by WorldTribune Staff, August 5, 2024 Contract With Our Readers
Mounting fear of recession in the waning days of the Biden-Harris regime sent American and world stock markets into panic mode on Monday.
While markets were crashing and with no hint of irony, top Biden economic adviser Gene Sperling stepped down Monday to hook up with the Harris presidential campaign.
The U.S. S&P 500 lost 3.1 percent and the Dow Jones Industrial Average (DJIA) fell 2.6 percent on Monday.
The stock-market selloff extended around the world.
Japan’s Nikkei 225 fell more than 12%, its worst one-day drop since the crash after Black Monday in 1987. Losses cascaded across Europe and the U.S., as investors dumped riskier assets.
In a series of posts in which he referred to the day’s events as the “Kamala crash,” former President Donald Trump slammed Harris for the sharp drop in stock market indexes, stating that the markets will not “accept” Harris.
“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that destroyed San Francisco and California, as a whole,” Trump wrote.
In another post, Trump quoted Cantor Fitzgerald CEO Howard Lutnick: “Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in. Kamala and the markets don’t go together. She’ll destroy the markets. She’s in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash.”
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As for Sperling, he was tasked by the Biden-Harris team with managing the $1.9 trillion pandemic aid package, a role in which Sperling implemented the temporary expansion of the child tax credit. He was also the White House liaison to the union and car companies during the auto strikes.
Republicans slammed Sperling’s pandemic aid package, saying it sparked higher inflation, an issue that continues to hit Americans hard as groceries, housing, and gasoline have become significantly less affordable.
In recent trading: The VIX, considered Wall Street’s fear gauge, notched its biggest intraday percentage gain ever, before paring back somewhat.
Japanese stocks were among the hardest hit globally, with a tumble in SoftBank and bank stocks weighing. Elsewhere, South Korea’s benchmark Kospi sank 8% .
“The declines extended what has been a dizzying few days on Wall Street during which this year’s most popular trades have been aggressively unwound. A selloff in tech shares continued Monday, with Nvidia, Meta and Apple each falling 4% or more. (The iPhone maker took an extra hit from news that Berkshire Hathaway had slashed its Apple stake),” the Wall Street Journal noted.
“Concerns about a slowing U.S. economy are front and center after job growth slowed sharply in July. Investors are worried that the Federal Reserve has moved too slowly and will need to play catch up in cutting rates,” the Journal added.
Trump continued his Truth Social barrage:
Trump’s GOP running made, J.D. Vance, posted to X:
This moment could set off a real economic calamity around the globe. It requires steady leadership–the kind President Trump delivered for four years.
Kamala Harris is too afraid to answer media questions and cannot lead us in these troubled times. #WheresKamala
— JD Vance (@JDVance) August 5, 2024
‘Kamala crash’? Top Biden economic advisor bails; Trump issues rolling warnings added by Editor Two on August 5, 2024
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