Under former President Donald Trump, the bull market was one heck of a ride.

Sadly, that time has ended. Thanks mainly to President Joe Biden's abysmal policy-making decisions, the U.S. stock market almost officially entered bear market territory after tumbling more than 750 points on Friday, only to slightly recover and narrowly miss the bear market designation, the Daily Caller reported.

Heritage Foundation economist E.J. Antoni explained to the Daily Caller why he believes the market is taking a nasty downward turn.

"Stocks were overvalued because their nominal price has been fueled by the inflation of the Federal Reserve," Antoni said.

He continued: "As soon as the Fed took away the punch bowl… what happened? Stocks immediately took a nosedive and are continuing to do so, because the only thing that has been fueling this economic recovery hasn't been real growth, but again, money creation."

Antoni was referring to the recent rate hike by the Federal Reserve, as it hiked rates another 75 basis points this month in its ongoing fight to control skyrocketing inflation, though it appears to be a battle that's quickly being lost.

Bless your heart if you think you live in a Democracy or even a Republic, when in fact, the unelected “Board of Governors of the Federal Reserve System” can intentionally destroy the value of your house and wreck your job prospects with one pronouncement based on secret math. pic.twitter.com/P6LskP4W7u

— Thomas Massie (@RepThomasMassie) September 23, 2022

Even worse, the Fed signaled that "several" additional steep rate hikes could happen before the close of 2022, which could have dire consequences on a fragile U.S. economy.

Hopefully, if Republicans win back one or both chambers of Congress in November, they can begin their next term by reigning in the overwhelming number of Democratic policies and spending that got us here in the first place.