Obama of course didn't get any credit for six years of a bull market, but you can be damned sure he'll get the blame for this. Thanks, Obama!

Global shares plunged Monday with China’s Shanghai composite index suffering its biggest one-day fall since 2007 to close 8.5% lower as investors shaken by last week’s sell-off on Wall Street and fears over China’s slowing economy unloaded shares.

The benchmark closed at 3,209.91, its biggest one-day loss since an 8.8% drop on Feb. 27, 2007. Hong Kong’s Hang Seng index fell 5.2% to 21,251.57 and Japan’s Nikkei 225 index dropped 4.6% to 18,540.68.

Australia’s S&P ASX/200 slid 4.1% to 5,001.30, while South Korea’s Kospi lost 2.5% to 1,829.81. European shares were lower, with Germany’s DAX index down 4.5%, France’s CAC 40 4.7% lower, and Britain’s FTSE 100 index losing 4.2%.

By early afternoon Monday, the Shanghai composite index slid 8.8% to 3,200.85, as analysts and investors watched for signs that Chinese regulators or the central bank might intervene.

Regulators said they would allow the State Pension Fund to invest up to 30% of its total net assets in stocks and other equities, but that move was an approval of a policy announced earlier and had no discernable impact on investor sentiment.

The Chinese benchmark has lost all of the gains of its meteoric rise earlier in the year, but is still up 43% from a year ago.

U.S. stock futures were lower Monday, with the Nasdaq 4.5% lower, the Dow down 3.2% and the S&P 500 2.9% lower.

And of course, Republicans want bad news:

That sound you hear in the distance is Republicans cheering against the American economy.

— LOLGOP (@LOLGOP) August 24, 2015

Markets are crashing - all caused by poor planning and allowing China and Asia to dictate the agenda. This could get very messy! Vote Trump.

— Donald J. Trump (@realDonaldTrump) August 24, 2015