Fox News host Sean Hannity tried to blame former President Obama for a stock market drop of more than 1,100 points.
Hannity made his absurd claim during his radio show notes Media Matters:
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.
White House Press Secretary Sarah Huckabee Sanders blew off the largest one-day loss in the history of the Dow Jones, notes The Hill:
The president’s focus is on our long-term economic fundamentals, which remain exceptionally strong. [GOP tax cuts and Trump’s efforts to slash regulations] will further enhance the U.S. economy and continue to increase prosperity for the American people.