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Fox: Wall Street Will Come to Love Rudy

Reported by Melanie - October 30, 2007 -

It was Rudy Giuliani day today (October 30, 2007) on Your World w/Neil Cavuto. Cavuto aired a fairly long (taped) interview with him during which Rudy bashed the Democratic candidates' health care plans, with particular emphasis on Hillary's. "Dems want to destroy health care in order to fix it." He talked about the "trillions" of dollars Democrats want to raise in taxes. It would "damage our economy," and we would, "have a large number of jobs that flee the United States." And he talked about the Yankees and CEO pay (leave it up to the shareholders). Following his interview, Cavuto held a roundtable discussion with his "market pros" to debate whether Giuliani is the candidate Wall Street "is pulling for. Three of the four participants were wildly in favor of Rudy while the fourth predicted doom if Hillary is elected.

(I guess the field has already been narrowed down to Rudy and Hillary.)

Cavuto introduced the "pros" with: Rudy Giuliani, the GOP presidential candidate, "telling me today that the Democrats' plan to hike taxes would be a disaster for Wall Street. How does the street feel then, about Rudy's plan?" (Rudy's "plan" is to force (how, I don't know) uninsured Americans into private insurance plans which, according to him, will bring the cost of insurance down. I think they said that about HMO's too.)

Brenda Buttner, a senior business correspondent, said, "Well, I think that Wall Street likes Rudy very much because the main rap against him among Republicans is that he may be socially liberal -- frankly, Wall Street doesn't care anything about that. It's the pro-business stance that it likes and as mayor, he's been a chief executive. He's been very strong on defense, as we know very well, so I think Wall Street would check a box next to his name."

Next came Gary B. Smith, who joined Fox in l999. He said he'd take the "totally opposite view." "I think Wall Street realizes that with Hillary in charge and a Democratic congress, there is gonna be a heck of a lot of taxes as Mayor Giuliani points out, but even more spending. In 2008 alone there's supposed to be $1 trillion in spending alone. If I'm on Wall Street, I want to get a share of that pie! And in order to get a share of that pie, you've gotta cozy up to your enemy even though you might not like her in this case. So I'd be supporting Hillary left and right in hopes that I could get some of that good government bonding."

Tobin Smith, a "contributing market analyst" for Fox spoke next. He acknowledged that Wall Street is contributing to the Clinton campaign but he said they're just "hedging their bets" and since she's from New York, "you almost have to do that." Giuliani, "has a fantastic health plan idea and if Hillary's tax increase doesn't kill the economy, her health plan would." Wall Street is "maybe hedging their bet now, but in the cold, cool, hard light of day, they're going to see that Rudy is pro-business, pro-growth, and pro-Wall Street. They will come around."

Patricia Powell, the only person not on Fox's payroll, spoke last. She said Giuliani, "came out very strong, showing how well he understands how an economy works, how well he understands tax policy." "You can have almost any social policy but if you have a shrinking economy, you can't accomplish anything."

Comment: According to Bloomberg, Hillary Clinton brought in $748.896 from Wall Street firms last quarter. Giuliani, $149.925. That's some hedging of bets. Ah yes, another "fair and balanced" debate in which Fox pushes it's agenda instead of reporting the facts.