✅   How BlackRock ditched the Democrats

Politics

A year into the Biden Administration, the asset management group BlackRock appeared to recognise what other financial institutions had missed: the shift to a “new investment order”. Covid-era fiscal stimulus, wrote a panel of the firm’s executives, was here to stay. Yet the corresponding increase in government indebtedness did not concern BlackRock: rising inflation, in its view, would “likely have more benign market implications than in the past”. Joe Biden’s $1.9 trillion stimulus bill, the American Rescue Plan, was strung together within his first 100 days in office by Brian Deese, BlackRock’s former head of environmental, social and governance (ESG) investing.

Unherd     Aug 30, 2024