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The Week That Was

Reported by Eleanor - July 31, 2004 -

The Cost of Freedom series (July 31, 10-12 a.m.) was a snapshot of how the Fox hosts and guests feel about a number of current issues. This is a snapshot, not a word for word regurgitation. The most notable comments are captured here.

Bulls & Bears guests predicted that the housing market will drop; the wireless world will grow; hybrid cars will be a good investment & stem cell research companies are on the rise. I didn't catch their political commentary, but lots of politics are buried in these stock picks.

Cavuto on Business asked if John Kerry made his case and will win over Wall Street. Some comments I captured are:
No, he proposes massive spending programs with no way to pay for them.
No, he will raise taxes on savings and investments.
No, he has an ambulance chaser on board who will increase health care costs.
Yes, he will cut some corporate taxes; cut taxes on middle income; roll back tax cuts for incomes over 200 thousand; Wall St. should be happy.
No, Wall Street didn't like it. We're into wealth preservation, not wealth accumulation. This week we saw a major breakdown.
Yes, Bush said unhappy workers should take Prozac. (Someone said it wasn't Bush.)
No, Kerry's speech was death by a thousand cuts; boring speech, sparse in details; more Bush than Bush; all over the place.
No, a huge bubble under Clinton. We're more prosperous now. We paid dearly for the bubble.
No, dividend and capital gains relief are out the window.
Yes, tax cuts for corporations will bring jobs back to the U.S.
No, That's protectionism. We get cheap goods from China. If low wages, retraining is the answer.
Yes, low and high tech workers are affected.
Unrelated: Bootleg copies of Clinton's book are five bucks. (Guess who said it? Cavuto? Bingo!)

On the segment called "Shove It Stocks," prescription drugs are bullish because the government will put half a trillion dollars into them in the next few years. (Medicare for the drug companies.)

Cavuto and Nancy Skinner, Talk Radio, discussed the ban on Bush bashing. Nancy had some pro-Kerry comments, but the most memorable lines were 1)Cavuto's observation that Michael Moore was sitting beside Jimmy Carter at the convention and that scares America. 2)Meredith's observation that if Bush doesn't incentivize so that business spends money, he will lose.

Forbes on Fox discussed the flat tax with the comment that if a democrat like Hillary becomes a candidate in 2008 and pushes the 15% flat tax, Forbes will become a democrat, and the democrats would reign for 50 years.

The next subject was, "Would Osama Bin Laden vote for Bush?
Yes, they need Bush to polarize the world. They need an arch enemy to bring more terrorists to their cause.
No, they prefer Massachusetts squash to Texas cactus. Americans don't have the stomach to fight the war on terror. Bush is removing OBL's source of sanctuary.
Yes, maniacs prefer Bush for unity.
No, if Bush is defeated, OBL is happy because he brought Bush down.
No, take 'em out. That's how you beat 'em.
No, they're still gloating about the Spanish election. It pays to bomb and behead.

The next segment on Cash for Votes, although some concern is expressed for the future of voting machines, a comment was made that investing in these machines is like "a license to print money." (But not print votes?)

Cashin' In started with the observation, "Bush can't win without a huge rally in the stock market," based on history. Wall Street could pick the next president, and it's better than a poll. Comments captured:
The market needs a rally. It's got a real problem.
It's job numbers that matter, not stocks.
John Kerry is a socialist, like a Jimmy Carter to the stock market.
Calling Kerry a socialist is unamerican.
The election is a referendum on Iraq.
9/11 is the reason for a down market.
After 3 years, 9/11 doesn't explain everything.
The market is down because everything is going bad.
If taxes go up, investors run for the exits.
Oil prices are up, Putin is not helping, lack of capital spending, the market will tank if Kerry wins.
Kerry thinks the government has a right to be involved in every element of our lives.
If Kerry wins, you'll make lots of money. Ideology overwhelms your self-interest.

On the segment called Bush and Kerry Stocks, one analyst picked Kerry and said generic drugs will be a good buy.
Bush got two votes with cutting taxes for the rich; increase in housing; and tort reform, stopping the war on doctors.

Martha Stewart got it again from Terry Keenan with: (When does this story end?) She showed no shame; did an infomercial for her company; caught red-handed; should quit whining and do her time; should go right now; hope she gives profits from her book to charity. The guest tried to defend Martha's fight for her reputation, but did not say what she was accused and convicted of when he had a chance. (She told a lie about selling stock due to a phone call she received, rather than a pre-arranged order to her broker. The sale wasn't a crime - just the lie. Sounds familiar, like sex between consenting adults is not a crime, just to lie about it to prosecutors, when powerful enemies are out to get you.)

Comment: I think these financial shows were a pretty good wrap-up of Fox's week in the news, with a few stock picks mixed in. This is what journalism has come to in the last few years. High on opinion, low on substance.