The Kamala Harris Stock Market Crash 

There will come a point when Kamala Harris has to answer a serious question. 

Democrats are hoping that doesn’t happen until after the election. After all, there are only 98 days until the election and early voting begins in roughly one month. In September, early voting will begin in some of the swing states like Pennsylvania. And today is August 5. All Harris has to do is avoid serious questions for the next couple of weeks, and then she will be at the Democratic National Convention. She will hit a bump coming out of that. 

So the Harris honeymoon will likely continue for another solid three weeks or more. 

We are now at 16 days and counting since Kamala Harris became the presumptive Democratic nominee. She has not been asked one question over two weeks. Zero questions. 

The press acts as the Praetorian Guard for Kamala Harris. Donald Trump should be saying he wants to debate her every week from now until the election because no one else is going to ask her a tough question. 

She’s being completely dishonest about the debate challenge. Trump accepted a debate under certain circumstances with Biden, and then they slotted in Harris. Why won’t he keep that same debate calendar? Because she’s a different human. Does she have to debate JD Vance now since she had agreed to a vice presidential debate with JD Vance when Biden was the actual nominee? 

The American people know Donald Trump. The American people do not know Kamala Harris. The vast majority of Americans have no idea who is the sitting vice president of the United States right now. They have no idea what Harris even does for a living.

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She should be forced to answer questions since her administration is sitting at the top of American governance. It’s amazing that until now, it was always the Biden-Harris administration, even while Biden was attempting to shuttle her off somewhere so that she didn’t have any part in governance. She kept glomming onto him and claiming that she was part of all the decision-making.

Fine. If she was and still is part of the decision-making, why doesn’t she have to answer for the fact that we’re in the middle of a massive stock market sell-off? According to the Wall Street Journal: 

A stock-market selloff intensified around the world, sending U.S. indexes sliding and volatility spiking to its highest levels since the Covid-19 pandemic. 

In early trading, the Nasdaq Composite fell more than 5%, while the S&P 500 fell about 4% and the Dow was around 3% lower. 

Painful turbulence started in Japan early Monday, with the Nikkei 225 falling more than 12%, its worst one-day drop since the crash after Black Monday in 1987. Losses then cascaded across South Korea, Europe and the U.S., as investors dumped riskier assets and flocked to safety.

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 losing 9% or more. (The iPhone maker took an extra hit from news that Berkshire Hathaway had slashed its Apple stake.) 

Why is all of this happening? Because people are beginning to realize that as the job market is coming in really, really soft, we may be entering a recession. When inflation rates are jacked up to 10% or 12%, even with jacking them back down all the way to 2.5%, all the loose money is siphoned off in that process, which leads to less investment and to job losses, which is what is about to begin happening.

The Wall Street Journal continues in their report, writing:

Concerns about a slowing U.S. economy are front and center for investors 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.

One of the things that’s so amazing about how our global economy works at this point is how much of it is run by the central banks.

Your job should not be reliant on whether Federal Reserve Chairman Jerome Powell is good at his. Your job should not be reliant on whether central bankers in London are good at predicting the future and determining exactly what the inflation rate should be. This is why the very idea of a Federal Reserve in the United States that jacked up and down the supply of money in order to manipulate job markets is ridiculous.

What you really want is a perfectly predictable regime in monetary and fiscal terms so that you can make good decisions about whether or not to invest or not invest. That’s not the way this works anymore. Now, we’re all reading tea leaves. Now, we’ve all been sitting around wondering what Jerome Powell was going to do. Maybe he was too late on the gas or maybe he was too late on the brake.

That is not the way a healthy global economy should run. That is the way things are running, however, and a lot of that has been brought about, of course, by the massive spending Harris voted for. Remember, the Inflation Reduction Act was a 50-50 vote in the Senate — and she was the deciding vote.

Does she get to take credit for that? It seems to me that if she gets to take credit for all of the supposed Biden administration accomplishments, when the stock market starts to tank, she gets to take credit for that one as well.

Warren Buffett is looking at the markets and saying, “I don’t like what I’m seeing here.” The Wall Street Journal’s “Stock Market Today” writes:

Shares of the iPhone maker dropped more than 6% Monday after Warren Buffett’s Berkshire Hathaway disclosed over the weekend that it had sold nearly half of its Apple stock in the second quarter. Buffett’s reputation as one of the all-time greatest stock pickers means his decisions can significantly sway the market. But Apple is also facing pressure from an aggressive rotation out of technology stocks. In addition to Apple, shares of Nvidia, Tesla and Alphabet also fell sharply as investors unloaded riskier assets.

Meanwhile, Wall Street’s fear gauge has been soaring. CNBC reported: 

The Cboe Volatility Index, or VIX, briefly broke above 65 on Monday morning, up from about 23 on Friday and roughly 17 a week ago. It had cooled to about 32 shortly after noon ET.

The Monday morning peak was the highest level the VIX has hit since March 2020, shortly after the Federal Reserve’s emergency actions during the Covid-19 pandemic, according to FactSet. The VIX rose as high as 85.47 in March 2020, according to FactSet.

The VIX is calculated based on market pricing for options on the S&P 500. It is designed to be a measure of expected volatility over the next 30 days, and is often referred to as Wall Street’s “fear gauge.”

Even after the COVID lockdowns were over, Biden just kept spending oodles and oodles of money, keeping the money loose. Signs of lower consumer spending are cropping up. And there’s the inverted yield curve where longer dated bonds have a lower yield than the short-term Fed funds rate, which usually signals recession.

Where is Kamala Harris in all this?

Given the supreme importance of the economy to voters, this could turn a neck-and-neck race between Trump and Harris to one strongly in favor of Trump.

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