Steve Forbes: Dem Win in Georgia Will Wreck Stock Market

Steve Forbes

The upcoming Georgia Senate runoff races are "absolutely critical," because if Republicans don't keep control of the Senate, Democrats will push through massive tax increases on capital gains that will "help wreck the stock market," publisher and author Steve Forbes warned on Newsmax TV Saturday.

"I hope we've learned from what happened in this recent election in terms of making sure those ballots are looked at before they're opened, so we can see which ones are valid and which are not," Forbes told Newsmax TV's "The Count." "The Democrats are planning to dump in hundreds of thousands of those kinds of ballots. We've got to be on guard about that."

Losing control of the Senate would mean devastating taxes all around, including business and individual taxes that will hurt the economy, Forbes added. 

"The stock market will lose several thousand points very quickly," he said. 

Forbes also ridiculed Joe Biden for his comments that the market doesn't affect everyday Americans' lives. 

"His ignorance on the stock market does not bode well for his understanding of economics...what Biden knows would fit on the thumb of (President) Donald Trump," said Forbes. "The market wouldn't be doing well if they didn't think the economy was making gains...as for the stock market meaning nothing, tell that to 100 million Americans who have IRAs, 401Ks, and the like."

Forbes also cast doubt on former Fed Chairwoman Janet Yellen becoming the nation's next Treasury Secretary if Biden's election is confirmed, because "she thinks you can print money and that'll create prosperity."

"She will work very closely with Chairman (Jay) Powell at the Federal Reserve to try to get around federal blocking, especially, by the Senate," said Forbes. "They'll try to use the Federal Reserve as a way to bail out states like Illinois, New York and New Jersey, which have been mismanaged."

Forbes also said he's concerned with how Biden would handle foreign affairs, particularly with China and Iran. 

"The fact we got rid of, or somebody got rid of, their chief nuclear scientist in Iran shows that the Arabs and the Israelis and others don't want Iran dominating the Middle East and the oil fields there," said Forbes.