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Foot in Mouth Disease #1: Steve Doocy Gets It Wrong

Reported by Marie Therese - June 9, 2006

At 6:01 AM EDT on June 8, 2006 (Thursday), FOX & Friends host Steve Doocy did his bsaid the following: "How is the world reacting (to the death of al-Zarqawi}? Well the world markets, when it comes to oil, likes this news and, in fact, for the first time in a while oil has dropped below $70 a barrel in anticipation that the war on terror has taken out one of the world's biggest terrorists." At 8:33 AM EDT, he expanded on this claim, telling guest Dan Senor "... When it comes to the world community and the issue of money and the flow of oil, obviously, taking down Zarqawi has been good news because the world markets have taken a look at the news and the price of a barrel of crude has dropped over a buck, under seventy bucks, big news because they must feel that, if Zarqawi's out of the equation, the pipelines are safer."

Apparently Doocy was monitoring a different Dow futures market than the one I was. CNBC showed that the market was going to open in the negative column. As it turned out that was correct. The Dow opened and stayed in the tank for most of the trading day, only staging a last minute rally to close a WHOPPING 7.92 points higher to break a four-day losing streak! However, Doocy deliberately did not cite the stock market numbers, I believe, because he was fully aware that, as CNBC noted, the market was not focused on al-Zarqawi but on the threat of higher interest rates and slower growth.

Additionally, even his glee at the cost of a barrel of oil proved to be premature. According to the June 8th edition of Marketwatch.com, "After trading below $70 a barrel for much of the session, crude-oil futures closed above that level Thursday, as traders absorbed the news that the leader of al-Qaida in Iraq had been killed and worried that his death may trigger renewed violence throughout Iraq." Even though he gave the impression that it had been a loooonnnngggg time since oil dipped below the $70 benchmark, that event actually occurred less than two weeks ago.

NOTE: Post corrected. Original posting did not make it clear that it was the futures market I was watching on CNBC. Obviously, the NY Stock Exchange had not yet opened. Heads up to truthteller for the catch. - MT

SECOND NOTE: Post expanded to include Doocy's second quote at 8:33 AM EDT. - MT

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