Cavuto: Forget Comey, focus on the economy

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This is a rush transcript from "Your World," June 8, 2017. This copy may not be in its final form and may be updated.

Forget Comey, focus on the economy.

If you want to know how far this Trump investigation goes, keep an eye on how this recovery goes.

It keeps humming.

Barring any new revelations, it really doesn't matter what James Comey is saying.

That's because scandals take a life of their own usually when the economy is showing no life, at all.

That's not to minimize the Watergate scandal that bedeviled Richard Nixon.

Let's just say an oil embargo by OPEC and soaring gas prices bedeviled Americans more.

That's not to say hearings don't matter. Time and again, the environment in which they're going on matters more.

That's also why as a big a deal as Bill Clinton lying under oath might have been for Republicans trying to impeach him, it wasn't nearly as big a deal as a booming economy and stock market was for voters and investors who ultimately stood by him.

Now, would they have stood by him had their stocks not been soaring, or the economy not been roaring?

Just my opinion, but not likely.

Think about it. You don't turn out or even think of forcing out a president  or a leaderwhen times are good, but history proves, you certainly consider it when times are bad.

For now, times are good, mostly good.

For now, investors are giddy, mostly giddy.

For now, housing is bouncing back.

And credit scores are roaring back.

For now, the bread and butter issues that define life for average Americans are looking pretty good for most Americans.

That doesn't mean they still don't hold their president to the letter of the law.

Let's just say when dollar-and-cents things are going their way, they can be a little more lenient interpreting that letter and that law.

Not all the time. But if history is any guide, here and everywhere, most of the time.

Leaders lose their jobs when the economies they oversee lose their momentum.

They lose their jobs even more quickly when the economies they oversee really lose their momentum.

That's why I think President Trump should pay less attention to the latest Russian revelation, and more to the latest economic number.

That's not to say Vlad doesn't matter.

Just that the Dow matters more.

It doomed Richard Nixon.

It saved Bill Clinton.

And, save a sudden and dramatic reversal, it just could rescue Donald Trump.

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