WATCH: President Biden Boasted That He 'Cured The Economy' Days Before Market Bloodbath

Just days before the historic market tumble on Monday, President Joe Biden told reporters that his administration's work "cured" the American economy. "I cured the economy," Biden told reporters when asked on the White House lawn.

Less than a week later, the international economy plummeted. Following Monday's market open, the NASDAQ fell over 1,000 points, over six percent, for the first time in the NYSE's history. The NYSE stock composite fell from 16,776 points to about 15,712 points from Friday's market close to Monday's market open. After briefly rebounding, the NASDAQ, as of 1 PM PM EST, now stands at around 16,303, nearly a three percent fall from Friday's market close.

The bearish market began after Japan's stock market, Nikkei 225, had its worst day since 1987 after falling 12.4 percent in a single day. Stock markets worldwide also plunged, with South Korea's Kospi index dropping 8.8 percent, European stock markets falling over three percent, and cryptocurrencies plummeting, with bitcoin falling 13 percent and Ethereum dropping 18 percent.

Amid the turmoil in the financial markets, analysts are predicting that the Federal Reserve could call an emergency meeting to lower interest rates by half a percent, on top of committing to another half-percent cut during their meeting on September 18. The news of a potential rate cut comes after the US job report found last week that unemployment increased past expectations of 4.1 percent to 4.3 percent.

President Trump described the market tumble as the "Kamala Crash," writing on Truth Social, "TRUMP CASH vs. KAMALA CRASH! VOTERS HAVE A CHOICE — TRUMP PROSPERITY, OR THE KAMALA CRASH & GREAT DEPRESSION OF 2024, NOT TO MENTION THE PROBABILITY OF WORLD WAR lll IF THESE VERY STUPID PEOPLE REMAIN IN OFFICE. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING!!!"

"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. Next move, THE GREAT DEPRESSION OF 2024! You can't play games with MARKETS. KAMALA CRASH!!!" Trump wrote. "STOCK MARKETS ARE CRASHING, JOBS NUMBERS ARE TERRIBLE, WE ARE HEADING TO WORLD WAR lll, AND WE HAVE TWO OF THE MOST INCOMPETENT "LEADERS" IN HISTORY. THIS IS NOT GOOD!!!"

WATCH:

"I cured the economy."

— Joe Biden (six days ago)pic.twitter.com/SMsXKVfljw

— RNC Research (@RNCResearch) August 5, 2024

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