Trump points to midterms, Fed, and Democrats in flailing explanation for tanking stock market

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 Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Sign up

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.”