The argument that President Donald Trump is pro-business is a big mistake, according to former economic adviser to President Ronald Reagan David Stockman, who said presidents shouldn’t be commenting on companies.
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“Presidents shouldn’t be meddling in the economy,” Stockman told FOX Business’ Neil Cavuto on “Cavuto: Coast to Coast” on Tuesday.
This comes as Trump knocked Amazon for the fourth time in a week over U.S. Post Office costs.
“I think he’s right about Amazon for the wrong reason,” Stockman said. “It is a predatory monster that is destroying value, jobs, businesses, assets all over America.”
Trump’s attack shook Wall Street investors, as shares of Amazon saw their largest single-day point loss ever, plunging 5.2% on Monday.
While the e-commerce giant has lost more than $60 billion in market cap since last Wednesday, Stockman was suspicious of company growth.
“The big problem is,” he said, “when you tell [Amazon founder Jeff] Bezos that he can run a profit-free business and the market cap goes from $200 billion four years ago to $750 billion.”
Amazon shares pared some gains in Tuesday’s trading session.