Sean Hannity was facing a problem on Monday. After President Donald Trump — who often confides in the Fox News host — had been boasting that the success of the stock market was his own doing, suddenly, stocks not only stopped climbing, they took a record tumble. So Hannity did what he does best.
He blamed Obama.
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.
Now, Hannity did have a point. Some economists were speculating that one cause of the selloff was because traders were expecting a rise in inflation. Others were speculating that wages were rising and that was causing a selloff. But that's how the market works, isn't it?
But Hannity's argument is completely absurd, and laughable, because Hannity hasn't been warning all along that there were problems with the economy. As soon as Trump took office, Trump and Hannity both believed that Trump himself took over the economy. Here's video of Trump taking credit for stock market rises, over and over again.
So it was seemingly a joke that as soon as stocks took a dip, someone would be there to blame Barack Obama. Sean Hannity just so happened to be the punchline.
I checked this on several different sources because I was sure it had originated on the Onion or Borowitz. But alas...
"Hang on while I log in to the James Webb telescope to search the known universe for who the fuck asked you." -- James Fell
Trump said the market was "sabotaged" just to make him look bad. btw They didn't speculate that wages were rising they rose 2.9% based on the std metrics.
What is a surprise is that both bonds and equities are down (bonds only slightly). This is a worse time to be in bonds than equities. Equities can fall and recover but if we are moving back into a more normal inflation rate current bonds will be discounted indefinately.
