Former President Donald Trump has blamed the recent global stock market crash on Vice President Kamala Harris' candidacy, coining the term “Kamala Crash” in a series of posts on Truth Social. Trump has a history of claiming responsibility for positive market trends while pointing the finger at the Biden-Harris administration for any economic downturn. He has even gone so far as to predict a “Great Depression of 2024” and the possibility of World War III if Harris is elected.
The recent global market slump, which Trump has dubbed the “Kamala crash,” was triggered by a disappointing July jobs report that fueled recession fears. Trump has been quick to attribute this decline to Harris' candidacy and the current administration. He has been quoted as saying, “Of course there is a massive market crash. Kamala is even worse than Crooked Joe.”
Trump has also been known to take credit for positive market trends, even years into his presidency. In January, when stock indexes hit record highs, Trump claimed the gains were due to his strong poll performance against Biden, suggesting investors were anticipating his victory, which would push the market to the rise
However, on Monday the stock indices experienced the worst falls in recent years. The Dow Jones Industrial Average fell 2.8%, the S&P 500 fell 4% and the Nasdaq Composite fell 6.2%. These declines are the worst since September 2022 and March 2020, respectively.
The Federal Reserve's reluctance to cut interest rates, along with disappointing Big Tech earnings, have also been identified as contributing factors to the recent market decline. These developments have raised concerns about the feasibility of massive investments in artificial intelligence. Major global stock indexes in Asia, the South Pacific and Europe also saw significant declines on Monday.
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