“‘It’s pricing in a fantasy about a Trump stimulus that simply isn’t going to happen. There will be no tax cut, there will be no 15 or 20 dollar a share reduction in the corporate rate.’ According to Stockman, the main catalyst for his pessimism about Trump’s policies is the ‘debt ceiling trap’ that he contended will prevent tax reform, infrastructure and defense spending that have excited so many investors. Given the ‘factions’ among the Republican Party today, the former Reagan aide also believed that the political turmoil could result in a gridlock the markets don’t see coming.”
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