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Cavuto's Panel Sings Praises of FOREIGN Growth and FOREIGN Investment. American Economy Only an Afterthought.

Reported by Marie Therese - July 22, 2007 -

Yesterday morning the Cavuto on Business panel sang a hymn to foreign investment, foreign growth and foreign profitability. Unfortunately, the self-satisfied FOX Business crew seemed to forget the American economy, the American worker and the American dream. With the sole exception of a few passionless sentences from Ben Stein, noting that the divide between rich and poor is the largest since 1929, the panelists waxed enthusiastic about the wonders of Dow 14,000. They painted a rosy picture of endless wealth, generated by foreign countries, not by American innovation or American manufacturing or American workers. That's probably because they all know that America's manufacturing industry has dropped off catastrophically since the era of Ronald Reagan. With video.

At one point Ben Stein called himself the oldest Republican on the panel, implying that the others were also members of the GOP.

Cavuto introduced Alexis Glick, the "star" of the new FOX News Business Network. Glick used to work for NBC and CNBC but is now the Director of Business News. She credited the global economy for the run-up in the market. "If you look at the growth right now in earnings, much of that growth we are seeing in overseas markets. If you look at overseas markets as well and you look at technology, 500 million households right now are connected to the internet. Half of them live in emerging worlds." She went on the say that the war in Iraq is "winding down" and that is making "Americans feel better."

Tracy Byrnes, who works for the New York Post, another Murdoch-owned entity, hopped on the rose-colored bandwagon saying "I think we also have to give credit to the consumer, to people like us. As long as we're employed, we're gonna go out there, we're gonna keep spending and shopping and taking our kids out to dinner and that helps the economy move along as well. ... Foreign money is pouring into this country faster than ever before. This is still a very safe place to invest so you have all this money coming in. Couple that with the fact that you have all the M&A activity going on, so you have all this money fighting over less stocks which is actually pumping stock prices up."

At this point Ben Stein complimented Ben Bernanke and the Fed for low interest rates and the good market, then paid lip service to the fact that there are a lot of Americans who are not benefiting from the stock surge. In other words he verified what most of us already know, that what happens in the stock market has very little relevance to or impact on the lives of ordinary Americans. Later in the show Stein would claim that both the war in Iraq and the war on terror were "dismal failures."

Cavuto did not bother to argue with Stein when he noted that the divide between rich and poor is at its largest since the Great Depression. However, when he dared to suggest that the Bush administration had botched up the war, Cavuto objected strongly. It was obvious that the FOX host cared more about politics of the war on terror than the economic well-being of the average American.

Charles Payne argued that we are experiencing a "Bush rally" that has "exploded" since the onset of the war in March 2003. He went on to credit Bush with the success of the global economy and the peaceful prosperity of Europe.

Pat Powell agreed, claiming that Bush has been a "very business friendly" leader.

Neil Cavuto then attempted to create the false image that he is somehow separate from Wall Street by referring to the stock traders as "knuckleheads," which of course is ludicrous since he is intricately and intimately involved on a day to day basis with those self-same "knuckleheads."

Alexis Glick restated her initial contention that Wall Street is no longer deeply connected just to the American markets, saying "I think if you look at Wall Street environment - I talked to a couple of Wall Street strategists yesterday - their big area of focus is the global economy. It's where they're seeing revenue growth. They see opportunities over there in spades, more so that over here, and look how many jobs we're farming out, look at in the services sector. ... The point about the weak dollar is - yes, the dollar has been very weak but on the other hand tourism here in the United States is phenomenal. People are coming here. They're spending a lot of money here in real estate and consumer services."

Charles Payne predicted a Dow that could go as high as 18,000.

COMMENT

People like Cavuto, Powell, Stein et al don't give a flying fig for the Wal-Mart workers who are struggling. They know that most of the jobs created by George Bush (and before him, Bill Clinton) are low-paying service jobs.

Even though they reside in America, when it comes to business, they think of themselves as "global" citizens.

"Lesser" Americans have value to them only if we continue to consume.

The minute we stop buying or they think their tycoon lifestyles are threatened, they will move to another country. For example, when faced with a possible inquiry, the CEO of Halliburton announced that he planned to move his family to Dubai. His reason? Halliburton does more business in north Africa and Europe than in America.

Sadly, FOX News Channel and right wing-radio have successfully pulled the wool over the eyes of the very Americans who have reaped the fewest benefits from Bush's pro-business, anti-worker policies.

What do people like Cavuto care if America's growth slips or even crashes? They've already converted their dollars to euros. They'll just continue doing what they've been doing, raking in the money from Middle Eastern oil futures and Chinese chatzkies.