Old Trump Comment Resurfaces
Ladies and gentlemen, buckle up because the markets are on fire, and not in a good way. The chaos that we’re seeing right now was written on the wall as early as last Friday, when a disappointing jobs report sent shockwaves through the financial world. Those numbers stoked fears of a looming U.S. recession, and boy, did the global markets react.
The carnage started in Asia, where the Nikkei had its worst day since 1987, plunging 12%. Taiwan’s market took a hit not seen since 1967, and South Korea even had to suspend sell-offs to stop the bleeding. We knew Monday’s opening bell on Wall Street was going to be a wild ride, and it sure didn’t disappoint—if you can call this kind of bloodbath a disappointment.
POV: The emergency meeting right now for every trading group at every major US investment bank. pic.twitter.com/roIiDST66O
— Trung Phan (@TrungTPhan) August 5, 2024
As the markets opened, over $1 trillion evaporated from the books almost instantly. The Dow Jones Industrial Index tanked more than 1,100 points right out of the gate, and the Nasdaq, which had already entered correction territory last week, dropped nearly 5%. It’s a gut punch to investors and everyday Americans alike, who are watching their portfolios and 401(k)s shrink before their eyes.
Checking in, @KamalaHQ https://t.co/DjxBMnmwRy
— RNC Research (@RNCResearch) August 5, 2024
This financial storm didn’t just hit the U.S.; it’s a global crisis. The Tokyo-based Nikkei index’s staggering 12.4% drop is its worst since the infamous Black Monday crash of 1987, and European stocks haven’t been spared either. The pan-European STOXX 600 index is down 2.6%, hitting its lowest point since mid-February.
In the midst of this market mayhem, the Trump campaign didn’t miss a beat. They dug up an old tweet from the Biden-Harris team where they mocked Trump for suggesting that a massive crash could happen under their watch. And now, with the markets in freefall, Trump’s prediction looks eerily accurate. It’s especially tough timing for Vice President Kamala Harris, who’s expected to announce her running mate in the next day or so. As she and her team scramble to maintain control of the narrative, the economic reality is sinking in for millions of Americans.
JOE BIDEN LAST WEEK: “I cured the economy.”
— Steve Guest (@SteveGuest) August 5, 2024
Let’s not forget, Biden himself once claimed he “cured” the economy, and Harris has been touting the administration’s achievements left and right. But with the markets in shambles and fears of a recession growing by the minute, those claims are ringing hollow. The timing couldn’t be worse for Harris, who’s now at the helm of a campaign that’s going to have to explain this economic disaster to a worried electorate.