Trump needs Netflix to better understand Capitol Hill, asset manager says


U.S. President Donald Trump needs to stop watching Fox News and tune in to the Netflix fictional series, House of Cards, if he wants to enact policy.

That's the opinion of Peter Toogood, investment director at City Financial Investment Company, who warned Thursday that the Trump ambitions of U.S. tax reform and fiscal stimulus are set to fail in the same manner as health-care reform.

"First of all, watch 'House of Cards' to see how Capitol Hill works and perhaps Trump should go and watch that to understand it, instead of Fox news," he said Thursday.

Kevin Spacey as Francis Underwood, featured in "House of Cards" on Netflix
Source: David Giesbrecht | Netflix

"The healthcare bill failed because he just said I'm going to do this, and you'll do what you're told. That's not how Capitol Hill works."

U.S. House Speaker Paul Ryan said Wednesday that tax reform will likely take longer to accomplish than repealing and replacing Obamacare.

Toogood agreed and claimed it will once again be divisions within the Republican Party that prevent a revamp of tax rules.

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"(On Health care) the right wing of the Republican Party said no. The tax cuts will be the same by the way, they will also say no. They are fiscal conservatives.

"So he's got to learn that game before this gets through," he said.

The U.S. president has loudly hailed his infrastructure agenda, claiming that a combination of private and public building projects will create jobs and fire up the economy.

Toogood described this promise of fiscal growth as "nonsense".

"The lead time for infrastructure projects is two years hence so where's this stimulus coming from?"

Toogood said in addition to the lack of "shovel-ready" projects, Trump's construction ambitions would also be hampered by environmental hurdles.