Biden must manage the bond markets …

Blacks have never been monolithic ….There is a difference between the electoral markets i.e. buying votes with promises and I.O.U.s, versus governance. As Joe Biden extends his popular vote lead and contemplates last minute strategies for winning the Electoral College, he has been answering phone calls from bond fund managers at Blackrock, PIMCO, and Vanguard, all of whom have been reminding him that his future Treasury secretary and he will have to determine how much spending will be necessary to keep his social program promises to lower and middle income Black Americans while not eroding the asset values of upper middle income and high income Black Americans (who, contrary to popular belief, have never been in the same boat). The bond markets, as Bill Clinton and James Carville realized, is the standard that matters…

……promises, promises…..

“You mean to tell me that the success of the economic program and my re-election hinges on the Federal Reserve and a bunch of fucking bond traders?” — Bill Clinton

“I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.” — James Carville