California Democratic Sen. Adam Schiff, who spent years pushing the false claim that Donald Trump and Russia “colluded” to “steal” the 2016 election, has a new conspiracy theory about the 45th and 47th president.
In a new video posted to his social media accounts, Schiff essentially accused Trump of using his foreign tariffs strategy to manipulate the stock markets and enable “insider trading” to enrich himself, his family, and other members of his government.
In addition, he also called for yet another investigation into the president, continuing his trend of turning conspiracies into political capital for his party.
“So, today, Trump removed many of the tariffs he had imposed in this on-again/off-again, it must be Wednesday, tariffs are off again kind of policy. This has just wreaked havoc on the markets, of course, but there is another profound danger, as well, and that is insider trading within the White House, within the administration,” Schiff began.
“You may have seen early in the day Trump tweet this. ‘This is a good time to buy.’ So the question is, between that tweet and Donald Trump’s announcement that he was reducing the tariffs on most other nations apart from China, the question is, who knew what the president was going to do and did people around the president trade stock knowing the incredible gyration the market was about to go through?” Schiff continued.
It’s common knowledge among stock traders to buy when prices are low because the market always rebounds and stocks climb in value. But Schiff appears to be suggesting that Trump purposely manipulated the markets downward in order to profit.
“Because, look, this is a president who is trading in his own meme coin, even as he’s president, his kids are trading in their own cryptocurrency. You’ve got people like Elon Musk, who are doing their own conflicted self-dealing in the administration,” Schiff continued, without providing any evidence that Musk has done anything illegal or improper.
“In any administration this corrupt, it is more than necessary to ask were people personally profiting from insider information while people’s savings, their retirement accounts, were being torched. So, we’re writing to the White House to demand answers. Now, I am fully cognizant of the fact that the White House is probably the last place to be forthcoming about this or any other corruption in the administration. We in Congress need to do more than demand answers,” he said.
“We need to do the oversight necessary to get those answers. To date, Republicans have not been willing to do this, not when it comes to insider trading potentiality, not when it comes to anything. But we have been very fortunate in the minority that so many whistleblowers have come forward with information about corruption in the administration,” Schiff continued.
WATCH:
“Just a few days ago, I held a hearing with people who had to quit the Justice Department, were fired at the Justice Department, because they were observing corrupt activity that they would not participate in,” he claimed, again without providing specifics.
“We have tremendously benefited from courageous people coming forward. So, we invite whistleblowers to step forward, but at the end of the day, we’re going to get to the bottom of this, whether people were profiting off the pain of the American people,” he added.
For years, there has been speculation that former House Speaker Nancy Pelosi (D-Calif.) and her husband, entrepreneur Paul Pelosi, have allegedly profited from insider trading, as their personal wealth climbed more than $100 million.
To date, however, Schiff has never pushed for a congressional investigation into the Pelosis or questioned whether she was using her position to enrich her family as well.