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Average Americans Left Out of Neil Cavuto's Life Styles of the Rich, Dow 14,000 Party

Reported by Melanie - July 19, 2007 -

All this week Neil Cavuto has, of course, been raving about the Dow approaching, and today (July 19, 2007) hitting, 14,000. His theme throughout has been that this is wonderful, great news and he has had the likes of Donald Trump and Steve Forbes on to reinforce that notion. It has been a week of watching the ultra-rich having a party, without any apparent regard for the average Joes and Janes who are watching. The most outrageous segment aired today, when Jon Huntsman, Sr., the founder of Huntsman Corporation and a member of the Forbes 400, came on to talk about how his company has expanded and profited, while at the same time insinuating that America, as a whole, has benefited.

Cavuto opened by asking Huntsman whether the rally in the market will continue.

Huntsman said, "We have to remember that America is part of a remarkable global economy. Some countries...are exploding. We have a Middle East exploding. We have emerging countries doing better than they have ever done historically. So, America, for the first time in history, is now, Neil, the beneficiary of all of these countries' economic expansions and developments. I think it is a wonderful time."

Huntsman continued after Cavuto asked what's driving all this: "Companies spent the last ten years to globalize. You look at our company ten years ago and we were 95% in the United States. Today, we're 25%. Doesn't mean because we don't love America. We love America, but we have to go where the markets send us and we're 50% in Europe and the Middle East, 25% in Asia. So, you look at these companies that have their base in America, have their innovation in America, have their base management in America, and we've become globalized enterprises and in that context Neil, I think we've become extremely valuable and that's where the world is headed."

Cavuto wondered if it all looked a little "frothy," and Huntsman said, "Well, Yeah." He said, "We're seeing America as part of the great global economy and I say hallelujah, let's keep riding this pony."

Cavuto wondered if it "keeps riding," and Huntsman said he thinks it does. He said he was in China "the other day" and "40 million new people a year move into the middle class...the purchasing class. It's like we're creating a nation the size of France every single year in these countries. As long as this purchasing power comes in Neil, I think we're in pretty good shape going forward."

Comment: The "purchasing class?" Don't you love that? "Consumer" is bad enough but "purchasing class?" Wow, how revealing. And don't you love how Huntsman seems to honestly believe that the profit his company makes overseas somehow benefit us as a nation? Sure, he pays his everyday U.S. employees but the vast majority of it is reinvested -- given to Huntsman executives, to his family, and to his shareholders.

Anyway, I was amazed at the incredible disconnect going on here. I felt like I was on the outside looking in; I was astonished at Fox's arrogance in airing this segment. Years ago I read about a study that found Americans tend to think they have a good chance of becoming rich. People like Cavuto play on that hope when they say things like the Democrats are going to raise taxes on the rich. The "purchasing class" gets upset because they think they might be rich one day and they certainly don't want to have high taxes when they get there. The chance of any of us getting rich is practically nil, of course, but Fox plays on that hope when it airs a segment like this. It's sort of like a "this could be you" piece and if only you worked a little harder you could experience the euphoria of Dow 14,000 too. You could be "riding this pony." But what outraged, no, saddened me, the most -- why, I don't know; this is Fox, the epitome of the corporate media after all -- was to watch this, almost from afar, and realize that this is the state of our "news." I thought it was heartbreaking to see a "news" program, anchored by alleged "journalists," put on parade, for days on end, the likes of Donald Trump, Steve Forbes, and Jon Huntsman, while the vast majority of Cavuto's viewers are living hand-to-mouth, "doing what they're supposed to do" -- yet they weren't invited to the party. Nothing like having a "news" organization rub that in your face.