Democratic leaders like Rep. Nancy Pelosi (D-Ca.) are warming up to Vice President Kamala Harris's 2024 presidential bid after President Biden withdrew from the race on Sunday and endorsed his running mate as the party nominee. Does this passing of the torch change anything for the Trump-Vance campaign after their show of force at last week's Republican National Convention?

American Compass founder and chief economist Oren Cass joins Josh Lipton on Asking for a Trend to discuss what former President Trump's and Senator JD Vance's (R-Oh.) economic agendas could look like, especially after Vance specified he is "done catering to Wall Street" in his RNC nomination speech.

"What I think you're seeing is just a different orientation when it comes to what is good for the economy, what is good for the nation," Cass says. "The old kind of free market-obsessed Republican Party that was so closely aligned with the Chamber of Commerce, and thought 'whatever is good for profits, whatever is good for the stock market, that must be what's good for America,' that's out the window."

American Compass is on the advisory board for the Heritage Foundation's Project 2025 initiative, a collection of policy proposals from GOP lawmakers ready to be enacted should former President Trump secure reelection in 2024.

Cass goes on to differentiate the modern Republican Party's ideology from that of decades prior, referencing what Vice President Harris's own regulatory priorities could be.

"The Republicans were always the party of tariffs, the Republicans were the party of trust-busting. The Republicans were the party of free markets, of the idea that that you want to have healthy markets and competition with a real focus on the kind of investment that's going to be good for American workers," Cass tells Yahoo Finance.

"And we saw the result of that — America became the industrial colossus with the middle class that was the envy of the world. It's really only in the past 20 or 30 years, especially since the end of the Cold War, that you had the Republican Party taken over by these market fundamentalists who said more free trade is good, even with China, more immigration is good no matter how low wages go. We don't need antitrust, we don't have to worry about monopolies... And the results have been terrible."

For more expert insight and the latest market action, click here to watch this full episode of Asking For A Trend.

This post was written by Luke Carberry Mogan.

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