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A Fox Caught in its Own Trap

Reported by Melanie - April 20, 2005

Last October, the Dow was trading below 10,000. At that time, Fox's business news anchor, Neil Cavuto, and its financial reporters (Dagen McDowell, Brenda Buttner and Terry Keenan) made it clear that if John Kerry won the election, Wall Street would be unhappy, the Dow would probably fall or remain low, and people would lose money. (See old posts, below.)

Today the Dow closed at 10,012 after losing another 100+ points. The mood on Wall Street, according to CNBC, has "turned negative" and, according to Bob Pisani, the "fear indicator" has moved up "rather aggressively."

There is a strong likelihood that the Dow will close below 10,000 sometime soon, maybe tomorrow. We're in a situation that was supposed to happen, according to Fox News, only if John Kerry won.

Fox is in a bit of a bind, but apparently it will begin unbinding itself tomorrow, as this is how Cavuto ended today's show:

"We'll be on top of these markets tomorrow. The Dow just teetering above that 10,000 level. What happens if we go below it? It would be the first time since October since we did. Would it be a big deal? Why not necessarily." (Emphasis added.)

Comment: On August 25, 2004, Neil Cavuto and Terry Keenan had this exchange:

Cavuto to Keenan: "What do you think Terry?" Keenan: "You know, I think that we could move to new highs if Bush gets re-elected, I mean, history would show the Dow'd be back over 11,000..." Cavuto interrupts: "If Kerry wins?" Keenan: "Probably a flat market."

Look who brought us a flat market. Let the spin begin.

Fox's Financial Show Mantra

Spin Disguised as Business News
Thanks Neil
No Shame. No Shame
Praise Bush w/Neil Cavuto

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