{"id":328715,"date":"2021-08-22T06:38:15","date_gmt":"2021-08-22T03:38:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/growing-political-roadblock-vs-big-spender-joe-biden\/"},"modified":"2021-08-22T06:38:15","modified_gmt":"2021-08-22T03:38:15","slug":"growing-political-roadblock-vs-big-spender-joe-biden","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/growing-political-roadblock-vs-big-spender-joe-biden\/","title":{"rendered":"#Growing political roadblock vs. big spender Joe Biden"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c338c41712\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c338c41712\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/growing-political-roadblock-vs-big-spender-joe-biden\/#How_Robinhood_survived\" >How Robinhood survived\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Growing political roadblock vs. big spender Joe Biden<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>As the debacle in Afghanistan consumes the Biden administration, Wall Street is keeping a closer eye on another debacle: that is, the president\u2019s ambitions to turn the US into a European-style progressive paradise.\u00a0<\/p>\n<p>It\u2019s not that Biden and his acolytes in Congress and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointees to various regulatory agencies haven\u2019t already moved the country decidedly leftward since his election. As this column has pointed out repeatedly, the \u201creconciliation\u201d tactic has cleared the way for trillions in spending, a vast expansion of the welfare state that includes handing out checks so people won\u2019t go to work.\u00a0<\/p>\n<p>But my Wall Street DC watchers \u2014 the in-house lobbyists that the banks hire to monitor legislation and regulations \u2014 say Biden\u2019s quasi-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a>ist remake of America has finally hit a formidable wall of resist\u00adance.\u00a0<\/p>\n<p>They see it in issues large and small \u2014 budget battles and the fight over more obscure financial matters that suddenly become fierce ideological debates between progressives and free-marketeers.\u00a0<\/p>\n<p>The upshot: Republicans are now starting to join forces with moderate Dems to hold the line on the creeping AOC-like socialism.\u00a0<\/p>\n<p>One of the big issues, of course, is Biden\u2019s $3.5 trillion spending boondoggle that has stalled \u2014 at least for now.\u00a0<\/p>\n<p>The White House was planning to ram the package through the Senate on reconciliation with no GOP support. Then it began to leak that the spending bill was all but written by socialist Vermont Sen. Bernie Sanders. The big-ticket items: Free college, universal health care, prekindergarten on the taxpayers\u2019 dime, amnesty for illegal immigrants, etc.\u00a0<\/p>\n<p>The DC watchers say moderate Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona have been getting an earful from back home about the socialist laundry list. It seems that people in these states don\u2019t share the same zeal for wealth redistribution and high taxes.\u00a0<\/p>\n<p>That\u2019s when the whole thing began to unravel. Manchin and Sinema are balking as this column goes to press. The progressives are pissed because they wanted to vote on the spending plan before doing infrastructure and now are threatening to stage their own revolt.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/afghanistan-25.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Smoke rises next to the U.S. Embassy in Kabul, Afghanistan, Sunday, Aug. 15, 2021.\" class=\"wp-image-19206231\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/afghanistan-25.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/afghanistan-25.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/afghanistan-25.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Smoke rises next to the U.S. Embassy in Kabul, Afghanistan, Sunday, Aug. 15, 2021.<\/figcaption><figcaption><span class=\"credit\">AP Photo\/Rahmat Gul<\/span><\/figcaption><\/figure>\n<p>Biden, distracted by Afghanistan and just about everything else on his desk, seems oblivious to the fact that on top of a military humiliation, he\u2019s about to be handed a major \u00addomestic-policy defeat unless he cuts some deal that neither side seems to want at the moment.\u00a0<\/p>\n<p>\u201cBiden is finding out that it\u2019s impossible to hold together a coalition where one part wants a leftist remake of the country and another part doesn\u2019t,\u201d said one of those DC watchers.\u00a0<\/p>\n<p>\u201cHe\u2019s also discovering that most Americans are with those who don\u2019t want to remake the country.\u201d\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Robinhood_survived\"><\/span><strong>How Robinhood survived\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the budget bill hit a brick wall, something odd happened with Biden\u2019s plan to remake the securities markets to resemble command-and-control economies in Europe.\u00a0<\/p>\n<p>Earlier in the year, the lefties on the House Financial Services Committee wanted to ban something called payment for order flow, or PFOF as it\u2019s called on Wall Street. This is a routine, albeit esoteric Wall Street practice. It is also an essential part of the growing discount-brokerage business, which has become something of a cultural phenomenon over the past year with first-time investors making decent money selling and buying stocks in a cheap, efficient manner.\u00a0<\/p>\n<p>One reason investors can trade so easily is the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> developed (with some hitches along the way) by companies like Robinhood, E*TRADE, etc. They can do so cheaply due to PFOF, where the discount brokers sell their customer orders to third-party brokers for a fee.\u00a0<\/p>\n<p>Enter Elizabeth Warren, the Democratic senator from Massachusetts, who sees a Wall Street scandal behind every trade. Lately she\u2019s been braying about corruption in the order-flow business with her allies pointing out that other, presumably more enlightened countries, don\u2019t allow the practice.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/warren.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Senator Elizabeth Warren (D-MA) at a Senate Finance Committee hearing in Washington, D.C., U.S., June 8, 2021.\" class=\"wp-image-19206239\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/warren.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/warren.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/warren.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sen. Elizabeth Warren (D-Mass.) sees a scandal behind every Wall Street trade. <\/figcaption><figcaption><span class=\"credit\">Tom Williams\/Pool via REUTERS\/File Photo<\/span><\/figcaption><\/figure>\n<p>Though she hasn\u2019t offered much proof of sleaze, the Dems on the House Financial Services Committee couldn\u2019t let a good non-Wall Street scandal go to waste. They tried to ram a ban on PFOF through the committee using their majority status.\u00a0<\/p>\n<p>It didn\u2019t happen for the same reasons the spending bill was stopped in its tracks. Robinhood lobbied members about the merits of the order-flow business, noting that it has democratized trading across race and class here in the US.\u00a0<\/p>\n<p>Other countries may not allow PFOF, but their economic foundations aren\u2019t based on allowing the rich and poor to enjoy the benefits of the free market. In late July, moderate Democrats joined with GOP members and said a ban on something that gave all people access to trading stocks is socialism run amok.\u00a0<\/p>\n<p>Yes, the Wall Street crowd has its faults. They will do business with despots in China and virtue-signal about diversity here at home. But they are finding the Biden administration insufferably leftist, and are cheering the pushback on issues large and small.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/08\/21\/growing-political-roadblock-vs-big-spender-joe-biden\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Growing political roadblock vs. big spender Joe Biden&#8221; As the debacle in Afghanistan consumes the Biden administration, Wall Street is keeping a closer eye on another debacle: that is, the president\u2019s ambitions to turn the US into a European-style progressive paradise.\u00a0 It\u2019s not that Biden and his acolytes in Congress and appointees to various regulatory&#8230;<\/p>\n","protected":false},"author":1,"featured_media":328716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/biden-15.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[86706,114672,72315,991,70360],"class_list":["post-328715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-robinhood","tag-8-21-21","tag-afghanistan","tag-joe-biden","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/328715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=328715"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/328715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/328716"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=328715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=328715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=328715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}