Former White House Communications Director Anthony Scaramucci isn’t concerned about how markets could react if President Donald Trump loses his reelection bid, as he predicted investors will be encouraged by a “return to normalcy.”
The founder and managing partner of SkyBridge Capital told Yahoo Finance that he expects Trump will lose the election, and investors "will shrug that off.” On Tuesday, the president stunned investors by breaking off deadlocked talks for a new stimulus, which sent markets into a tailspin.
Scaramucci — who was recently involved in the making of a documentary about the president — served a brief but memorable stint as Trump's communications director, and has since turned into a vocal antagonist of the president. He’s also thrown his support behind Democratic presidential nominee former Vice President Joe Biden.
He noted that the market and the economy are “basically indifferent” to the outcome of the presidential race as there are other driving forces at play, including fiscal and monetary policy.
"Most people around the world will be relieved,” the voluble investor told Yahoo Finance in an interview on Monday. Scaramucci is also
"I think this is very similar to 2008 into 2009, where the Bush Administration was transferring over to the Obama Administration,” Scaramucci said. “It didn't really have a big impact on the economy primarily because of Federal Reserve policy," he added — something that’s unlikely to change course as the economy struggles.
Scaramucci also touted Biden as a “moderate” and predicted that he’d bring on “a moderate Treasury Secretary that will adhere to more or less the same things that Secretary [Steven] Mnuchin is doing.”
SkyBridge. is a fund of funds firm. Scaramucci noted that in his conversations with top hedge fund managers, they’ve indicated that "a return to normalcy and start of dialing off of the presidency as being in a permanent 24/7 news cycle will be good for everybody. And it'll be good long term for the economy."
Scaramucci went on to criticize Trump for making the country "weaker, sicker, and poorer" after he "woefully mishandled" the COVID-19 crisis, which eventually sickened the president himself.
"I think it's time for a change. And I do think that a lot of rich people, even if, on the margin, they perceive President Trump to be better for their tax bill or their stock portfolio, are going to vote him out of office,” Scaramucci added.
Julia La Roche is a Correspondent for Yahoo Finance. Follow her on Twitter.