The GameStop-Wall Street Bets stock market battle with the Hedge Funds is turning the entire financial world upside down, but particularly the world of the financial elites—the people who most benefit from what the corrupt funds do on a daily basis.
Several in our political class fall in that category, and they should not be anywhere near crafting any new legislation or coming up with any regulations or restrictions on trading.
The fact that Treasury Secretary Janet Yellen, Speaker of the House Nancy Pelosi, and California House Representative Maxine Waters (D-CRAY) would have anything to say about what is happening in this matter is akin to the foxes having a say on what goes on in the hen house.
Yet, here we are.
Before being put in charge of America’s pocketbooks, Yellen was raking in over $800,000 in speaking fees from the very Hedge Funds she’s supposed to be policing:
“Yellen’s financial disclosure shows her making $337,500 for multiple days in Oct. of 2020 from Citadel. She similarly banked $292,500 in October of 2019 and $180,000 in December of that year.”
When a reporter asked White House Press Secretary “Raggedy Jen” Psaki about the clear conflict, she had this to say:
REPORTER: With the markets and everything that is happening with Gamestop, you did mention yesterday that the Treasury Secretary is monitoring the situation and she is on top of it.
There have been some concerns about her previous engagement with Citadel, and speaking fees she has received from Citadel. Are there any plans to have her recuse herself on advising the president on Gamestop in the whole Robinhood situation?
JEN PSAKI: To be clear, what I said is that the Treasury Secretary is now confirmed. Obviously, we have a broader economic team. The FCC put out a statement yesterday that I referred to.
I don’t have anything further for you on it, except for to say, separate from this Gamestop issue, the Treasury Secretary is a world-renowned expert on the economy.
It should not be a surprise to anyone that she was paid to give her expert advice before she came into office.
Then Psaki went on a song and dance about Yellen being the first female Treasury Secretary.
I. Kid. You. Not.
Look over here! Bright shiny object! Symbolism! Pay no attention to the woman behind the curtain!
And the madness continues with Mad Maxine Waters.
Waters is always on our radar as I, and my colleague Mike Miller have documented. Last we checked, Mad Maxine was funneling $1 million to her daughter to help out with her campaign. This is a secure Democrat seat in progressive California where Waters didn’t even bother to campaign—she sent out mailers. Waters has a long history of these type of corrupt practices.
“Waters is one of the most corrupt politicians in the U.S. House. She was made chair of the ultra-powerful House Financial Services Committee, which has jurisdiction over the country’s banking system, economy, housing, and insurance. This, despite her years of steering millions of federal bailout dollars to her husband’s failing bank, OneUnited. Waters allocated $12 million to the Massachusetts bank in which she and her board member husband held shares. OneUnited ended up stiffing American taxpayers; it is doubtful that they ever repaid the bailout money.”
Since all of the market volatility, Waters is obviously getting nervous because her gravy train is being hijacked. So, as chair of the House Finance Service Committee, she’s does what the Congresscritters who have chairmanships do: Call an investigation.
— Financial Svcs Cmte (@FSCDems) January 28, 2021
Mad Maxine shouldn’t be in charge of the church offering, let alone chair of the House Financial Services Committee. Any hearing will be a farce, and more a guarantee that Waters is going to make sure she continues to get her protections and kickbacks, doing little to regulate the Hedge Funds or Wall Street, while ensuring they all squash any opportunity for you and me to make money through the markets.
Finally, the House Speaker Cruella de Ville also weighed in on the matter.
“Speaker of the House Nancy Pelosi (D-California), meanwhile, also expressed concern about the matter of GameStop’s stocks, noting that Congress would be “reviewing” the situation, as would the Biden administration, she suspected.”
As we have observed, Pelosi says one thing through her dentures, then does whatever is good for her and her agenda. Pelosi once again skated the ethical line, when she made a questionable stock market purchase in December:
“Nancy Pelosi made some stock purchases last month that are raising eyebrows — and questions — about the ethics of Congresspeople buying and selling stocks. In December, Rep. Pelosi, the Speaker of the House, purchased 25 call options of Tesla stocks, along with a few other stock purchases. Why does this matter? Because under the Biden administration’s new agenda, with its focus on environmental protections and combating climate change, Pelosi could benefit financially from those political plans.”
There’s no “could” about it. She will benefit, as will Waters and Yellen.
We’re the only ones not benefitting, and if these three have anything to do with, we never will.