Donald Trump Jr. slammed Rep. Maxine Waters (D-CA) for her fundamental lack of understanding of how the stock market works in relation to the recent GameStop/Reddit saga. Don Jr is right again!
Don Jr spars with Maxine Waters
“Apparently stocks only go up according to Waters,” tweeted Trump, linking his recorded commentary. “This woman makes multi trillion dollar decisions for the American people and has literally zero fundamental understanding about banking or financial services. Good work D.C.”
In the aftermath of the GameStop short squeeze, Waters said that Congress has concerns about the use of social media in financial trades and intends to investigate the amateur investors on Reddit’s WallStreetBets community.
The effort to topple hedge funds involved in shorting GameStop and AMC stock, among others, garnered widespread support from numerous tech heads and free market personalities, including Barstool Sports founder Dave Portnoy.
Waters announced that there would be more congressional hearings to follow on the topic with regulators as the focus. Now Trump, the executive vice president of his father’s Trump Organization, has spoken out against the left-wing backlash driven by out-of-touch elites like Waters.
Democrats are hateful and incompetent
“It’s really something when you realize how incompetent most Democrats are. This latest comment from Congresswoman Maxine Waters is downright insane,” Trump captioned the four-minute Rumble video uploaded on Friday afternoon.
The former president’s eldest son stated that Waters asked if those who lose money in the stock market should be compensated for their losses. “I mean, it would be nice,” Trump jested. “It would be wonderful. It’s just not how it works. If housing prices plummet, you don’t get reimbursed if you lose money on your house.”
Trump pointed out that Waters is the chairwoman of the House Financial Services Committee who is supposed to make trillion-dollar financial decisions for Americans. “And it’s clear she has no idea what she’s even talking about,” he added, noting that he was disenchanted by lackluster leadership years ago.
One of the first times Trump realized how “incompetent” members of Congress are, he recounted, was watching Waters during the 2008 financial crisis that sparked the Great Recession.
“Mad Maxine” is one of the worst swamp creatures
Trump explained that Waters was asking the former Goldman Sachs chief executive officer Lloyd Blankfein how many home loans the multinational banking, securities, and investment management firm made “so she could own them.”
“They don’t do home loans. It’s not what they do,” Trump rebutted. “So she’s questioning without any knowledge. But how do you ask some of the biggest bankers in the world to come in and testify so that you could make a decision—hold them responsible—but you don’t even know what they do for a living?”
Trump lambasted the Democratic lawmaker’s “fundamental non-understanding of the stock market,” maintaining that if investors lose money through poor investments, they “shouldn’t just randomly be reimbursed.”
“I would love a situation where I only get upside,” he went on. “If things go great, great. I want profits. Because, again, it’s not like you’re sweeping the profits.”
If the government is bailing such players out, the government doesn’t get the money back if people profit, Trump explained, reiterating that Waters fails to understand how the system of exchanges work.
“Waters is there only because she’s been there longer than others,” Trump said of the congresswoman’s committee position. “That’s the tenure system in D.C. She’s not there because she knows anything about financial services. She’s not there because she has even a modicum of an understanding about how banking works.”