Nomura’s McElligott Talks Post-Election ‘Right-Tail Risk,’ Return Of ‘The Ghost Of August’

Fiscal stimulus is the "new QE," Nomura's Charlie McElligott wrote Monday, editorializing a bit around why it is that market participants are suddenly enamored with the prospect of a Democratic sweep in November. Over the weekend, I talked at length about the recent change of heart from investors, who would normally cringe at a "blue sweep" scenario and the likelihood of higher taxes, more regulations, and a less "business friendly" government. There are two key reasons why markets are, in one

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