Fox News host Neil Cavuto on Monday took issue with former President Trump’s track record and comments on stock prices after the president blamed President Biden and Vice President Harris for this week’s stock market decline.
Trump said the Wall Street selloff, sparked by fears of economic instability in Japan and a slowing U.S. job market, was actually the fault of the White House. When stocks were soaring earlier this year, Trump said hopes of a return to the White House were to blame.
“It’s amazing what Donald Trump has done in the markets,” Cavuto said. “When stocks are going up, it’s all because of him and we’re counting on him. When stocks are going down, it’s all because of the Democrats and how terrible they are.”
“But some of our biggest point declines, three of the top 10, have happened during his time in office,” he continued. “I understand a lot of those were COVID years, but, you know, you’re either controlling the market or you’re not. That confuses me.”
The Dow Jones Industrial Average fell about 1,100 points on Monday, marking the U.S. market’s worst day since 2022.
Republicans have dubbed the collapse the “Kamala Crash.”
“Obviously, the market is down a lot,” Trump said. stated in the post Writing on his social media platform, Truth Social, he said: “Kamala is even worse than Crazy Joe. The markets will never accept the Radical Left Lunatic who destroyed San Francisco and all of California. Next move: Great Depression in 2024! You can’t game the markets. Kamala is down!!!”
Trump said in January that if elected he would like to see an economic crisis “within the next 12 months” before he takes office, to avoid a repeat of what happened with former President Hoover, who took office just months before the 1929 stock market crash that sparked the Great Depression.
Harris campaign spokeswoman Amar Moosa pushed back against Trump’s message on Monday.
“Middle-class families need stable economic management, not a chaotic tirade of lies,” Moussa said in a statement. “Donald Trump has overseen the worst jobs record of any modern president and the worst days in stock market history, all while lining the pockets of his wealthy friends who shipped American jobs overseas during his presidency. Economic experts agree that his plan would increase working families’ costs by $2,500 a year and ‘spur’ inflation.”
Japan’s Nikkei stock average rose about 10 percent on Tuesday, clawing back nearly all of Monday’s losses. It’s unclear whether U.S. markets will follow suit.
