Home Store In Memoriam Deborah Newsletter Forum Topics Blogfeed Blogroll Facebook MySpace Contact Us About

Talking Down the Stock Market

Reported by Judy - July 6, 2004 -

Neil Cavuto did his best today (July 6) to try to talk the stock market into a downward spiral by claiming that early morning declines were in response to John Kerry's selection of John Edwards as his running mate. Cavuto resorted to the Fox News' tried and true method of making up a statement and then claiming "some people" are saying it.

In this case, Cavuto began the morning market report (9:29 a.m. EDT) by saying that, "They're calling it the 'Edwards dip,'" referring to the market opening on a down note. Anything that is good for Democrats will cause stocks to fall, Cavuto said, because Wall Street is "largely a Republican bastion."

Cavuto continued to talk about Edwards in sentences laced with words designed to strike fear in viewers' pocket books. Again, he used references to unknown speakers, saying Republicans are concerned that "Edwards will go after corporate America" and that Republican business leaders "no doubt will be talking today about how dangerous this ticket is," and that "in the corporate world, he's (Edwards) hated." Referring to Edwards' experience as a trial lawyer, Cavuto (at 9:35 a.m. EDT) claimed that paying for lawsuits "is the biggest cost" American businesses have. He quickly corrected himself to say "the biggest unpredictable cost," but he already had planted the seed that Edwards is anti-business because he represents people who have been injured in some way.

The thrust of Cavuto's market report was to give the impression that if the stock market went down today it was Edwards' fault and that Edwards is terribly bad for business. In fact, Edwards does not file class action lawsuits, which are the ones businesses complain about, and Edwards' selection had little to do with the market.

BRIEFING.COM reported at 11:55 a.m. EDT that the market was down because of poor earnings reports by semiconductor companies and high oil prices, as well as concern that the economy "cooled a bit" last month. BRIEFING.COM failed to mention the "Edwards Dip."