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.
"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.
"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.
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."
Trump called this advantage "liberal privilege," which he wrote about in his book, entitled Liberal Privilege: Joe Biden And The Democrats' Defense Of The Indefensible, and even used this example of her ineffectiveness.
"Liberal Privilege has to be the only book that's calling out the Biden administration and their incompetence," Trump declared. His writing reveals behind-the-scenes of the Washington swamp that the mainstream media refuses to cover as leftists attempt to abolish capitalism.
While the publishing industry is "doing what they can to shut out other conservative authors," Trump touted his work as what may be the only anti-Biden and anti-establishment book in the marketplace, "because the left doesn't want to put anything out that would be negative towards Democrats."
"Just like the media lied to you and told you that there wouldn't be a problem with fracking," Trump compared. "They shut it down and they banned it." On the 2020 presidential campaign trail just before Election Day, then-candidate Joe Biden joined Hollywood celebrity turned anti-fracking activist Lady Gaga.
"The media used to do that. But now they're part of the same team. The Democrats and the media are one and the same and we have to call out that nonsense," Trump said as he signed off.
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