Written by by Nick Arama at redstate.com
We have a lot of bad Democrats in the House.
It’s certainly a tight race for who is the worst and/or most ignorant.
But one who consistently shows he has no idea what he is talking about is Rep. Ted Lieu (D-CA).
Lieu commented on former President Donald Trump’s difficulty in coming up with the bond needed as he appeals his New York civil fraud judgment.
He claimed that if Trump couldn’t front the money for the judgment, he must be lying about being a billionaire.
But that isn’t logical at all, and many weighed in to tell Lieu that he didn’t understand much about business or wealth.
Even Mark Cuban, who hates Trump, dunked all over Lieu, noting Lieu has no understanding of how wealth works.
But you are wrong on this topic Ted. Net worth is completely different than cash in the bank. We were in a zero interest rate environment for a long, long time. So keeping cash in the bank or even money markets was dumb. In fact searching for yield is what killed small banks last year. [….]
On a more macro basis Ted. Even if rates were along a long term trend line for the past ten years, few people are keeping more than 45 percent of their assets in liquid assets. And as far as the bond companies Trump’s assets are mostly interests in commercial real estate and foreign assets. No bond company is loaning against them in this commercial real estate market, if ever
That’s exactly right. Imagine Lieu is in Congress, responsible for helping to make laws. And you wonder why things are in chaos with people like this in such positions of power. Good on Cuban for schooling Lieu.
Even Cenk Uygur weighed in, going further than Cuban, making a great point about how unfair it was for Trump to have to put up this amount to begin with.