“Never let a crisis go to waste!” he said Thursday. “We’ve heard that before and it’s back in play.”
Varney said he is worried liberals will take advantage of the GameStop short squeeze and use it as an excuse to “regulate and beat up” Wall Street, the rich and hedge funds.
“I’m not saying we need regulation. I’m not saying we should interfere,” the FOX Business host said. “But GameStop has given an opportunity to those who just don’t like capitalism.”
He pointed to Sen. Elizabeth Warren’s recent tweet arguing hedge funds, private equity firms, and wealthy investors “have treated the stock market like their own personal casino.” In a post on Wednesday, the senator wrote it’s “long past time” for the SEC and other financial regulators “wake up and do their jobs…I intend to make sure they do.”
“No specific regulatory proposals, but the turmoil helps Warren‘s push for the seizure of wealth and a massive increase in the tax on stock profits,” Varney said.
He said the left likes that retail investors have taken on the hedge funds and, at the moment, are winning.
“The little guy beat the big guys of Wall Street … AOC thinks it’s just great,” he said.
However, Varney said he is worried that if “the little guys” lose and the is left holding the bag, “there will be hell to pay.”
Varney added the “democratization of investing” has given liberals an opportunity to again highlight inequality, “seize the moral high ground” and rail against greed.
“They will portray themselves as saviors, defending the masses against the ravages of capitalism,” he said. “We’ve heard it all before, but GameStop gives them a chance to say it again, only louder.”