By Mary Jones, Tony Bruce | Tuesday, August 6, 2024 | 3 min read
Former President Trump appeared to gloat on Sunday night in response to the global market sell-off, suggesting his Democratic rivals were to blame.
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” Trump wrote on his Truth Social platform late Sunday night.
U.S. stock markets plunged on Friday following a weaker-than-expected jobs report that raised fears of a faster-than-anticipated economic slowdown. By Monday, the sell-off was intensifying, with S&P 500 futures down more than 2 percent and Nasdaq futures down over 4 percent.
Markets around the world declined, with significant losses across Asia and Europe. In Japan, the Nikkei 225 index fell 12.4 percent, and the Topix index dropped 12.2 percent.
Stock markets have generally been climbing since the beginning of 2023, buoyed by strong economic data and employment levels that have continually surpassed expectations, despite the Federal Reserve’s interest rate hikes intended to slow the economy.
Trump, who frequently tied himself to the stock market during his presidency, has often tried to claim responsibility for stock market records set under President Biden.
Earlier this year, he asserted that the market was performing well “because they think I’m going to be elected.” He also claimed that investor sentiment was soaring because his polls against Biden were “so good.”
The Biden campaign mocked Trump’s comments in response, stating he was “desperately trying to take credit for the stock market hitting record highs under President Biden.”
Throughout Monday morning, Trump attempted to tie the market downturn to Vice President Harris, dubbing it the “KAMALA CRASH.” He also warned of “THE GREAT DEPRESSION OF 2024!” and “THE PROBABILITY OF WORLD WAR III.”
“TRUMP CASH vs. KAMALA CRASH!” he declared in one post.
On “Your World,” Neil Cavuto dedicated the opening segment to analyzing Monday’s market downturn. “The Donald Trump thing and the market amazes me,” Cavuto remarked. “When the market is up, it’s all because of him and anticipation for his return. When it’s down, it’s all about how terrible the Democrats are.”
On Fox, Cavuto pointed out that significant daily declines in stock value also occurred during Trump’s presidency.
“Some of our biggest point drop-offs—three of the top ten—happened during his administration. I understand many of these were during the COVID years,” Cavuto said. “But you either own the markets or you don’t. It does confuse me.”
I don’t understand why Trump’s allies in the business world aren’t advising him to be more cautious about predicting declines in stock values as part of his election strategy. If the economy worsens, it could hurt him just as much. But he can’t help himself. When it comes to him, we shouldn’t overthink it. He is exactly what he seems: a liar, a cheat and a bully who has no business getting anywhere near the White House. His prediction of declines in stock values as part of his election strategy should remind us that he is also a dangerous psychopath.