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Downward Markets? It's Fear of a Kerry Victory, According to Fox

Reported by Melanie - July 22, 2004 -

For the first time in five shows, Neil Cavuto mentioned the Dow and NASDAQ markets today (July 22, 2004) on his show, Your World w/Neil Cavuto. Cavuto introduced the four "guests" by implying they were going to talk about how "the market reacts" to the 9/11 Commission report. Soon, the real reason for the segment became apparent.

Terry Keenan, Fox business correspondent, said the market anticipated this report and the reaction to it was "fairly tepid." There is concern, she said, "about the outcome of this election."

Moving the discussion along, Cavuto turned to Meredith Whitney, "Fox contributor," by asking whether there are "concerns President Bush" won't be re-elected. Whitney said that "as Kerry's numbers increase, the markets seem to go down," on a one to one basis. Scott Bleier, a "Fox contributor," said "I have to agree."

Larry Wachtel, Senior VP at Wachovia Securities and possibly the only person not receiving a paycheck from News Corp. and the lone descenting voice, said the 9/11 Commission's report was "clearly a non-event," as far as the market was concerned and all you needed do was "look at the leading economic indicators," it's "the slowing economy." He said the worry about "Kerry's just not there."

Sure not to let a point of view like that hang in the air too long, Terry Keenan said people should "be careful" if "investors start to rush to the exists" if it looks like "there's going to be a Kerry/Edwards presidency."

Whitney agreed, saying "I think there's lots of fear" considering Kerry's "making strides" in the polls.

Bleier said "this fear is reaching a chriscendo"and it's "coinciding with the Democratic convention." After the convention, he said, the markets will "find a bottom and stabilize."

COMMENT: Four of the five people speaking in this segment were pro-Bush and actively anti-Kerry. Is it right that average Americans watch this channel thinking they're getting "fair and balanced" news?