Listen to Sean Hannity Blame Obama for the Stock Market Bloodbath

‘The Obama Economy Was So Weak All of These Years’ Hannity Says (No, It Wasn’t)

Sean Hannity, possibly more than any other pundit, is responsible for putting Trump in the White House, and he advises Trump on a regular, if not daily basis, and advised him on the Nunes memo.

“In the span of a year, Steve Doocy, Brian Kilmeade, Tucker Carlson, and Sean Hannity have become, unexpectedly, some of the most powerful people on the planet,” Vanity Fair noted Friday.

Not only does Hannity advise Trump, he protects him – after all, the Fox News host has invested a lot in this president.

On Friday, the DOW dropped over 665 points. On Monday, it was, as multiple news outlets reported, a “bloodbath,” free-falling by almost 1600 point before rebounding – if you can call it that – to a drop of 1178 points, erasing all the gains from the beginning of the year. 

It’s not over. The DOW is expected to open Tuesday morning down at least 600 points.

Now remember, as The New York Times notes, Trump in January alone took credit for the skyrocketing stock market at least 25 times. On Monday, Trump was MIA.

On his radio show Monday, Sean Hannity was in full spin mode. His number one goal: protect Trump.

Naturally, the easiest way to do this is to place the blame on someone else. And who is the “easiest” person to blame?

Barack Obama.

And so he did, as Media Matters reported.

Hannity started by telling his listeners “it’s very counter-intuitive what’s happening now.”

“Because the Obama economy was so weak all of these years we had just artificially cheap money,” Hannity, clearly not comfortable with explaining financial news, told his listeners (video above). He’s also dead wrong.

“Now what’s cheap money? Cheap money is when you can borrow at ridiculously low rates. 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. In many ways it represents; Ashley Webster is the name? In many ways it’s a sign of the strength of the economy more than anything else.”

Hannity, who apparently doesn’t know the first thing about economics, should have explained that the fed kept rates down to help the economy grow while controlling for inflation. 

He went on to claim that Obama never had a single year of GDP growth above 3%, then switches the metric by talking about quarterly growth. Obama had eight quarters of GDP growth at or above 3%, and as high as 5.2%. Hannity neglects to tell his audience that. 

Hannity also repeatedly talked about how strong the economy is – without crediting Obama for that.

It’s not the first time Hannity has blamed Obama for stock market drops. 

“Hannity called the economic downturn in 2008 the ‘Obama recession,’ which occurred before Obama had even taken office,” Media Matters also notes. Remember, the worldwide financial crisis began in September 2008, months before Obama won the White House.

Image by Gage Skidmore via Flickr and a CC license