Former President Donald Trump linked the global stock market decline to Vice President Kamala Harris’ candidacy in a series of Truth Social posts, branding the selloff as the “Kamala Crash,” continuing his pattern of taking credit for positive shifts in the market and blaming the Biden-Harris administration for signs of economic downturns.
Key Facts
Trump predicted a “GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR III” if Harris is elected, calling the Biden-Harris administration “VERY STUPID PEOPLE,” and telling his audience “REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!”
Trump called Monday’s global market downturn—sparked by a worse-than-expected July jobs report that fueled recession fears—the “Kamala Crash” in several Truth Social posts Monday, seemingly attributing her candidacy and the Biden-Harris administration to the decline.
“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe,” Trump wrote.
Trump on Sunday declared “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP”—stocks also had a major downturn Friday, immediately after the jobs report was released.
Trump often takes credit for positive inflections in the stock market, even years after he left office, and blames his political opponents for negative trends. When stock indexes hit record highs in January, Trump attributed the gains to his polling performance, writing on Truth Social: “THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
Key Background
Stock indexes had their worst declines in years shortly after the markets opened Monday. The Dow Jones Industrial Average slipped 2.8% and the S&P 500 was down 4%, on pace to be the worst drops since September 2022, while the Nasdaq Composite fell 6.2%, setting it up to be the steepest drop since March 2020. In addition to Friday’s jobs reports, the Federal Reserve’s hesitance to cut interest rates is also widely viewed to have stoked investor fears and triggered the losses, while recent disappointing Big Tech earnings have raised concerns about whether massive investments in artificial intelligence will pay off. Major global stock indexes across Asia, the South Pacific and Europe also fell Monday.
Experts predicted that today would go down as a historic day, as Kamala Harris became the first black woman to destroy the world economy.
The achievement was the first of its kind, with members of the media and prominent political leaders all hailing it as an impressive step forward in the pursuit of equality and the advancement of women of color.
"It's a day for the history books, folks," said President Joe Biden. "Not only is Kamala the first… the first… black… the first black… president of the… president, but she is now the first black woman to completely wipe out the global economy. Old white guys like me have been doing it for years, but now she's breaking all the barriers. The idea… the idea... that a colored broad from… Jamaica… India… wherever the place… it's big stuff, folks. I'm proud to have been serving as her vice president of Delaware for the last four years. And now, this November… harbinzifarginator."
Harris's presidential campaign released a statement from the vice president on the achievement: "It is a great honor to be honored," Harris said. "To be the first anything to do anything is something. And by doing something, something is done. The word ‘something' means ‘some' and ‘thing,' which is what I have now done. And that is something."
As stock markets crashed around the globe amid poorer-than-expected jobs reports and the threat of even more wars, Vice President Kamala Harris was reportedly seen desperately googling "What Is A Stock Market Crash."
According to eyewitnesses, staffer Greg lost the round of rock-paper-scissors and was chosen to break the news of the stock market crash to Kamala.
"Uh, Madame Vice President," said Greg, being careful to avoid making any eye contact. "Markets around the globe have dropped. The Nikkei in Japan has lost 12% in value — the biggest drop in a day ever — and the DOW lost 1000 points in one day."
"Hahaha," cackled Kamala. "That's great! We did itttt! Bidenomics is working."
Greg cleared his throat. "Um, Madame Vice President, if I may. Actually, when the stock markets lose points, that's bad. When they lose this many points, that's called a stock market crash."
After some awkward cackling while she processed the new information, Kamala began to get angry with Greg. "I know what a stock market crash is, you dolt! Now get out of here and whip up some more TikToks for me on how Bidenomics is working!"
As Greg scrambled away with tears welling in his eyes, Kamala could be overheard googling the news.
"Oh great Google Cloud that is above me, what is a stock market crash?" Kamala spoke aloud as she typed into her laptop once it finally dawned on her that a presidential candidate should probably know something about the economy.
Kamala then scrapped her plans for the day to avoid any media scrutiny of her campaign and went on MSNBC to make a statement about the stock market news:
"The stock market is really big. The stock market is really important. The stock market is so big and so important that it really surrounds us and penetrates us, and binds the galaxy together. There's lots of money in the stock market. Stock market crashes can be scary and it means that what once was high has now gone low. And that's bad. That means bad times for people who had money in the stock market. That's why it's so important that we continue the work that we have been doing and that work is every day."
At publishing time, Kamala was seen googling "How to fix your approval ratings."
