Fox News anchor Neil Cavuto challenged former President Trump’s record and comments on the stock market Monday after the former president blamed President Biden and Vice President Harris for this week’s slide.
Trump said that the Wall Street drop, triggered by instability in the Japanese economy alongside concerns over a cooling U.S. jobs market, was actually the fault of the White House. Earlier this year, when stocks were soaring, the former president had said it was because of anticipation over him returning to the White House.
“The Donald Trump thing in the market amazes me,” Cavuto said. “When they’re up, it’s all because of him and looking forward to him. When they’re down, it’s all because the Democrats and how horrific they are.”
“Yet some of our biggest point drops, three of the biggest of the top 10, occurred during his administration,” he continued. “Now, a lot of those were in the COVID years, I get that, but, you know, you either own the markets or you don’t. It does confuse me.”
The Dow fell about 1,100 points on Monday, with U.S. markets experiencing their worst day since 2022.
Republicans dubbed the fall the “Kamala Crash.”
“Of course there is a massive market downturn,” Trump said in a post on his social media platform Truth Social. “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!!!”
Trump in January said he hoped there would be an economic crash “in the next 12 months” — before he would take office if he won the election — so he would not be like former President Hoover, who took office just months before the 1929 stock market crash that triggered the Great Depression.
Ammar Moussa, a spokesperson for the Harris campaign, shot back at Trump’s messaging on Monday.
“What middle class families need is steady economic stewardship, not chaotic ranting lies,” Moussa said in a statement. “Donald Trump had the worst jobs record of any modern president, and oversaw some of the worst days in the stock market in history while spending his presidency lining the pockets of his wealthy friends who shipped American jobs overseas. Economic experts agree: His plans would raise costs on working families by $2,500 a year and ‘supercharge’ inflation.”
The Japanese Nikkei market shot up about 10 percent on Tuesday, regaining nearly all of Monday’s losses. It’s unclear if American markets will follow.