Given the timing, President Joe Biden’s remarks to a reporter on Tuesday, July 29, led to no small amount of mockery and dark-humor hilarity online. Those remarks were about how he wants his legacy with young Americans to be that he “cured the economy.” That came just days before a market crash, leading to derisive comments.
As background, the market crashed on the night of Sunday, August 4, and then upon the market opening on Monday, August 5. The cause appears to have been mix of a surprise Japanese rate hike, causing a Japanese market sell off, and fears about a recession in the US, with some calling it the “Kamala Crash.”