Stock market panic continued Monday after the Dow plunged 1,100 points, and lawmakers from Alabama are blaming the Biden/Harris administration.
U.S. Sen. Tommy Tuberville (R-Auburn) said the massive selloff of over $1.93 trillion and the Nasdaq dropping over 1,000 points and going lower than it ever has is one of the reasons former President Donald Trump needs to be put back in the White House.
“Meanwhile, we have a President who is incoherent and Kamala Harris who can’t talk without a script,” Tuberville stated on X. “We need a businessman back in charge. #MAGA”
Meanwhile we have a President who is incoherent and @KamalaHarris who can’t talk without a script.
— Tommy Tuberville (@TTuberville) August 5, 2024
We need a businessman back in charge. #MAGA https://t.co/QZZHtpdXgH
Several factors have contributed to the plunge, including last week's July jobs report, which showed only 114,000 jobs were created, much lower than the expected 175,000. Unemployment increased to 4.3%, raising concerns of a coming recession.
U.S. Rep. Barry Moore (R-Enterprise) stated on X, “When you look at your 401k today, remember that Kamala Harris has spent the last three and a half years saying that #Bidenomics works.”
When you look at your 401k today, remember that Kamala Harris has spent the last three and a half years saying that #Bidenomics works.
— Rep. Barry Moore (@RepBarryMoore) August 5, 2024
U.S. Rep. Gary Palmer (R-Hoover) responded to Moore, saying, "These are the results of #Bidenomics!"
While the country is not in a recession at this time, the rule states a recession could happen if the unemployment rate’s three-month average is half a percentage point higher than the lowest level over the past 12 months.
The Federal Reserve voted last week not to cut interest rates, which would have likely boosted the economy. The Reserve is not scheduled to meet again until September but could try to hold a special meeting to reduce rates in reaction to the market plunge.
Chicago Fed president Austan Goolsbee told CNBC Monday that the feds would “fix it” if needed, although he refused to confirm that there would be a special meeting.
Chicago Fed President Austan Goolsbee discusses today's selloff in stocks and possible solutions. https://t.co/NtAPOaDwH0 pic.twitter.com/xbepT7UzQz
— CNBC (@CNBC) August 5, 2024
The 10-year Treasury yield fell five basis points, leading economists to estimate the chance of a recession at 50%.
Trump responded on Truth Social saying, “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”
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