Ever since the stock market took a dramatic turn in trading, the White House has been silent.
As of Friday morning, trading has commenced, and volatile stocks such as GameStop, AMC, Nokia, and Blackberry continue to rise.
Previously, trading these stocks has been shut down by trading applications like Robinhood.
Robinhood infamously shut down trading for certain stocks as they said, “We continuously monitor the markets and make changes where necessary.”
While trading may be available for now, the move to block trading came under serious fire. The White House has yet to provide legitimate answers to their stance on this issue.
Jen Psaki, the White House Press Secretary, continues to make statements that avoid President Biden’s stance on the issue.
“They are closely monitoring this situation, but it is under their purview at this point of time,” Psaki said, effectively delaying any real answers to the White House’s opinion.
Even as the White House Press corp pushed Psaki for more information, she backed down and said, “He’s (President Biden) briefed by his economic team frequently. But I don’t have anything more to read out for you.”
As Psaki continued to deflect questions regarding the stock market, another reporter began to push harder.
One reporter asked Jen Psaki if Janet Yellen, Biden’s Treasury Secretary, would remove herself from advising Biden on GameStop due to her deep ties to these corporations.
Yellen this past year received close to $810,000 in speaking fees from the hedge fund, Citadel.
This Citadel hedge fund was one that bailed out “primary losers” in the GameStop trading debacle, Fox News reported.
Citadel and another hedge fund immersed $3 billion into Melvin Capital, which took a substantial hit after it bet against stocks like GameStop, Nokia, and Blackberry.
The White House only said that Yellen was “monitoring the situation” in this question’s response.
No one is questioning that Yellen is monitoring the situation; most people expect her to as it is her job.
The American people want some sort of answer or opinion from the White House. If AOC, Donald Trump Jr., and Ted Cruz can muster up the same response, it’s quite odd that Biden won’t take a stance condemning trading platforms’ actions.
Of course, Biden’s team’s silence may be because of Janet Yellen and other cabinet members’ money being tied up in the stock market, although that has yet to surface fully.
For more information on this topic, refer to our other articles to catch every reader up on things they may have missed.