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Weekly Finance on Fox

Reported by Eleanor - August 7, 2004 -

The Fox financial hosts and guests this morning (Aug. 7, 10:00-12:00), in addition to their usual stock picks, gave us their perception of how terror is affecting the markets, along with how the terror news impacts the election. The job numbers were marginalized - as well as any semblance of informative journalism.

Bulls & Bears With Brenda Buttner,- Stocks are "terrorized."
The market reflects a "perfect storm" of all that can go bad, but the selling is orderly. People are not buying but holding onto their cash, when they should be buying. It's all psychology.
Oil prices are an "economy killer."
Oil prices are driven by a roaring Chinese economy.
It's been a "terrible week." The market is near the bottom. It's time for a bounce.
The "terrorists want fear in America." (Is this a message to Bush to cool it?)
Buy Walmart and oil. (As people pay more for gas they need to buy cheap stuff.)

Cavuto on Business with Stuart Varney
Jim Rogers said to buy oil because it's going to 50-60-70 dollars a barrel, and al Qaeda is the bigger threat. Meredith Whitney said that you cannot quantify terror.
Mike Norman stated that OPEC engineered the oil prices by restricting output.
Meredith: People are waiting until after the election to buy stocks.

On Teresa's Heinz Kerry's remark about '"four more years of hell," Ben Stein said, "Maybe it's hell for her. The economy is not bad at all (cites stats he prepared ahead of time). "It depends on the measure. Hell is terrorism." Bob Beckel then cited some economic stats from Clinton's democratic years.
Varney said the Carter years don't fit.
Then Stein added that "data mining is a statistical trick, and Bush is not perfect." Too many tax cuts.
Bob came back with the fact that Stein started the discussion about stats.
Stein replied that he was citing "current" numbers.
Bob said, "Old ones don't count??"
Meredith responded with an observation that Kerry had a 9 point bump on his understanding of Americans, but he's uncomfortable with Wendy's menu.

Forbes on Fox With David Asman
Steve Forbes had quite a few things to say. Examples: The terror threat won't go away until we deal with Iran. The stock market is worried about high taxes under Kerry. If Kerry wins, the republicans will have control of Congress, but Kerry and Edwards will try to raise taxes. Kerry and Edwards will have a bad effect. Kerry makes us less competitive. Jim Michaels said they are a "tribe of pirates with hands in your pockets ..trial lawyers with a hidden tax." Steve, again, with we must cut tax rates to get the economy growing. (Forbes inserted these comments into the conversation even when they weren't related, and I'm sure he got in everything he wanted to say. This was a 30 minute republican gab fest.)

Cashin' In with Dagen McDowell
Most of this program was a continuation of terror's effect on the markets, but toward the end Jonathan Hoenig and Susan Estrich duked it out over the election. Susan pointed out the 32,000 out of an expected 200,000 jobs for July. Jonathan mentioned the Household survey of 600,000. Susan talked about the lack of quality in the jobs created. Jonathan brought up Ferraro and Dukakis, and then mentioned Kerry's web page as a place where you find nothing except the middle class, instead of an America that serves everyone - one class over another. And a minimum wage increase of 30%....Karl Marx. Soak the rich. And, "the rich pay the vast amount of taxes. Kerry will be a Jimmy Carter for the economy." A Walmart discussion had Wayne Rogers saying he is morally opposed to Walmart because of what they have done to small town America, but he buys it, and Evan Kohlman replied, "Walmart can make money from that destruction."

Comment: During this two hours of republican speculation about how things are going, someone said that Kerry wants to "fight a more sensitive war." He was criticizing Kerry's approach to the war on Iraq, but I saw the comment as referencing the war of the two Americas. This two hours on Saturday morning has the most insensitive display of hubris one can imagine, with the back side of one of the Americas clearly on display. These people live in a bubble, remote from the world that most people live in.

Jonathan Hoenig is a perfect example of what Americans should be voting against in this class war. I hope Fox continues to bring him on as a guest. He does a campaign ad for the democrats every week, and he doesn't even know it.