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Beware Fox's New "Business News" Channel

Reported by Melanie - February 16, 2007 -

If the way Neil Cavuto covers "business news" on his show You World w/Neil Cavuto is any indication of the job he will do overseeing the content of Fox's new "business news" channel, you can bet there won't be much content to be found. Something that happened on Your World today (February 16, 2007) illustrates my point.

This morning the Commerce Department reported the January housing start numbers. They weren't good. Google "housing starts" this afternoon and you will find articles that use words like "plunge," "plummet," "falls sharply," and "lowest level in nearly a decade."

And of course, the articles provide the details.

What did Cavuto say about this today? Twelve minutes into his show he had a FOX NEWS ALERT. The screen showed a live-shot of the "big board" at the New York Stock Exchange and a closing number of +2.56 points. The chyron at the bottom of the screen read: "Dow Closes at Another All-Time High," and Cavuto said this:

Well, we said it looked like a record at the top of the show. Indeed it is. The industrials finished up, ah, 2.5 points. Good enough for a record. The third in a row. It was buoyed, believe it or not, by a weak economy. Some economic numbers out today that showed some softening, particularly in housing but that reignited hopes that the Federal Reserve certainly wouldn't want to raise rates in this environment.

One of Cavuto's mantras is that the "liberal media," in a vast left wing conspiracy to bring down George W. Bush, only reports the bad economic news. Problem is, in his attempt to prop George W. Bush up, Cavuto reports the bad news in this vague, dismissive way. He reports just enough to squeak by and he leaves out the meat. So if you are going to make financial decisions based on what you see on the new Fox "business news channel," good luck.