Yahoo Finance’s Andy Serwer breaks down eight things Joe Biden should do immediately as America's next president.
MYLES UDLAND: All right, let's turn our attention back now to the presidential election, which was called over the weekend-- began on Saturday afternoon. The "Associated Press" calling state of Pennsylvania for former Vice President Joe Biden. Nevada shortly followed. That was kind of lost in the shuffle.
Of course, Arizona and Georgia remain kind of outstanding. Still some questions there. But Andy Serwer, in your column over the weekend running eight things that now-President-elect Joe Biden needs to get done. And I think the news this morning, at least, starts to point us in the direction of the most urgent concern. And we saw the Biden task force announced earlier today. But kind of containing-- and I guess, getting some coherent, clear, consistent leadership on the pandemic would seem to be task one for the Biden administration.
ANDY SERWER: Yeah, you know, as a journalist, Myles, you always feel good when something you sort of are predictive about comes true. In this case, right away, because I tried to prioritize those eight things in the sense of urgency. And the first thing I had, of course, was COVID.
And it appears that President-elect Biden has hit the ground running there with this coronavirus task force that he announced this morning. And obviously that is the big, big news. That in conjunction with the Pfizer vaccine news that Tom was just talking about that's really sent the market higher.
But you know, obviously, President-elect Biden has a lot of difficult challenges ahead. And when he takes office on January 20, those will be hitting him square in face. COVID, of course, the country really divided. That was another thing that I prioritized that he was going to have to reach across the aisle-- something that has been extremely difficult to do in Washington both during the Trump administration and the Obama administration.
The good news there, Myles, is that he and Mitch McConnell have history. And I mean that in a good way. They have respect for each other. They've worked well together. So boy, if that actually means there is some cooperation across the aisle, that would be fantastic for all of America.
MYLES UDLAND: Well, Andy, I wanted to quickly follow up on that point because I think there's always optimism when a new administration comes in that things will be different. But do you think that maybe if investors believe that to be true, they might end up kind of fooling themselves into kind of the Charlie Brown situation we can all imagine? Lucy and the football, right?
ANDY SERWER: That's a meme these days. It's been a meme for many decades, but especially true recently. Yeah, look, we're not going back to any sort of salad day period in our history where it was Kumbaya.
There will still be people on the right in the GOP. Donald Trump himself will be out there stirring the pot and making it difficult for the two parties to cooperate. There's no question about that. All I'm saying, Myles, is that I think things will be incrementally better.
Now, then, it's going to be a question for the markets to judge. You know, how much better, and what does that mean for stocks and specifically valuations? And I think that's going to be a great question going forward. Of course, there is a honeymoon period.
And then the question is, you know, what's the Senate going to look like? And does Biden use that to raise taxes on rich people? A lot of great questions outstanding.
- Andy, how do you think Dr. Fauci is used by the Biden administration?
ANDY SERWER: You know, I'm a little surprised he wasn't a little bit more front and center on this panel this morning. I would make him the COVID czar, you know? I mean, we've had-- remember the auto czar in 2008, 2009. People loved that symbolism.
But also even more than that, it's great to have one person accountable. And you're in charge. You're the man. And part of it is communication when it's coming from Washington, because not only are we having problems with policy, and we've been very policy-challenged during the Trump administration, but just in terms of clear messaging.
And I think that Tony Fauci could obviously really help there. Now, you know, can't do that until January 20, I guess, in a way. And that's going to be very curious during this lame duck period. You know, it's sort of like, who's in charge?
And we've never had a transition ever like this. And of course, right now, there is no transition. So it's going to be a little bit hinky between now and January 20, no doubt. But that's what we expected, right?
MYLES UDLAND: Indeed, we did. All right, Yahoo Fiance editor-in-chief Andy Serwer. Andy, thanks so much for joining the program. We'll talk to you later on this week.