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(Video: Fox News)
Fox News host Sean Hannity threw some shade at CNBC’s Jim Cramer this Tuesday over his persistent suggestion that inflation has peaked.
The most recent suggestion came Tuesday, when, in response to the latest inflation data, Cramer said, “Overall, I think people are going to start making – and the market’s making a case – that this is the last bad number. … The market’s telling you what it thinks, which is [that] maybe this is [the] peak.”
But what he said was just a repeat of what he’d said two months earlier:
Hannity noticed this pattern and did not respond kindly to it.
During his monologue Tuesday on Fox News’s “Hannity,” the host first tore into the Biden administration for their persistent claim that inflation would be “transitory,” and then pivoted to bashing the media figures who’ve given the administration cover.
“They were lying. They were spewing talking points. They regurgitate the same lines over and over again, then their media mob friends, they echo the lie. And they’re lying again. Today the media mob is more than happy to give them cover,” he said.
“One example: For months, CNBC analysts — you know, this guy Jim Cramer over at CNBC [has been] dutifully telling his viewers inflation has officially peaked, only to be proven wrong over again and again and again,” Hannity added, zeroing in on Cramer.
“He keeps getting it wrong as per usual. Jim Cramer, well, he kind of looks like an idiot. And inflation continues to rise. And I do have a question. I’ve watched this show ‘Mad Money,’ I think he calls it. Why anybody would ever take the financial advice from that guy is beyond any understanding that I actually have.”
Cramer hosts CNBC’s “Mad Money,” a show in which he purports to offer generalized investing advice.
Benzinga, a financial company that also runs its own media site, recently ran a report listing five times Cramer has been wrong. The most recent examples occurred in 2015, when he set a “Buy” rating for both Kohl’s Corp and Qorvo. According to Benzinga, within six months both stocks were trading significantly lower.
As for the inflation numbers reported Tuesday, the Biden administration has been responding to them exactly as Hannity had predicted a day earlier.
“They’re going to blame Putin, Trump, OPEC, the pandemic or pretend that inflation is a good thing. All the above, probably. But of course, we know the administration will take zero responsibility. This is their bad economic policies, bad energy policies causing all of this,” he’d said Monday on “Hannity.”
“But according to them, every bad thing that happens is totally, completely out of their control, even though they were the ones that suppressed America’s oil and gas capabilities. They artificially reduced the world supply. And lo and behold, you’re paying record prices and paying more for every item you buy in every store you go to,” he said.
Hannity was right.
On Wednesday the administration began once again blaming Russian President Vladimir Putin for the price hikes.
“We need to do more to reduce costs for the American people.”
White House Press Secretary Jen Psaki says the White House expects the Consumer Price Index report on inflation for March “to be extraordinarily elevated due to Putin’s price hike.” pic.twitter.com/MsImm8189U
— CBS News (@CBSNews) April 11, 2022
However, this talking point is belied by three key facts.
Fact one: Prices have been consistently rising since President Joe Biden took office.
Fact two: The price hikes observed since Putin invaded Ukraine have been marginal compared to the wider price-hike trend.
Fact three: The price hikes in the U.S. have been “much higher” than the price hikes seen in Europe.
The charts below illustrate these points:
— Chuck Ross (@ChuckRossDC) April 12, 2022
PutInflation in context pic.twitter.com/onADmgZWqi
— zerohedge (@zerohedge) April 12, 2022
U.S. inflation remains *much* higher than euro area inflation. This is the 12-month change in core HICP, a somewhat comparable measure for the two economies.
The US has consistently been ~4pp higher than Europe. That is a HUGE difference. pic.twitter.com/pboWfRluRR
— Jason Furman (@jasonfurman) April 12, 2022
Even one of Democrats’ own, Sen. Joe Manchin, is calling out the lies.
“It is a disservice to the American people to act as if inflation is a new phenomenon. The Federal Reserve and the Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country,” he said in a statement Tuesday.
“Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame. The American people deserve the truth about why record inflation is happening and what must be done to control it,”he added.
You’re going to hear a lot about “Putin’s Price Hike” today.
Food and gas prices were already soaring. Wages can’t keep up with inflation. This is Biden’s economy.
— Nikki Haley (@NikkiHaley) April 12, 2022
Inflation is at a 40-year high of 8.5% due to federal policies of borrowing & printing money at unfathomable levels & bad energy policy, which is hurting Floridians.
Biden could unleash domestic energy production to provide relief. Instead, he is content watching people suffer.
— Ron DeSantis (@GovRonDeSantis) April 12, 2022
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