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Cavuto's Laughable "Reports" on the Highest Oil Prices in History, Gold Going Through the Roof, and Record Lows on the Dollar

Reported by Melanie - October 29, 2007 -

Oil rose to over $93.00 per barrel for the first time in history today (October 29, 2007) and gold could easily hit $800.00 an ounce tomorrow. Oil is up 52% this year due to increased demand, concerns about shortages, especially during the coming winter months, tensions in the Middle East, and the falling dollar. A storm is brewing in the Caribbean and Mexico shut down some of its rigs over the last 24 hours which contributed to today's increase but again, oil is up 52% this year alone. The falling dollar (which hit a record low today) is helping to drive gold prices up as people who might otherwise invest in dollars are turning to gold and other commodities such as tin, copper, wheat, and sugar, which are also going through the roof.

High oil prices could, of course, affect the cost of just about everything from food prices to consumer goods to heating oil to, of course, gasoline. The falling dollar and the flight to gold (and to investments in Asia and South America) is very bad news because our economy depends on foreign investors pouring millions of dollars into it every day. If they go elsewhere -- and who can blame them, we all want the highest return we can get -- we're in trouble. So these issues are extremely important.

How did Fox's "premiere business news" anchor cover them today?

On oil:

"Oil has never been higher...hitting a record today as a festering tropical storm prompts oil companies to shut down some Mexican operations today. The storm likely won't do much damage. Can't say the same for oil, now getting closer to the $100 mark."

On gold:

"That bling is really going to cost you. Gold is now close to 800 bucks the ounce. We haven't seen prices this high since l980."

On the dollar:

" [Not a word.] "

Comment: No perspective. No real context. No discussion about what it all means. Oil is blamed on a storm (per usual) and high gold prices mean nothing more than you'll pay more for "bling." I don't recall Cavuto ever having a serious discussion about the ramifications of the falling dollar, or of high gold prices, for that matter. The new Fox Business Network promised not to confuse its viewers with "jargon," which apparently translates into actual information, a tradition Cavuto established long ago. I can only imagine the wording on the thank you note the Bushies attach to the flowers basket of Ho Hos they send him every day.

Oh yeah, and bear in mind that Cavuto found time to air two Fox News Alerts about the Red Sox arriving in Boston, two segments about "A-Rod" quitting the Yankees, and a lengthy interview with "50 Cent" about his new, customized, Pontiac G8.