On average, bank stocks have fallen by 2% at this point of the post-election period for first-term presidents going back to Hoover. Since Trump's win, they're up nearly 15%. That means a broad index of bank stocks is now up after Trump's victory by as much as it was down after Obama won his first term, on the heels of Lehman Brothers' collapse.


Trump's economic transition team and purported cabinet appointees prominently feature current and former bankers. His financial policy proposals also imply far lighter regulation--a welcome development for an industry bedeviled by legal fines in recent years--starting with a scrapping of the Dodd-Frank Act. Aggressive tax cuts and infrastructure spending are also in the pipeline.

"Make Wall Street Great Again" doesn't exactly square with Trump's populist message, but then, he seems pretty comfortable with contradictions.

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