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An Interest Rate Hike? It Ain't Bush's Fault

Reported by Melanie - May 3, 2005

The Federal Reserve raised interest rates one-quarter point today (May 3, 2005), saying, among other things, that recent economic data suggests the economy is entering a soft patch, that "pressures on inflation have picked up in recent months," and that the rise in energy prices "has not notably fed through to core consumer prices."

A complex issue yes, but not according to Fox's Neil Cavuto. No siree.

If you watched Neil Cavuto today, you'd think that the rate hike was due to a mentally ill Alan Greenspan. Here are some choice quotes from the anchor of the "most watched business news show on the planet," on the "fair and balanced news" channel:

Opening the show under a banner reading "Overdoing it?", Cavuto said, "Well, is Alan Greenspan brilliant or as crazy as a bed bug? After hiking rates yet again today, he's hearing it from both camps today. We report. You decide."

"Here's the kicker, Alan Greenspan ain't done, so hold onto your wallet."

"What in the world is the deal with Al?" He "freely admits" the "economy is slowing a bit," but that "did not stop him from hiking rates again a bit today," and hinting he'll keep going up, "bit by bit, or however long it takes, whatever that means."

"Well, actually, I hate him all the time, really select there. Jill, what do you make of the fact that maybe they're getting very 'devil may care'"?

"They always overdo it."

"When they raise rates, it doesn't make the price of gasoline go down, so are they chasing a ghost here"?

"Does anyone think Al is just crazy"?

"I think he wants to prick that [housing] bubble."

"But you admit that he's a sour, nasty man who's out to destroy the world? I kid you."

"Michelle, I was thinking of you when evil Alan Greenspan hiked rates today."

"The slowdown is across the board and Greenspan risks killing it."

Comment: Alan Greenspan? Alan Greenspan, the same guy Bush renominated to "an historic" fifth term as Chairman of the Federal Reserve less than a year ago? He's to blame for the rate hikes? Alan Greenspan, the same man Bush referred to as a "superb economic manager"? Yup. Blame anybody but Bush. Repeat after me: Anybody but Bush. Anybody but Bush. (Is Neil Cavuto an activist anchor?)

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