Hannity faults Obama during stock market downturn but gives no credit when it's up

››› ››› HANNAH DREIER

After repeatedly using the stock market's poor performance to criticize President Obama, Sean Hannity, when confronted with the fact that the Dow has surpassed its level on Inauguration Day, stated that "[t]he market doesn't mean anything to me."

After repeatedly suggesting that President Obama was responsible for the stock market's poor performance, Fox News host Sean Hannity, when confronted with the fact that the Dow Jones industrial average has surpassed its level on Inauguration Day, denied that the market is a proper "indicator" of Obama's performance handling the economy and stated: "The market doesn't mean anything to me."

Discussing Obama's performance on the economy during the May 1 edition of Fox News' Hannity, Fox Business Network anchor Alexis Glick said, "[L]ook at the market in the 100 days. Yes, we went to 12-year lows in early March, but we have re-climbed back to where we were before he was inaugurated." Hannity responded, "The market doesn't mean anything to me. ... Alexis, you're the first person to tell people don't look at the market unless you're in it for five or 10 years, right? All right, so we're not looking at the market." Hannity then added: "But this is the indicator that I'm looking at. The Congressional Budget Office says we're going to have $10 trillion in debt."

However, Hannity has previously referred to "Obama's bear market" and used declines in the stock market to criticize Obama administration policies.

For example, on the March 10 edition of his show, Hannity said to former Democratic National Committee financial committee chair Michael Brown, "Obama, since he's elected, has tanked the markets." Brown asked, "Oh, that's Obama's fault?" and Hannity responded, "That's right." Similarly, on the March 6 edition of his show, Hannity stated: "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." Furthermore, on the March 5 edition of Hannity, Republican strategist Kate Obenshain said of Obama's policies, "Of course, the markets are in a free-fall, because they recognize what's happening here." Hannity agreed, saying, "[I]t is a reaction. If they had so much faith and confidence in [Obama's] plan -- because, remember, markets don't react emotionally. Markets react to numbers." Hannity continued, "If they had faith and hope in [Obama's] plan, why wouldn't they react more confidently?"

Media Matters for America has documented a pattern of Fox News hosts and other media figures blaming Obama for the stock market when it is performing poorly, despite the fact that the Dow Jones average was on a downward trajectory months before his inauguration, and failing to credit Obama for stock market bounces.

From the March 5 edition of Fox News' Hannity:

HANNITY: The Dow is literally tanking. It's going down here. The president said he's not watching the gyrations of the stock market --

OBENSHAIN: Oh, my gosh.

HANNITY: I'm thinking, this is like, well, it's just like a political poll. And I'm thinking, well, a political poll? When people lose now --

OBENSHAIN: Unbelievable.

HANNITY: -- we're heading to 5,000? And people lost, you know, 60 percent of their money?

OBENSHAIN: In two and a half months, Barack Obama has added more to the deficit than George Bush did in eight years fighting two wars and dealing with Katrina. Of course, the markets are in a free-fall, because they recognize what's happening here.

NICK DiPAOLO (comedian): Exactly.

STEVE MURPHY (Democratic strategist): That's not what it is, but go ahead, Nick.

OBENSHAIN: That's part of what it is.

MURPHY: That's not what it is.

DiPAOLO: The free market is allergic to socialism. This is the reaction you should -- the Wall Street -- it should be.

HANNITY: Well, wait a minute.

DiPAOLO: Wouldn't you get scared if it went up?

MURPHY: Nick, they're all socialists on Wall Street themselves.

HANNITY: Well, but I mean, that's the point. It is a reaction. Wait, it is a reaction.

DiPAOLO: It's an allergic reaction to his baloney.

HANNITY: If they had so much faith and confidence in his plan -- because, remember, markets don't react emotionally. Markets react to numbers.

OBENSHAIN: Right.

HANNITY: If they had faith and hope in his plan, why wouldn't they react more confidently?

From the March 6 edition of Fox News' Hannity:

HANNITY: 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?

From the March 10 edition of Fox News' Hannity:

HANNITY: 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?

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.

From the May 1 edition of Fox News' Hannity:

GLICK: At the time, we also thought we were going to see a lot more of Paul Volcker -- and that's probably my biggest disappointment. We're not seeing a lot of Paul Volcker and he's one of the best Fed chairmen. So that's a disappointment.

But on the Lawrence Summers and the Geithner front, yes, the jury is still out. But look at the market in the 100 days. Yes, we went to 12-year lows in early March, but we have re-climbed back --

HANNITY: The market doesn't mean anything to me. The market means --

GLICK: -- to where we were before he was inaugurated.

HANNITY: But Alexis, you're the first person to tell people don't look at the market --

GLICK: OK --

HANNITY: -- unless you're in it for five or 10 years, right?

GLICK: OK. Yes.

HANNITY: All right, so we're not looking at the market. But this is the indicator that I'm looking at. The Congressional Budget Office says we're going to have $10 trillion in debt; we're stealing from our kids and our grandkids; he's putting down a huge down payment on nationalized health care; and we're going to be paying, 10 years from now -- my last point, I promise -- $806 billion a year on interest alone if interest rates stay low.

Posted In
Economy
Network/Outlet
Fox News Channel
Person
Sean Hannity
Show/Publication
Hannity
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