Trump blames ‘stupid Democrats’ for Wall Street plunge

[Financial News] U.S. President Donald Trump blamed the opposition Democratic Party for the across-the-board plunge in the New York stock market on the 5th (local time).
Trump wrote on the social media platform Truth Social that “the stock market had one of the worst days in history following the election results” and that “it was really sad to watch.”
He added, “It took a lot of effort to reach levels no one had ever seen, and then this happened. So your ‘401(k)’ (Americans’ retirement account) fell too,” and claimed, “Remember, this is the fault of the ‘Dumocrats’ (Dumocrat, stupid Democrats), not the Republicans.”
However, Trump said, “But don’t be afraid. One way or another, we’ll soon be bigger and stronger than ever.”
The previous day, immediately after the midterm elections, the New York stock market surged on news that the Democrats had taken control of Congress, easing political uncertainty, and on hopes for an early end to the Iran war. But that day, concerns grew that the Democrats’ victory would lead to tighter regulation of the artificial intelligence (AI) industry, and the three major New York stock indexes plunged in a single day, led by AI technology stocks.
President Trump’s claim that the Democrats were to blame for the stock market plunge is viewed as having some merit.
The U.S. broadcaster CNN identified the victory of Democratic candidate Gina Hinojosa in the Texas gubernatorial election as a key factor in that day’s stock market plunge.
Texas is where technology giants such as Google, Meta, Oracle and OpenAI have made massive investments in data centers, playing a decisive role in accelerating AI development.
Governor-elect Hinojosa pledged during this election to impose a temporary moratorium on data center construction and eliminate certain tax breaks for companies that build data centers.


[email protected] Lee Seok-woo, international affairs correspondent Reporter