U.S. Presidential Election: Joe Biden wins the election.
On Saturday November 7th, Joe Biden was declared the winner of the U.S. election. Ballots are still being counted at the time of writing, but Joe Biden secured enough electoral votes (270) last Saturday to win the presidency. As the days go by, the gap between President-elect Joe Biden and President Donald Trump grows wider. Political analysts believe that Joe Biden is likely to end up with 80 million votes which is a historical record for a U.S. President. From the needed 270 electoral votes needed to win the presidency, Joe Biden is expected to earn 306. President Donald Trump still refuses to acknowledge Joe Biden’s victory and has filed numerous election lawsuits. According to legal experts there is no constitutional way for Trump to assume a second term. The recounting of votes would not help since the historical average of vote shifts in recounts is 430 votes. The largest vote shift in the last 20 years was about 2600 votes. President Trump needs at least 20000 votes to win. The probability of that happening is close to zero says the experts. The market however seems to be optimistic about a Biden administration seeing how it rallied all through election week (while Biden was leading) and how it continued to do so after he got elected.
Read more in this week's newsletter: Weekly Newsletter # 46