The Dow Jones Industrial Average dropped over 1,100 points on Monday. This is the largest single-day point drop and has wiped out all the gains made so far this year. Donald Trump has been refusing to answer questions.
White House Press Secretary Sarah Huckabee Sanders claims that the president is in this “for the long run.”
In the past, Trump was quick to take credit for economic gains. This is in spite of the gains almost entirely being the result of an improved economic uptrend which was caused by Barack Obama. Many have warned Trump that if he continues taking credit for stock market increases, then he’ll look just as bad when the market takes a turn.
In liberal circles, they have already been joking that Obama would surely be to blame for the drop. They use those jokes because it usually always happens. Well, now it already happened.
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On Monday, almost immediately after the huge drop, Fox News host Sean Hannity made sure to blame Obama for the crash. Hannity blamed the Obama era for creating “cheap money” that propped up the economy. The full statement is below.
Because the Obama economy was so weak all of these years we had just artificially cheap money. 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.
Conspiracy theorist Alex Jones also told his audience last year that despite gains in the economy, if the stock market crashes then it will still be because of Obama.
Thus, if the market is up, the right will praise the current Republican president. If the market drops, it’s the fault of the previous Democratic president.
You can listen to Hannity’s rant below.
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