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More Pollyanna Propaganda from the "Don't Worry, Be Happy" News Channel

Reported by Marie Therese - October 19, 2006 -

On Monday, October 16th FOX & Friends First introduced a daily, smiley-face segment called "Cheer Up America" in an effort to boost the morale of those Americans who are feeling less positive these days. (Gee, I wonder why?) Today the topic du jour was the record-breaking Dow. "This morning America is waking up with a smile," commented host Steve Doocy. "The Dow has hit the 12,000 mark for the first time in its 110-year history. OK, that's a big number, but what does that mean for you and me?" Doocy & co-host Lauren Green then introduced Jerry Bowyer, an "economic advisor and financial columnist for National Review Online" who joined them from Pittsburgh. Bowyer was all gushy about the economy while tossing in some GOP talking points. However, FOX left out a big chunk of his resume.

Bowyer worked for the now-defunct Arthur Andersen accounting firm, but left the company 7 years prior to its demise as a result of the Enron scandals. He hosts a syndicated show for Pittburgh's Christian station, Cornerstone TeleVision, which is carried by SkyAngel. According to his website: "In 1993 Jerry was given the opportunity to form Pittsburgh’s first free market think tank. Drawing upon his business and financial experience and merging it with his interest in political activism, Jerry created the Allegheny Institute for Public Policy. In three years the Institute’s budget went from zero to $1 million, which, according to the director of the Atlas Foundation (which is dedicated to analyzing and tracking free market think tanks around the globe) makes it the fastest-growing free market think tank in the history of such institutions."

Comment: What Bowyer left out of his bio is the fact that the bulk of the funding for the AIPP has come from the same ultra-conservative foundations that have spent tens of millions of dollars setting up think tanks as part of a cohesive plan to dominate the political landscape, namely, Carthage, Sarah Scaife, etc. (For more information on AIPP's funding stream, go to MediaTransparency.org.)

Bowyer works for Salem Communications in a number of capacities, chiefly as the (former) afternoon host on WORD FM in Pittsburgh. He also served as the Chairman of the Board of Impact Total Return Portfolio, a four star-rated mutual fund and also as chairman of its investment committee. In addition, he founded Newsmakers Productions Inc., and its research and consulting arm, Verity Research & Media, which produces Pennsylvania Newsmakers, a politics and public policy forum. Bowyer is a financial advisor to Independence Portfolio Partners.

Comment: Salem Communications Company has deep ties to the Republican Party and the Bush administration through its association with the Council for National Policy (CNP), a highly secretive organization that was founded by Rapture Christian author Tim LaHaye. In March 2005 Alternet published an expose of CNP written by Sarah Posner of Gadflyer, in which she writes:

And while the mainstream media is asleep at the switch, CNP members' access to conservative media outlets enable them to collaborate and disseminate their propaganda. One example is [Brent] Bozell and the Media Research Center, the mission of which is "to provide the conservative movement with the marketing and public relations tools necessary to deliver its message into the 21st century." Another example is that five directors of Salem Communications Company are or have been officers and directors of CNP: Salem's president and CEO, Edward G. Atsinger, III; Stuart W. Epperson (host of Truth Talk Live, a radio show broadcast on Salem's radio network); Roland S. Hinz (who is also president of Hi-Favor Communications, which has purchased radio stations from Salem to implement a Christian format in Spanish); [Donald] Hodel [former Reagan cabinet member, Presiden of Dobson's Focus on the Family]; and Judge Paul Pressler (a retired Texas judge who has made a career of advocating a conservative resurgence in the Southern Baptist Convention)..."

As you can see, Jerry Bowyer is up to his armpits in the ultra-conservative, radical Christian agenda. However, to FOX News Channel he is merely an "economic advisor" who happens to write for the online edition of the National Review!

And what did this "advisor"have to say? Here's a partial transcript.

LAUREN GREEN: Jerry, I mean, what does it mean for the average American? Does it mean I can buy a house, now, or does it mean I'm just going to be happy?

Comment: When I woke up this morning, the thing I was most concerned about whether or not to turn on the heat. Given the price of gas these days and the dropping temperatures, that's a major economic decision, one that must be made several times a day.

