On Thursday afternoon, as President Donald Trump delivered another campaign-like speech from the White House, Fox News’s Neil Cavuto cut away to correct the president’s statements about the economy under former President Barack Obama and regulations he’d implemented.
“I do want to clarify a couple of things he said, that no president in history has cut regulations as much as he has. That is true,” Cavuto said. “I think he might have mischaracterized the regulations that were added under Barack Obama. They were largely financial-related.”
Obama took over as president during the worst financial crisis since the Great Depression, and took steps to help protect against something like that happening again, even going so far as to create the Consumer Financial Protection Bureau. Cavuto reminded his audience of why Obama implemented the regulations he did.
“You might recall, we had this little thing called the financial meltdown,” Cavuto said, “and much of those regulations were geared to preventing banks from ever investing in things like risky mortgage securities, pooling them, selling them off. That tended to be, really, the scourge of that entire period.”
“It was not a disaster under Barack Obama,” Cavuto said. “Not only did the Dow essentially triple during his tenure, but whether you want to call the increased regulations and other things that police financial companies as the bane of our existence, those companies did very well. Americans did very, very well.”
Cavuto also spoke about how Obama brought the country back from 10 percent unemployment, handing Trump an economy with an unemployment rate of 4.7 percent. And Cavuto clarified why he felt the need to interrupt the president’s speech.
“I didn’t want to leave you with the impression that during those eight years when Obama first came into office, and we were bleeding about a million jobs a month, that that was standard fare and that characterized the whole eight years,” Cavuto said. “The recovery itself might have been weak, but we were coming off, you know, a meltdown.”
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