"Interestingly enough, when Biden was struggling, the market was bubbly. As soon as Biden got out of the picture, we watched the market start to turn over. And since that time, it's been on a downward, slow breaching of crescendo," Navarro stated, adding that the US is heading into a recession and "the bubble is bursting in the stock market."
He continued that it "couldn't come for a better time for the Trump campaign, or worse time for Kamala. But you have to understand, everything that's happening in the economy, in the stock market may be traced directly to the failed policies of Bidenomics." He also said that "Kamala owns inflation" and "Kamala will own recession."
When asked by Posobiec if this crash could just be a "bad cycle," Navarro, who was the economist for the Trump administration, explained that the sudden switch from Joe Biden as the Democrats' presidential nominee to Harris caught Wall Street by surprise, as they had been betting on a Donald Trump landslide win over Biden.
"They're saying to themselves, well, Kamala comes in, we know the corporate tax rate is going to sky up to 35 percent, we know there's going to be more related regulation, we know energy prices are going to be higher because there's no fracking and there's inflation," Navarro explained. "So what happens there? They see lower profits because of that, and so the stock market starts to turn down, and as it's turning down, we're also seeing reasons why. We're seeing the economy slowing down, we're seeing consumer confidence down, we're seeing business thinking that the recession is coming. So it is the Kamala crash."
Watch the full episode below.
Source link