Trump Brands Stock Market Tumble ‘Kamala Crash,’ Says He Has the Solution
Former President Donald Trump has referred to a recent significant drop in stock markets as the “Kamala crash.” On a day when the Dow Jones Industrial Average plummeted more than 1,000 points, alongside declines in the Nasdaq and S&P 500 amid recession fears, Trump attributed the downturn to current Vice President Kamala Harris’s leadership. He criticized the economy’s performance, highlighting a disappointing jobs report for July that revealed only 114,000 new jobs had been added, well below the anticipated 175,000.
In a series of posts, Trump articulated his view that voters face a stark choice between his policies, which he claims foster prosperity, and the current administration’s approach, which he insists is leading towards a recession and potential global conflict. He also cited financial expert Howard Lutnick, who warned that Harris’s leadership would lead to further market deterioration. Despite Trump’s claims, polls show that Harris is narrowing the gap against him, even leading in some surveys, while GOP analysts believe she needs to defend the Biden administration’s economic policies as part of her campaign.
Former President Donald Trump is calling Monday’s stock sell off the “Kamala crash.”
After the markets opened, the Dow Jones Industrial Average fell more than 1,000 points, while the Nasdaq and S&P 500 also fell by 3.9 percent and 3.2 percent respectively, on recession fears, Fox Business reported.
The tech stock heavy Nasdaq also fell over 1,000 points for the first time since its inception in 1971. The weak jobs report — only 114,000 new jobs were added in July versus the 175,000 anticipated, as unemployment ticked up from 4.1 percent to 4.3 percent — helped fuel the sell off.
Trump posted on , “Voters have a choice — Trump prosperity, or the Kamala crash & Great Depression of 2024, not to mention the probability of World War lll if there very stupid people remain in office. Remember, Trump was right about everything!”
The Republican nominee wrote in another post, “Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
In a third post, Trump wrote in his classic all caps: “STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT ‘LEADERS’ IN HISTORY. THIS IS NOT GOOD!!!”
The former president also quoted Cantor Fitzgerald financial services CEO Howard Lutnick, who said, “Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in.”
Lutnick continued, “Kamala and the markets don’t go together. She’ll destroy the markets. She’s in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash.”
Harris is polling better against Trump than President Joe Biden was.
Nationally, the Real Clear Polling average showed Trump with over a 3 percentage point lead against Biden in the seven swing states that will likely decide November’s election.
However, Harris has cut Trump’s lead to just 0.7 percent, with the vice president in the lead in the most recent surveys included in the average.
Further, Harris just took the lead over Trump in pollster Nate Silver’s average for the first time since she entered the race, by a margin of approximately 2 percentage points.
GOP advisor David Winston argued in a column for Roll Call last week that Harris will have to defend “Bidenomics.”
“For the past three years, Biden has tried and failed to convince voters that ‘Bidenomics’ is working for them,” Winston wrote. “Now it’s Harris’ turn to defend the administration’s policies on inflation and the economy, issues that will be central to the electorate’s assessment of her candidacy.”
“Bidenomics. Ha ha ha ha! That is called Bidenomics — and we are very proud of Bidenomics!”
— Kamala Harris#KamalaCrash pic.twitter.com/JwXWeePr1m
— RNC Research (@RNCResearch) August 5, 2024
“But presidential candidate Harris enters the race with a significant challenge,” the column continued. “As vice president, she cast a critical vote to break a tie in the Senate and allow the $1.9 trillion American Rescue Plan to move forward toward a final vote. Had it not been for her vote, the bill might never have gotten to Biden’s desk for his signature.”
EARLIER: VP Kamala Harris casts tie-breaking vote to advance American Rescue Plan pic.twitter.com/4g5Ss3ZVvP
— Forbes (@Forbes) March 5, 2021
Economists have identified the ARP, the stimulus bill passed in March 2021 as the economy was well on its way to recovery, as the “original sin” that led to the 40-year-high inflation the nation experienced following its passage.
Harris also cast the tie-breaking vote for the $1 trillion-plus Inflation Reduction Act in 2022, which is filled with “green” initiatives that have been coming in at more than three times the anticipated costs.
🚨Watch Scott Bessent, a potential Treasury Secretary for President Trump, correctly pin the blame on Kamala Harris for every major issue crushing the American worker:
“Vice President Harris was the deciding vote for the American Rescue Plan and the Inflation Reduction Act. She… pic.twitter.com/Anyr7cI6Ht
— Steve Cortes (@CortesSteve) August 2, 2024
Clearly Trump’s solution to the “Kamala crash” is to elect him in November, so the policies implemented in his first term of less spending, lower taxes, and less regulation can be put back in place.
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