Finally, Biden said that the Green New Deal will pay for itself, but with an estimated 100 trillion USD price tag over a decade, he provided us with little detail on how he hoped to achieve that result.
Ultimately, the American people were the biggest losers last night. We don't know anything more about policy than we knew before the debate. Other than we have two very disappointing candidates from which to choose. CBS News in a snap poll last night summed it up best when they announced that 83% of viewers felt that the tone of the debate was negative and 69% were annoyed. Last night was a disaster, a train wreck and a dumpster fire rolled into one. We can only hope that the Vice Presidential Debate on October 7th will be more respectful and informative, but the bar is extremely low.
Disclosure: Views are as of September 30, 2020 and are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security or sector. Federated Advisory Services Company 20-30457 (9/20)