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Fox Covers for Bush After Bush Reneges on His Promise Not to "Bailout" Anyone in the Subprime Mortgage Mess

Reported by Melanie - August 31, 2007 -

On August 8, Fox's "premiere business news" guy, Neil Cavuto, conducted a much-hyped (both before and after) interview with George Bush during which Cavuto asked Bush about the subprime mortgage mess. Bush said plainly and firmly, that, "No, I'm not for a federal bailout. ... Let the market work." So what's Bush's propaganda network to do when, three weeks later, Mr. Macho Gunslinger goes back on his word, decides not to "let the market work," and offers a bailout?

In a speech today (August 31, 2007), Bush, "offered help to homeowners who can't pay their loans," which even the Bush-loving Forbes referred to as a "bailout." According to the "Financial Times" Bush's proposal will benefit people who are having trouble paying their mortgages: Allen Fishbein, Director of Housing at the Consumer Federation of America said, "This could save Americans who are delinquent on their loans hundreds of dollars a month on their mortgage payments." "This would open up a significant new channel to at least some borrowers who are seriously delinquent on their loans," he said.

Sure sounds like a "bailout" to me. So what's the Bush News Network to do? Use just about every other word in the English language to describe what Bush did, except the word, "bailout." After all, not only did Bush say what he said back on August 8, but Cavuto has been pounding his desk for weeks now about personal responsibility, and how it's too bad if people are too stupid to read their purchase contracts, and you don't want your tax dollars being spent on your neighbor's mortgage, now do you? But it looks like Bush is going to do just that so...

As the show opened, the chyron at the bottom of the screen said that stocks soared as Bush, "takes steps to help" homeowners.

Reporter Cheryl Casone said Bush was offering, "help to distressed homeowners," but this is no bailout, "as he told Neil" last month.

During an interview with Deputy White House Press Secretary Tony Fratto, during which Fratto said we "want to help distressed homeowners," and, "you have to marry the interests" of homeowners and lenders, the chyrons read, "Stocks Soar as President Bush and Bernanke Address Mortgage Mess," and, "White House Plan to Help Homeowners with Risky Mortgages."

Later, during a roundtable, the chyron referred to Bush's actions as "Pres. Bush's Housing Plan," and Cavuto referred to it as, "a restructuring," "government intervention," and, "the President's action regarding housing." Tracy Byrne, of the Murdoch-owned New York Post called it an, "offer, a proposal."

Later, Fox aired a promo for tomorrow's "Cost of Freedom" block of "business news" shows. One of the topics to be discussed, according to the graphic, is "Bush Housing Plan: Stock Market $avoir?"

At the end of the show Cavuto read some email, introducing those about the mortgage mess, with, "the President kind of to the rescue," of the mortgage industry. Closing the show he again promoted tomorrow's "business news" shows by saying that so much is going on, and he's so excited because he'll have "much more on the President's new homeownership plan."

I wonder how long Fox can keep this up. After all, there are only so many ways to say bailout without saying bailout. Sooner or later (I think), Fox's audience will be hip to the fact that this is a bailout and eventually Fox will have to use that word. I'll be sure to let you know how they spin that.

Have a great weekend everyone.