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Fox: Newt Gingrich Brought us the Wall Street Boom!

Reported by Melanie - July 18, 2007 -

As you can imagine, Neil Cavuto is loving the fact that the Dow is hovering around 14,000. His show includes FOX NEWS ALERTS and banners and lots of chatter about the new high but Mr. Fox Business News has a hard time explaining the tough issues. For example, "economic woes" sums up the drop in the value of the dollar and the sub-prime crisis is something "kinda stinky."

And on a day like today (July 18, 2007), when Federal Reserve Chairman Ben Bernanke says, "Rising delinquencies and foreclosures are creating personal, economic and social distress for many homeowners and communities, problems that likely will get worse before they get better," Cavuto sums it up by telling his audience they can "blame" Bernanke for the drop in the Dow but he doesn't tell them why or precisely what Bernanke said.

He does however devote considerable time and effort to talking to his audience about how we got to Dow 14,000. For example, last Friday, Michael Reagan was Cavuto's guest. Reagan was on to talk about how it was his father, Ronald Reagan, who "set the stage" for today's "great market and economy."

Monday, Cavuto's first segment featured Michael Steele, the chair of GOPAC. Steele was on to tell Cavuto's audience that the current crop of GOP'ers are the heroes and should go on the offensive -- tout the roaring economy and the hot stock market. You know, they should take credit for it and they should trumpet George Bush's role in it too (tax cuts).

Then today we learn that no, it wasn't necessarily Reagan or today's GOP'ers who worked their magic, it was Newt Gingrich! Yes, 'ol Newt lead the show today in a segment suggesting that today's "Wall Street boom" started with his "l994 GOP revolution."

So there you have it folks. We don't know precisely which Republican set the stage for today's "great market and economy," but we do know Republicans -- one or more -- deserve the credit. But when that pesky dollar or that "stinky" sub-prime crisis reaches out and grabs us, I'll be in touch. I guarantee Cavuto will have plenty to say about those things then, but Republicans will be out of the picture.