The Peebles Corporation CEO and former Obama fundraiser Don Peebles analyzes Fed rate impacts on real estate and the future of the economy after the 2024 election.
A former Obama fundraiser told FOX Business the Democratic Party should move on from President Biden, while also taking issue with a major New York court ruling against former President Trump.
Miami Beach-based real estate developer Don Peebles, who remains good friends with former President Barack Obama, said many Democrats were also led to believe Kamala Harris was to be an understudy of a “transitional” Biden to prime her to succeed him, but she has failed to impress.
“I think that the Democratic Party should turn the page. President Biden was to be a transitional president. I even said it on [“Cavuto Coast to Coast”] that I thought that he would be president and Kamala Harris would be waiting in the wings learning how to become president,” Peebles said.
Peebles told “Coast to Coast” that instead Harris has disappointed many within the party – including himself – and that it is time the entire ticket step aside if Democrats want a chance to defeat likely Republican nominee Donald Trump.
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“I don’t see how [Biden] can beat Donald Trump,” Peebles said. “If all that’s been thrown at the former president has been thrown at him, and he’s still ahead in the polls – it’s telling us all something that Americans don’t want this president (Biden) and this administration anymore, and it’s time for him to move on for the good of the country.”
Peebles, a successful real estate developer like Trump, also weighed in on the $355 million punitive damages ruling by New York State Supreme Court 1st District Judge Arthur Engoron against the former president.
Peebles stressed his view has nothing to do with whether he likes Trump personally, but that on paper, it strengthens the narrative that the Empire State is a bad state to set up shop.
“It’s another indication New York is not business-friendly,” said Peebles. He added that the ruling shows the legal system is being “weaponized for political purposes.”
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He invoked Martin Luther King, Jr., whom he said also fell victim to a weaponized legal system.
Peebles maintained that if Trump is truly liable for the civil offenses he was found liable for, there are untold numbers of other New York businessmen who have committed the same offense that has otherwise been considered “victimless.”
“No one else would have been sued for what Donald Trump was sued for with regards to his financial statements. His own lender, who they were submitted to, said they didn’t rely upon them, said that they would not have made a difference and they want to do business with him again,” Peebles said, referring to German financial behemoth Deutsche Bank.
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Peebles concluded Trump will be successful in winning a reversal upon appeal, and reiterated the law must be applied equally, even if the defendant is viewed unfavorably by the public or public officials.
“Not to say I don’t like Donald Trump, but I’m saying that for political purposes, we cannot use our system for that purpose,” he said.
