After stocks plunged and the Dow Jones fell 4.6 percent, the largest single-day point drop in history, Sean Hannity blamed Obama-era policies for “cheap money” bringing the market down. In 2009, when stocks plunged during the worst economic downturn since the Great Depression, Hannity again identified the culprit as newly inaugurated President Obama.
Stock market plunges in largest single-day decline in history
The Dow Jones Industrial Average falls 1,175 points: The largest decline in points during a single trading day. According to CNN, “stocks went into free fall” after uncertainty in the markets surfaced last week. The 1,175 point or 4.6 percent decline is the largest single day point decline in the Dow’s history.
Stocks went into free fall on Monday, and the Dow plunged almost 1,600 points -- easily the biggest point decline in history during a trading day.
The drop amounted to 4.6% -- the biggest decline since August 2011, during the European debt crisis. But it was nowhere close to the destruction on Black Monday in 1987 or the financial crisis of 2008. Still, for investors lulled to sleep by the steady upward climb since Election Day, it was alarming.
And the rout in U.S. markets continued to ripple around the globe. Japan's Nikkei index plunged 4% in Tuesday morning trading while the S&P/ASX 200 in Australia dropped 3%. [CNN, 2/5/18]
Sean Hannity blamed Obama for today’s market decline
Sean Hannity blames Obama for historic market crash.
SEAN HANNITY (HOST): 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. [Premiere Radio Networks, The Sean Hannity Show, 2/5/18]
Hannity has blamed stock market downturns on Obama since before Obama even took office
Hannity referred to an “Obama recession” before Obama took office. Hannity called the economic downturn in 2008 the “Obama recession,” which occurred before Obama had even taken office. In November 2008, Hannity repeatedly blamed the recession on then-President-elect Obama, attributing the market decline to the public's anticipation of Obama's policies. On November 11, 2008, Hannity asked (accessed via Nexis), “Is this an Obama recession?” Hannity later explained:
SEAN HANNITY (HOST):He promises a trillion dollars in new spending. Promises to raise the capital gains tax. Promises to tax business further and are a lot of people looking at the marketplace saying, you know what? I'm getting out while the tax rates are this level not the higher rates. So, in other words, is he causing activity in the market to go down? [Fox News, Hannity, 11/17/08, 8/11/10, accessed via Media Matters]
Sean Hannity blamed Obama during stock market downturn in March 2009.
SEAN HANNITY (HOST): Michael, at any point do you think that he, for political reasons, to scare everybody, that he's overdone it with the fear-mongering, and maybe it's time that he pay attention to the gyrations of the market?
MICHAEL BROWN: You don't think he's doing that, Sean?
HANNITY: No, he said he's not. He said, “I don't pay attention to the day-to-day gyrations.”
BROWN: First of all, thank goodness President Obama is now president because of the mess you guys have put us in. It's about time that we have -- HANNITY: All right. Forget about blaming Bush. Why --
BROWN: -- some sanity. Is --
HANNITY: Obama, since he's elected, has tanked the markets.
BROWN: Oh, that's Obama's fault?
HANNITY: That's right.
BROWN: That's not anything he inherited?
HANNITY: No. [Fox News, Hannity, 3/6/09]
Sean Hannity called recession era stock market lows “Obama’s Bear Market.”
SEAN HANNITY (HOST): And our headline this Friday night: Welcome to Day Number 46 of “Obama's Bear Market.” Now, that's what some news organizations are calling it tonight as the Dow Jones industrial average actually finished up about 30 points today at the end of a disastrous week. According to Bloomberg News, the Dow has now dropped faster during the first six weeks of the Obama administration than any other administration in at least 90 years. But is that a surprise after weeks of talking down the economy? [Fox News, Hannity, 3/6/09]
Hannity connected decline in Obama approval rating with increase in Dow Jones average.
SEAN HANNITY (HOST): Well, there's some bad news for President Obama tonight and some good news for Wall Street. First, the bad news: A Fox News/Opinion Dynamics poll shows President Obama's approval rating has dropped 7 points in the last month. But despite America's crisis in confidence with their president, there continues to be some good news on Wall Street with the Dow Jones industrial average now back over the 9,000 mark. And take a look when we put those lines on the same graph. Now you can see that as the president's job approval rating crumbles, well, the Dow has been on the rise. Is it just a coincidence? We'll let you be the judge. [Fox News, Hannity, 7/27/09]