On his Fox News radio show on Monday, Hannity said the market drop ― which at its worst saw the Dow industrials plunge by nearly 1,600 points and closing down 1,175 points for the day ― wasn’t the fault of President Donald Trump.
It’s his predecessor that’s to blame.
“Because the Obama economy was so weak all of these years, we had just artificially cheap money,” Hannity said, referring to a Fox News analysis he had seen on the cable network.
He explained that “cheap money” is from borrowing at “ridiculously low rates,” which he added must now end.
“The government has artificially, the Fed has artificially, kept the price of money down and the price of borrowing down, and now that’s going to come to an end.”
Then, he declared that the plunge, as confirmed by every stock picking service ― which saw stocks erase all their 2018 gains ― is actually good.
“In many ways, it’s a sign of the strength of the economy more than anything else,” he said in comments posted online by Media Matters.
Listen to the full clip below.