The ship of state has been taking on water for a long time, and Biden is just lucky enough to be head of state as it sinks. From Peter Schiff at schiffgold.com:
Joe Biden was inaugurated on Jan. 20, becoming the 46th president of the United States. And as Peter Schiff put it in his podcast, he took the helm of a sinking ship.
But the stock markets sure don’t act like the ship is taking on water. All four major stock indices closed at new record highs on inauguration day. Peter said this proves that the stock market rally really didn’t have much to do with Donald Trump.
If the stock market gains were really attributable to Donald Trump’s policies, and Joe Biden is already unwinding those policies and reversing as many as he can by executive order, why are all the stock markets making record highs? To me, that shows you that the stock market couldn’t care less about Biden being president, because it didn’t matter that Trump was president. This stock market rally that Donald Trump took credit for was not the result of Donald Trump’s policies.”