Fox News has begun their campaign to rewrite the entire history of the global financial collapse under George Bush in 2008.
The Trump administration's only selling point to the public rests on the economy and a high stock market so when Barack Obama told the American people during Friday's speech that the recovery began under his watch - that infuriated Trump and his supporters.
Fox and Friends brought on former senior foreign policy advisor Christian Whiton for Trump to fool Fox News viewers into believing complete nonsense.
Steve Doocy asked, "You know essential to Barack Obama's historical legacy is the fact that there was this big economic recovery after the big crash. That's his story."
Whiton replied, "If you go back and look at the facts, the financial crisis occurred in 2008 and was stabilized in 2008."
This is a bold-faced lie.
In the final weeks of the 2008 presidential election, Bush's economic team led by Ben Bernanke and Henry Paulson came out holding a few pieces of paper asking for a 700 billion dollar bailout for out banking industry.
Treasury Secretary Paulson told the members that $5.5 trillion in wealth could disappear by 2 pm of that day. In a meeting with Senator Sherrod Brown, Secretary Paulson and Federal Reserve Chairman Ben Bernanke said, “we need $700 billion and we need it in 3 days.”
That was just the beginning of a global financial collapse. The world's economy began to crumble, including the U.S. By 2009, the U.S. was losing 600K jobs a month. That was not Obama's fault.
I won't get into the entire history of the collapse now and there was much to discuss about how it played out, but when Trump was elected into office, the U.S. economy was creating over 200K jobs a month and the stock market hit 19K. When Bush made the announcement at the end of September 2008, it shocked the world.
Whiton continued, "it was controversial involved bailing out people who arguably didn't deserve a lot of government money."
The lies continued, "But it happened. He came in and it should have been straight up from there..."
See, throw some money initially at the problem and voilà, it's all fixed now.
Conservative pundits are great at twisting facts and simplifying history to serve their means.
"...But because of Obamacare, because of the tax hikes. because of the clouds he put over the economy for all 8 years of his presidency saying to things to business people oh, 'you didn't build that' because the company you created well there is a road in front of that company paid for by the government. all of that really killed economic growth."
Later in the day on America's Newsroom Trump made up a fake Obama quote after watching the Washington Free Beacon writer Elizabeth Harrington discuss the economy.
Aidan writes, "Trump’s fabricated Obama quote appears to be based on a Fox News segment that aired a few minutes before his tweet.'