President Trump has a brand new explanation for the stock market's recent turmoil: It's just because of the midterm elections. Oh, and probably the Democrats.
In a tweet Tuesday, Trump assured the nation that the stock market is just "taking a little pause" right now after rising "massively" since he was elected. Stocks have, in fact, been struggling recently, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all dropping between six and 10 percent in October, reports CNBC.
So why is this happening? Experts point to rising interest rates and trade tensions with China, but Trump suggests it's just because "people want to see what happens with the Midterms." He also "strongly" recommended those who want their stocks to go down to vote for Democrats, setting himself up nicely to continue blaming his political opponents after they likely gain some power next week.
The Stock Market is up massively since the Election, but is now taking a little pause - people want to see what happens with the Midterms. If you want your Stocks to go down, I strongly suggest voting Democrat. They like the Venezuela financial model, High Taxes & Open Borders!
— Donald J. Trump (@realDonaldTrump) October 30, 2018
In a second tweet, Trump quoted a strategist for Wells Fargo, who said that the S&P would quickly recover if "the Fed backs off and starts talking a little more Dovish." The president previously complained that the Federal Reserve had "gone crazy" when it raised interest rates and said he's "very unhappy with the Fed because Obama had zero interest rates.” Brendan Morrow