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Hurray for the Robber Barons!

Reported by Melanie - January 13, 2007 -

Ever since the November election, Fox's "business news" propagandists have crusaded against rescinding George Bush's tax cuts for the rich. They, like many pundits, speak from the perspective of the hugely wealthy ruling class, which is trying to protect its own interests by convincing the masses that if the cuts are rescinded, the economy will collapse and the public will be left without the jobs the rich so benevolently provide.

An exchange today (January 13, 2007) on "Bulls & Bears" encapsulates Fox's message and provides an example of the kind of language Fox is using.

Over a chyron that read, "Tax Hike on the Rich: Good or Bad for the Economy?" Brenda Buttner posed this question to Scott Bleier:

Do you think Wall Street might be interested in the fact that the rich will not have as much money? That there's not as much cash out there to invest?

Bleier:

Cash out to there to invest? Let's talk about robber barons for a second. Robber barons built some of the greatest industries in the world...but that's besides the fact. For 25 years we have had an extraordinarily wealth-creating economy and stock market. Why? Because Ronald Reagan, love him or hate him, slashed taxes and incentivized business. If you reverse that; if you make a socialist economy where you take from the rich and give to the poor, you will create the next bear market.

If Bleier had added that millions of jobs would also be lost, another claim frequently made on Fox, he would have summed up Fox's message perfectly.

Comment: Bush Tax Cuts Favored the Rich, Study Confirms.