Elon Musk and Vivek Ramaswamy's Department of Government Efficiency, nicknamed DOGE, is causing a stir on Wall Street. While some bankers are excited about potential deregulation and cuts, others are skeptical. Jamie Dimon of JPMorgan sees bankers celebrating, hoping for less regulation. But, hedge fund billionaire Ray Dalio warns that such cuts could lead to a "purge" of non-supporters.
President-elect Donald Trump aims to slash $2 trillion from the federal budget by July 4, 2026. This has sparked concerns and opportunities among Wall Street traders. Shares of H&R Block and Intuit, makers of TurboTax, dropped after rumors of an IRS app. Financial firms like Jefferies caution that contractors could face significant cuts.
Some believe DOGE will succeed, noting that big changes are needed. Others doubt it will make a dent in the $36 trillion national debt. The fascination with DOGE highlights Wall Street's interest in Trump's presidency, with titans of industry already deeply involved in the transition. Yet, some remain skeptical about real change.
