Fox News financial analyst Gary Kaltbaum found the vicious elitist backlash against Brexit voters unsurprising, during his appearance on Breitbart News Daily with SiriusXM host Stephen K. Bannon on Friday morning.
“Voters are always idiots when they disagree with the glitterati, as they say,” Kaltbaum observed.
He predicted markets would “shake and shudder,” and “there’s going to be a lot of scare tactics, there’s going to be a lot of yelling and screaming from people that are on the wrong side of this, and probably the markets are going to be on the defensive for a while.”
“But I’ve got news for you — the United Kingdom will go back to work, do their thing,” he continued. “They’re a huge trading partner of the EU, that’s going to continue. The people that wanted to keep this together, and are trying to keep the EU together, are going to lie, cheat, steal to try to turn back the clock, but I doubt it works at this point.”
“I’m already hearing about France, Italy, Netherlands people calling for their own referendum, so this is going to get interesting in the next few weeks,” Kaltbaum said.
He didn’t have much faith in President Obama’s threat to punish a Leave vote by refusing to sign bilateral trade agreements with the newly-independent United Kingdom.
“Listen, greed wins out,” Kaltbaum said. “I can promise you, you’re going to hear some tough talk from the EU, but the fact of the matter is, they’ve got to trade, and due to the fact that the UK is gargantuan and a big trading partner, they’re not going to cut their socialist noses off to spite their socialist faces.”
“The big question is going to be: what domino is next to fall?” he said. “And if we do see more dominoes fall, then I would tell you all bets are off.”
Kaltbaum said he was surprised by how “the media played this like it was a ‘gimme’ that they were going to stay.”
“I am just of the utter opinion here that this is an absolute repudiation of out-of-control immigration, distant unaccountable leaders that are telling what a country has to do, and out-of-control welfare state scare tactics,” he declared. “David Cameron was saying there was going to be war. And President Obama interjects himself and says that ‘you’re going to the back of the queue.’ Doesn’t say ‘back of the line,’ which is an American phrase — he uses the European phrase. And I think that pissed off enough people, and I think that actually moved the needle in the direction that it went.”
As for Brexit’s effect on the U.S. presidential election, and the curious silence from the Clinton camp until late in the morning, Kaltbaum said, “I think Hillary’s AWOL because she’s in a room right now with all her minions — how do we answer this?”
“She doesn’t have a straightforward thought. It’s a matter of, oh, we gotta measure this, we gotta gauge this, we gotta decide this, then we’ll come out,” he said. “Notice Donald Trump comes out naturally with his thoughts, whether they jibe or whether they don’t. As far as Hillary’s concerned, this is bad for her. It’s as simple as that.”
“Donald Trump is talking about a nation, a great nation, that has gone from a great democracy, that has been going toward socialism, that has been going towards open borders — everything that this country was made of, it has been going the wrong way,” he elaborated. “I’m pretty sure you’re going to see some momentum in the poll numbers, in the next week or so, for Trump, just based on this.”
“You’ve got to remember something: he’s on the right side of things,” Kaltbaum said of Trump’s position. “There’s so much talk from Hillary about – you know, I listened to her speech the other day, the whole frickin’ speech is, what’s government going to do for you, and how much we’re going to spend on you, while Trump keeps talking about how great you guys are going to be, and how great this country’s going to be again, because of all our hard work, not what Washington D.C. does.”
“So I’m pretty sure this sucker’s going to resonate in the next few weeks, and I think the needle’s going to pretty much move, and I think the Hillary Express may be on its back for a little bit,” Kaltbaum predicted.
He characterized the drop in the value of the pound after Brexit as “a hip-shooting reaction.”
“I think there’s more to play out on that,” he said. “Keep in mind, the UK has had their own currency for a long time. They told the EU to take a fly with the Euro. They didn’t want a part of that.”
“I’m not worried about the UK at all,” Kaltbaum declared. “Keep in mind, there are 500 million people in the EU, and I can promise you, they’re going to be trading with the UK from today, and going forward, regardless of this. For me, the big wild card right now is who’s next, and how quickly is it going to be for some of these other countries? Because just remember: this is no longer about government say, this is about people say, and if the people start speaking up in these other countries, I think all hell is breaking loose, my friend.”
Breitbart News Daily airs on SiriusXM Patriot 125 weekdays from 6:00 a.m. to 9:00 a.m. Eastern.
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