It could have been even worse.
To wit, two explosive devices went off that were reportedly found at both the Republican and Democratic National Committee headquarters, but no one was hurt. What would have happened if the mob reached Vice President Mike Pence (whom they chanted should be hanged for disloyalty) or any congressional lawmaker for that matter? Luckily, the farthest the mob group got was to House Speaker Nancy Pelosi’s desk.
But the real culprit here and the one who sparked the attacks and that was Donald Trump, the buffoon-in-chief. Although Trump claimed he did not want any violence, he must have known that could be a possibility. He didn’t care before when he called upon his supporters to march to the Capitol. He didn’t care while he watched it unfold on his television, according to aides. And he certainly doesn't care now.
But along with Trump—others must be blamed. That includes former New York City mayor and now Trump lawyer Rudy Giuliani, who called for “trial by combat” before the attacks, as well as congressional Republican Senators Ted Cruz and Josh Hawley, who both objected to the certification of the election results in certain states.
The actions by Trump and his supporters have created more uncertainties to what has already been a wild last year.
Republican Senators Lose Donors After Calls of Resignations
Not only has Trump received a permanent ban on Twitter and an “indefinite” ban on Facebook, but social media users and fellow Senators have been calling for the resignations of Cruz and Hawley.
While Cruz and Hawley have dismissed resignation demands, their donors are taking action against them. Hawley, Cruz, as well as other Republican Senators who have objected to certifying the election results, are being boycotted by bank holding firm Commerce Bancshares (Nasdaq: CBSH), health insurance provider Blue Cross Blue Shield, and hotel chain giant Marriott International (Nasdaq: MAR), as reported by political newsletter the Popular Information over the weekend.
Also, investment banking giant Citigroup (NYSE: C) said it will halt donations to all federal politicians for the first three months of the year. Citi’s head of global government affairs Candi Wolff indicated that the company, which previously donated $1,000 to Hawley’s campaign in 2019, would not be backing the Missouri Senator again.
"We want you to be assured that we will not support candidates who do not support the law," Wolff told employees in an internal memo.
Call it “cancel culture” but there will likely be more corporations that boycott against Republican lawmakers like Cruz and Haley that provoked Trump’s actions.
Social Media Censorship: Where Will Conservatives Flock to Now?
Speaking of boycotts, conservatives appear to be fleeing Twitter and Facebook in protest of the removal of Trump’s accounts. As a result, the social media giants have collectively lost tens of billions of dollars in market capitalization since Friday.
Now, with social media giants cracking down on wild conspiracy theories and incitements of violence, where will conservatives flock to? They already moved immediately to Parler following the permanent ban issued by Twitter. Parler which describes itself as an “unbiased” social media platform, said, "the exodus was so large that the next day ... Parler became the number one free app downloaded from Apple's App Store."
However, because Parler is alleged to have failed to regulate speech that incites violence, Apple (Nasdaq: AAPL) along with Alphabet (Nasdaq: GOOGL) parent Google banned the platform from its app stores. To make matters worse, Amazon removed Parler from its cloud hosting Amazon Web Services, forcing the pro-Trump app offline completely. Now, Parler is suing Amazon, alleging that its suspension violates an antitrust law and a breach of contract.
A silver lining for investors here? You likely never have to worry about Trump controlling the stock market, and generating volatility from his fingertips ever again. Or so we hope.
Avoid Buying Big Media and Communications Stocks for Now
As for the bad news: Investors who own big media and communications stocks including Facebook, Twitter, Amazon, and Alphabet, may want to brace for some impact. While those stocks have already fallen in recent days ahead of Biden taking office with full control of Congress—now may not be the best time to buy.
Part of Biden’s agenda includes rolling back Trump’s corporate tax cuts. Plus, increased regulatory scrutiny on big tech remains possible as well.
“President Trump’s leaving office is bound to naturally diminish appetite for media, as will the reopening of the economy and the eventual return of travel and ‘away from screen’ leisure activities.”
Democratic socialist Bernie Sanders will serve as the Chairman of the Senate Budget Committee. In that role, he plans on using budget reconciliation, which would allow Democrats to pass bills without Republican support.
Democrats with Kamala Harris’ tie-breaking vote, will have control in the Senate—but the margin for error will be slim.
One Democrat Senator could prove to be a problem for passing Biden’s policies--and that’s Joe Manchin of West Virginia.
Manchin, who fancies himself a conservative Democrat, told The Washington Post last week that he would "absolutely not" support passing $2,000 stimulus checks as the first priority. Instead, he thinks priority one centers around administering and distributing vaccines. However, he did back off the stance a little after receiving some backlash.
"If the next round of stimulus checks goes out they should be targeted to those who need it," Manchin Tweeted, who represents one of the poorest states in America.
So how much Biden can accomplish could fall in the hands of Manchin and likeminded Blue Dog Dems.
One Last Week of Trump’s Reign of Terror
Mike Pence will not be invoking the amendment to remove Trump from office but he might be serving as commander-in-chief in case of an emergency. After Twitter removed Trump’s account, the President reportedly went “ballistic.” Plus, Pence also played a key role in deploying the national guard to the Capitol last week after Trump initially resisted.
But still, Trump will likely remain in office until Jan. 20 unless he resigns. Instead, Democrats will aim to bar Trump from running again in 2024—or ever again period.
But the next week could be quite a wild one. According to reports, the FBI has warned of potentially armed protests ahead of Biden’s inauguration.
If something happens, Trump will be to blame.
Oh, the U.S. just set a new record for Covid-19 deaths last week—so there’s that too.