Relentless Matt Gaetz; Plus, Glenn Youngkin, Still Teasing a Run
Author: Greg Valliere
October 3, 2023
SO THE DEMOCRATS ARE ASKING — If we save McCarthy’s job, what do we get in return? First, more spending, probably a return to the debt ceiling numbers that were set in early summer. Second, more aid — fast — for Ukraine. Third, some procedural reforms on committees; and Fourth, the one theme where there’s some agreement — border/immigration reform.
BUT MOST DEMOCRATS SEEM TO AGREE — Why should we bail out McCarthy? He’s not trustworthy, Democrats say, and there’s the guilty pleasure of watching Gaetz splinter the GOP with his relentless drive to oust McCarthy. And then there’s the impeachment inquiry, imposed on the House by McCarthy without a vote.
IT’S TOO EARLY TO MAKE A CALL on whether the Democrats will bail out McCarthy; we’re carefully watching House Minority Leader Hakeem Jeffries, who has not taken a firm position. We’re hearing that he soon may make a proposal to McCarthy, who would REALLY encounter Republican opposition if he cut a deal with the Democrats.
* * * * *
ON THE PRESIDENTIAL FRONT, desperate Republican insiders are looking for anyone other than Donald Trump as the 2024 nominee — and they have mounted one last effort to draft Virginia Gov. Glenn Youngkin, who still appears to be mulling a late entry into the race. State filing deadlines begin in November.
YOUNGKIN IS PLANNING a retreat for wealthy GOP activists on Oct. 17-18. This has not been billed as the beginning of a campaign, but the retreat is viewed as a last-chance effort to “push, if not shove, Youngkin into the Republican presidential race,” according to veteran political reporter Robert Costa.
THIS MUCH APPEARS LIKELY: Party leaders have given up on Florida Gov. Ron DeSantis, who has run a lackluster campaign. Only Nikki Haley has gained much traction, which has prompted Trump to give her an absurd nickname — “Birdbrain.” We have no idea where that came from; she would eviscerate Trump in a one-on-one debate.
YOUNGKIN HAS PLENTY OF MONEY, he has a decent amount of charisma, and he’s still popular in Virginia, where upcoming state-wide elections will be a test of his strength. He is quite conservative on social issues.
BUT YOUNGKIN’S INDECISION ABOUT RUNNING — reminiscent of Mario Cuomo in a long-gone era — has annoyed Republicans, who will push him hard later this month to take the plunge. But why should he? No one outside of Virginia has heard of him, and Trump has a lock on the party. There’s one argument that Youngkin or Haley could use effectively — Trump could lose the general election, and drag the House and Senate down with him.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
©2025 AGF Management Limited. All rights reserved.