JERRY BOWYER: Well, it depends on which average Americans we're talking about. If we're talking about the average Americans who sort of bought in to the good news about the economy and were invested in the Dow, well, its great. They're richer. They're wealthier than they were. If we're talking about the average Americans who read a bunch of doom and gloom news and watched tele - network television news - and were told constantly that America's being outsourced away or that global trade is going to hurt us or that deficits are destroying the economy, well, it's kind of bad news because ya' missed out on a 4,000 point gain in the Dow.

STEVE DOOCY: That is, if you would have bought at the very bottom of the market.


DOOCY: The Dow dug itself out and it went way up. Let's say, Jerry, you invested something like $10,000 at the bottom of the market, how much would that be worth today, if you did one of those indexes to the Dow or to the S&P 500?

BOWYER: Well, um, roughly, you did about 50% - a little less than a 50% return - so, roughly, ten thousand turned into fourteen to fifteen thousand.

DOOCY: Spectacular.

GREEN: That's not bad. And the 401Ks - about the same?

BOWYER: Well, a 401K is a tax category, so you can put a lot of different things into a 401K. You can put stocks or bonds. If you - let's say you're in a 401K plan at work - and you said "Alright, I'm gonna load up on stocks" - you know they give you a little sheet and you can choose whether you want - whether you're willing to take a risk and invest - or whether you want to hold back and do lower risk.

DOOCY: Right.

BOWYER: If you took the risk, you did extremely well.

DOOCY: Absolutely. Hey, Jerry, back during the Clinton years, everybody was talkin' about, ah, President Clinton has brought us such great economy for - economic times for our country. Now, we're actually at the highest level in history, people should be wakin' up with a smile, as I said a moment ago, and yet, why is it George Bush and the current administration doesn't get any credit for the financial atmosphere that's provided this?

BOWYER: Yeah. It's a good - good question. The birthday boy [Steve Doocy] is right on target this morning. (Doocy giggles.) People can say whatever they want about press bias. I mean, some people are saying that, you know, if - if there's a Republican in the White House, you know, the press isn't gonna give any credit for good economic performance.

Comment: Here's why Bush is getting exactly what he desrves from the American people: The largest trade deficit in history. The largest deficit in the history of the United States. A Congress that abandoned pay-as-you-go. OPEC owns 32% of our debt. China owns 15%. (View image). While the price of a gallon of gas has gone down, it's a whole lot higher than it was a year ago. A wobbly, possibly collapsing housing market. And an awful lot of people who used to make $60,000 a year working in manufacturing now making $15,000 workin' for the likes of Wal-Mart. Corruption in the halls of Congress. Almost 50 million people without health care insurance. Millions of parents who stare into the eyes of their children, knowing that they will not make as much money or do as well as their father and/or mother. Record numbers of high school and college graduates living at home because housing is too expensive. Two endless wars that we're losing. The Katrina debacle and the unsettling realiziation that you can't even count on your taxes being spent to rescue you in the case of a natural disaster. But Condi can afford to buy Ferragamos and attend a Broadway play while thousands of her race are left to die in New Orleans. Hurricanes. Floods. Mine explosions. Terrorists around every corner. Yeah, things are just hunky-dory.

Bowyer went on to explain that the Clinton era companies didn't have good earnings growth, so investments were made in "hollow" companies, because "the press was puffing it". But, according to Bowyer, since today's companies have good earnings, the stock market is much more stable and, in fact, "undervalued". Bowyer concluded his analysis by saying: "You have so much negative press about the economy that a lot of people, who don't really know what's going on, sort of buy into the negative press and still aren't invested, so I think this has more to go."


Today Citigroup announced its net income dropped 23%.

GM and Ford are on the ropes.

Hewlett-Packard in embroiled in a huge legal action involving illegal spying.

NBC is slashing employees.

The SEC is filing charges against Delphi, the auto parts maker, who may not survive the dissolution of GM.

Companies are restating earnings because of their questionable back-dating of stock options.

Wal-Mart is facing many lawsuits over its alleged mistreatment of employees.

American companies are buying up Chinese companies as fast as they come on the market, but not building and investing in new plants here in the United States.

The President claims almost daily that he's reduced the deficit, conveniently forgetting to mention that a big chunk of that revenue came from taxes paid by Big Oil's on its obscene profits.

It would seem that the "state of denial" is not limited to the Oval Office. It's alive and well on FOX News.