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Buttner Back to 'Sky is Falling' on Wall Street if Dems Win

Reported by Judy - October 29, 2006 -

Brenda Buttner needs to make up her mind. Last week, she argued that Wall Street hoped Democrats would win control of Congress in next week's election. This week, Buttner opted to terrorize her viewers with the thought of Nancy Pelosi as Speaker of the House.

Buttner began her show on Saturday (October 28, 2006) with the explosive teaser: “Speaker Pelosi. If Democrats take the House, she’ll be in charge. Why some on Wall Street are worried she’ll launch an all-out assault on Corporate America.” After a commercial, Buttner reinforced the point with, "Will Corporate America be squarely in her cross-hairs?"

Then Buttner went to her panel. True to her pattern, she asked Charles Payne, of wallstreet.com, if Pelosi was anti-business or pro-business.

The sycophantic Payne responded, "Anti-business. She would be such a disaster. She is very dangerous. … America, if you vote her in you’re going to have higher gas prices, fewer cures, and by the way less money in your pay check. So I hope people realize that.”

Payne always gets to go first because Buttner knows that he will agree with whatever anti-Democratic point she makes in her "question." Payne would be more effective as a propagandist if he were less predictable, but the poor guy can't help himself.

Buttner did have a Democrat on to respond, Laura Schwartz, a Democratic strategist who has been making the rounds of a lot of Fox News shows lately. Schwartz did a credible job, noting that Americans already have less money in their paychecks in many cases because of Republican policies. And she insisted that Nancy Pelosi is not going to hike taxes (as Buttner's panel noted just a week ago, they could not do that without George Bush's cooperation and his tax cuts to the wealthy don't expire until 2010 anyway.)

Schwartz also said Democrats want to implement the recommendations of the 9/11 Commission, negotiate with drug companies for lower prices, and concentrate on collecting $300 billion in uncollected IRS taxes.

Then it was on to Gary B. Smith, of Exemplar Capital. Last week, he said a Democratic take-over of the House was exactly what Wall Street wants because it would cause paralysis in government. This week, he sang a different tune, claiming Pelosi would be a "disaster for business." Then later in the program, he said again Wall Street would like split government. Would you take investment advice from a guy who flip-flops like that?

Only Pat Dorsey, of Morningstar.com, was consistent, claiming, "I just don’t think it makes a whole lot of difference either way" if Demcrats control the House. As for the boogeyman Buttner was trying to create, Dorsey said, "I don’t think Pelosi is nearly the danger that Republicans are painting her as” nor are Republicans as dangerous as Democrats claim.

Buttner did her best to undercut the effect of Dorsey's moderate comments, noting, "I don't know" as she went to her next panel member, another right-winger, Tobin Smith, of Changewave Research, who claimed Pelosi will "scare people back to Republican."

Again, Schwartz tried to calm the foaming-at-the-mouth Republicans on the panel, telling them Pelosi has said she will govern from the middle and that she will preside over a caucus made up of many new moderate members of Congress.

Scott Bleier, of Hybridinvestors.com, dismissed that, claiming Pelosi "wants to split the country even more."

Dorsey laughed, noting, "I'm just trying to imagine a voting public more polarized than we are now. We're all going to be living in Antartica or Alaska."

After a break, it was back to Payne, who claimed that record levels of the Dow are predicting that Republicans will win on Tuesday.

Dorsey found that funny, too."I've never seen one shred of data showing that consistently the market predicts elections better than a poll does a week ahead of time," he said.

Claimed Payne: "The market predicts everything better than polls do." Dorsey laughed out loud this time.

Dorsey's response is the only possible one for this show. One week, Buttner suggests Wall Street wants Democrats to win. The next week, she says a Democratic victory would be a disaster. What will she do if the Democrats win and the stock market goes up the next day?