Hannity Knows Just Who to Blame For Dow Plunge: ‘The Obama Economy Was So Weak…’
Today wasn’t a good day for the stock market. After experiencing a big dip on Friday when the Dow Jones took a 666-point hit, Monday ended with the Dow plunging to its lowest level of the year as it experienced the biggest one-day point drop in history.
With President Donald Trump having repeatedly touted the stock market’s historic gains since he entered office while taking credit for the continued rise of the Dow Jones, one wonders if he’ll be as willing to own the market in the advent of a major sell-off. Well, it appears that one of Trump’s biggest loyalists in media is potentially giving the president an excuse to embrace if stocks continue to drop.
During his radio program this afternoon, Fox News’ Sean Hannity claimed that we are seeing the impact of the previous administration’s economy on today’s market. Referring to a segment he had just seen on Fox News, Hannity said the analysis is that it was largely President Barack Obama’s fault.
“Because the Obama economy was so weak all of these years we had just artificially cheap money,” the Fox News host said. “Now what’s cheap money? Cheap money is when you can borrow at ridiculously low rates.”
He continued, “The era of cheap money at some point has to come to an end. The government has artificially, the Fed has artificially kept the price of money down and the price borrowing down and now that’s going to come to an end.”
Hannity went on to say that the stock market cratering the past couple of days represents in many ways “the strength of the economy” right now, noting that Main Street is doing very well.
It was during an interview with Hannity that Trump made the head-scratching claim that the rise in the stock market was in a sense reducing the national debt. Saying he was “very, very happy with what’s happening on Wall Street,” Trump seemed to believe that just seeing growth in the market would cut away at the debt.
Listen to the clip above, via Media Matters.
[image via screengrab]
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