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Business News On Fox? Depends On The Guest

Reported by Donna - February 28, 2007 -

Business news on Studio B differs greatly depending on the guest. When Terry Keenan is on everything is good news. Today she pointed out that during the show when it was a postive 86 points on the Dow and said it was nearly 200 points up from it's worst yesterday. (She was counting the 120 or so it recouped from it's worst yesterday and the plus 80 or so it was today)

However, whenever Patricia Powell from the Powell Financial Group was on you got another story.

Smith said that new home sales were off 16% last month. This is the biggest monthly drop in 13 years. Ms. Powell said the economy was slowing. She said foreclosures were up and there were problems in the sub prime lending market. She spoke about the GDP (Gross Domestic Product) not being as good as they thought it would be for the last quarter. She said it rose 2.2 instead of 3.5. She says if it slows and goes into the negative category that it could go into a recession.

She also warned about people who had locked into good rates of 5.5% adjustable mortgages were now going to be hit with 12% mortgages (approximately 2 years later) , making their payments go up by around 75%. She said this is why foreclosures were up.

Comment: Of course Terry Keenan works for Fox and Patricia Powell doesn't. Maybe this is the reason that things are all cheery when it comes to Ms. Keenan and then you get the real story of the economy from Ms. Powell.