The stock market’s volatility in recent days has prompted widespread calls for regulatory action of some type — but Fox News Channel’s Tucker Carlson is arguing that the Biden administration is actually perpetuating the problem.
In on-air remarks this week, Carlson said that incoming U.S. Treasury Secretary Janet Yellen is complicit in the kind of financial system that allows the rich to get richer while depriving everyone else of the massive wealth generated on Wall Street.
“She hasn’t thought about those things”
His monologue came on Thursday evening amid a growing backlash against the response to a Reddit-inspired buying spree of devalued stocks in companies like GameStop.
Yellen reportedly received an $800,000 payout from a hedge fund involved in an attempt to stop the GameStop trading, though the Biden White House has had little to say on the matter.
Carlson argued that the corrupt system and a complicit media landscape are attempting to “change the subject” to diversity so the American people do not see what is really going on.
“Janet Yellen has nothing to say about Reddit or GameStop, short-selling, or even the dangerously corrupt condition of American finance,” he told viewers. “More broadly, she hasn’t thought about those things and probably doesn’t even care.”
According to the Fox News host, Yellen “has made millions from hedge funds, including from funds that lost money to the Reddit guys,” though the Biden administration and its allies remain primarily focused on her gender.
“Waking up to a lot of things”
“These brave leaders have broken glass ceilings,” he said, paraphrasing the arguments of Yellen’s supporters. “They are empowered, and that’s enough. We can’t give you an answer. We won’t improve your life. But we do have diversity, so you should be happy.”
Specifically, Carlson called out White House press secretary Jen Psaki, who touted Yellen’s gender instead of directly addressing concerns being raised about the stock market situation.
“I’m also happy to repeat that we have the first female Treasury secretary and a team that’s surrounding her and often questions about [the] market, we’ll send to them,” Psaki said on Wednesday. “But our team is, of course, our economic team, including Secretary Yellen and others, are monitoring the situation. It’s a good reminder, though, that the stock market isn’t the only measure of the health of our economy, doesn’t reflect how working and middle-class families are doing.”
As for the controversy surrounding Yellen’s payments for speaking engagements with Wall Street hedge funds, Psaki only said that “the Treasury secretary is a world-renowned expert on the economy” and that it “should not be a surprise to anyone that she was paid to give her expert advice before she came into office.”
Carlson did note one potential glimmer of hope that has emerged from the ongoing frustrations, speculating that people are “waking up to a lot of things,” including the belief that the financial system is rigged in favor of the rich.