As House Speaker Nancy Pelosi prepares impeachment action against President Donald Trump, Gerald Celente, publisher of the Trends Journal, is calling the whole affair a "waste of time" with no greater impact on the economy and the average American's livelihood.
"It could possibly happen but it won't mean anything, because if they impeach Trump then it has to go to the Senate for conviction, and it needs a two-third Senate vote, and the Senate is controlled by the Republicans, so it's not going to happen. It's going to be more of a waste of time, and it's more of 'Russiagate'," Celente told Kitco News.
Celente said that an impeachment may not affect the economy, and while Trump may take a hit at the next presidential elections, the equity markets will suffer most."
"Let's go back to what happened when Bill Clinton got impeached. The markets took a hit back in 1998 but they went right back up so that's what we're looking at now," he said.
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.