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Very tumultuous economy. But I think one way to think about the Biden years so far is that the big losers have been financial asset holders and value-extractive industries (like big tech) and the winners so far have been value creators like oil/gas and manufacturing.

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SBF

@SBF_FTX

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@TheStalwart

"value creators like oil/gas" To some extent I agree, especially in an energy crunch, but this certainly doesn't square with the administration's rhetoric on oil and gas

6:17 PM · Nov 4, 2022Twitter Web App

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yeah, not sure how much of the shift is just timing and how much is policy related. To my mind, probably mostly the former.

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and

That's mostly the industries Russia and China think add value, nothing specific to Biden (he acts by default, but bigger picture is Russia/China)

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and

The admin has been begging the sector to expand production & invest. They supported permitting reform as well but left-right politics blew that up. The narrative around “Dems hate oil” is old. We should think about it from a POV of “Before 🇷🇺🇺🇦” & “After 🇷🇺 🇺🇦”—New reality now