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Want to Invest in a Red-White-and-Blue Stock? Buy Wal-Mart!

Reported by Marie Therese - May 16, 2006

Last Saturday [5-13-06] FOX News aired what has to be one of the wackiest segments I've seen to date. The Forbes on Fox panelists just couldn't get the hang of the exact translation of "all-American" - with some surprising results!

Host David Asman started off the segment by saying that billionaire Warren Buffet was "betting against America" because Buffet has been "putting some of his billions ... into foreign companies right now 'cause he thinks our money is gonna tumble in value and our economy will stumble."

He then asked the panelists to give suggestions for "red-white-and-blue" American stocks to own. The answers were astounding.

Jim Michaels started the ball rolling by recommending Wal-Mart, China's best friend and biggest customer! As part of his rationale Michaels said: "Wal-Mart is gonna benefit whether the dollar is strong or the dollar is weak. It's growing use of stuff overseas is going to bring in the money even if the dollar is weak." (Yeah, Jim, Wal-Mart sure is a great all-American stock!)

Rich Karlgaard, Forbes Managing Editor, recommended Advanced Micro Devices (AMD), saying "I believe in globalism and free trade and AMD is a global company so you can play the global market with an American company." (Hey, Rich, weren't you supposed to recommend an AMERICAN stock? AMD has many of its factories overseas and is on Lou Dobbs' list of companies that have exported American jobs to foreign lands.)

Lea Goldman suggested that Citigroup as a great buy. David Asman jumped in to say "It's all-American." (Well, that's not quite true. According to its own website, "Citigroup Inc. is today’s pre-eminent financial services company, with some 200 million customer accounts in more than 100 countries." Hardly sounds all-American to me!)

Mike Ozanian's selection, however, took the prize. He told FOX viewers to invest in Warren Buffet's Berkshire-Hathaway company!! At this point I just burst out laughing at the hypocrisy of this entire segment on the channel that bills itself as "The Most Powerful Name in Business"!

Afterwards, though, I felt sad.

There was a time when business advisors like the Forbes on FOX panel would have had a plethora of solid, profit-making American manufacturing companies to recommend to their audience.

Now all they can do is pretend that an address in the United States qualifies a company to be called "American"!

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