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Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland discuss how businesses will function under the Biden administration.
- Let's get more on what his presidency will mean to the business community. And Brian, this is something that you've been asking guests about all morning long and you've been thinking about, sort of not having to be reactive to tweets. It looks like it's going to be a relief for a lot of business leaders.
- Yeah, Julianne, I'll make this quick so we can get back to crowd watching. I know we're all eagerly anticipating Alex Rodriguez's next move. He's been on the move all morning long. But yes, really I've been asking a lot of executives how much of a relief it will be for you that there will be a change in the White House. And all the executives I talked to, all off the record of course, they are breathing a sigh of relief. This will allow them and I think David Lynn just described it perfectly, to get back to focusing more on the long term of their business, not a year, not two years really. They could start planning for the next five to 10 years of their business, simply because of this change in the White House, a more even handed tone, less tweets.
And I want to use Bed Bath and Beyond as a great example of what we have been seeing over the past four years. You saw Bed Bath and Beyond shares get hit yesterday morning because it came out that they are no longer selling the My Pillow. Michael Lindell, the founder of My Pillow. He came out in a new broadcast, right wing radio broadcast, I believe was yesterday or the day before, really questioning, continued to question the election outcome and also speaking out that he wasn't-- he almost I would say supported the Capitol Hill uprising, which we saw. Which is really just mind blowing and ridiculous.
But you saw Bed Bath and Beyond then come out and say, you know what? We're not going to sell your pillow anymore. Now these are things that probably would not have happened if a Joe Biden was in the White House the past four years. That's just the reality of it. And I'm in good background here to say that Bed Bath and Beyond, My Pillow, those sales have been down for the past few quarters have been a declining brand. The company will run out of most of its stock of that pillow in the next few weeks. But it would be good to just not even have to deal and put out statements like this too.
And it's not just Bed Bath and Beyond, Kohl's too. Kohl's out with a statement to Yahoo Finance this morning saying they will no longer be selling this pillow too. These statements weren't-- putting out statements like this were never the case pre-Trump. And I think a lot of companies are really looking forward to getting back to business, to some form of normal, helping their employees stay safe during the pandemic and plotting out their next, I don't know 80 quarters of earnings.
- And I do think that there's some sense in which companies don't want to have to talk about politics and David just said, I mean, he's a political operative. And he's saying companies would rather pretend that politics don't exist. On the other hand, man, we all remember when Trump got elected and every CEO couldn't stop themselves from talking about how excited they were, deregulatory agenda, lower taxes, all the stuff that Trump was going to do. You know corporate America and business leaders are generally aligned with what a generic Republican candidate is going to bring to office.
And I think the challenge corporate America has had in the last couple of weeks is reconciling all of the excuses they made for all of the terrible things that Donald Trump said, and did in office just so that they could get their lower taxes. And so it's going to be strange as a lot of business leaders try to pretend like that didn't happen. Like, oh, let's just get back to business because now we have a generic Democrat, who we have vague concerns about, their maybe future tax plan. Whereas all this energy was unleashed in favor of Trump and then had to be backtracked because of all the baggage that came along with those tax cuts.
So you know, it's an interesting time. But I don't think that companies get to just say, oh, we didn't want to be political because I think they kind of brought this on themselves in a lot of cases. Certainly a lot of their leaders did. And so that's going to be an interesting theme as we get into the next couple of years here, reworking that muscle perhaps, as corporate leaders who try to then remember that they can't just celebrate some kind of deregulatory regime, which is sort of vague anyway. But was a big part of the last couple of years.
Well, and part of this evolution or change, whatever you want to call it, I guess evolution has a certain connotation to it. But you know, part of it has to do with customer pressure, at least in some cases and client pressure in some cases, and also the extremely high touch environment that we are in because of social media. I mean, when a corporate leader says something that their constituents don't approve of, they hear about it very easily because of social media. So I wonder how much that is pressuring of various companies, especially consumer facing companies in this area as well and how that's going to happen going forward.
But to your point, I think whether it comes to market participants or business leaders, be careful what you wish for is definitely part of a mantra that people should remember. So just to let people know what we're looking at here. That's the Church of st. Matthew's Cathedral where the President-elect has been attending a service with bipartisan group of Congress. We've seen a number of those congresspeople leave. I believe we are awaiting the departure of the President-elect to the various other festivities and events going on. The swearing in the oath of office is set to begin at noon. So that is something obviously we will continue to monitor.