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Fox Shields Bush Administration from Credit Crisis - Blames Dive in the Dow on Osama bin Laden, Cheney's Irregular Heartbeat & Democrats

Reported by Melanie - November 26, 2007 -

Neil Cavuto, Fox's "business news" anchor, opened his show today (November 26, 2007) with a FOX NEWS ALERT and the following announcement over a chyron that read, "Stocks Sell Off Amid Word of New UBL Tape, Cheney News."

Well, few people saw this coming. Wall Street tanks as UBL [that's Fox for "Usama bin Laden"] prepares to speak. The so called media wing of al-Qaeda saying moments ago that Usama bin Laden [sic] will release a message. We do not know if it will be a video/audio tape but it is expected to be a message for your [sic].
Now, word of the pending statement rattling stocks already whipsawed by big selling in big banks rumored to be on the verge of reporting even bigger losses. Then we had the news that Vice President Dick Cheney has an irregular heartbeat that will require immediate medical attention and that's pretty much all traders needed to simply sell first and ask questions later.

Here is, again [shot of the 'big board' at the NYSE], where we stand on the day. Before we get to Wendell Goler I do want to show the big board again, down 244 points. We have an official 10% correction from our highs. Again, a 10% closing correction from our highs, something we have not seen in the five years of this bull market. We've had it intra-day; this is the first time we have done it on a closing basis and many argue that with that correction it could be a buying opportunity -- anyone's guess. Still, volume picked up in the last half hour of trading and the selling picked up as well in the last half hour of trading, virtually wiping out gains on the year, nominal gains as we speak, on the year.

Now, as promised, my friend Wendell Goler outside the White House with the very latest on another issue rattling these markets, the health of the Vice President of the United States.

Granted, at approximately 4:25 ET Cavuto hosted a roundtable discussion about how serious the credit crisis is becoming but if you didn't stick around for that, or if you weren't paying attention, you thought the dive was due to "UBL" and Cheney's heart condition. Then again, if you were paying attention and heard what the roundtable participants said, Cavuto put a chink in that at the end of the show during his "Common Sense" segment titled: "Taxes are going up and you should be worried." There, he lamented that Republicans, like Trent Lott, who could block a supposed plan by Democrats to raise "your taxes" through the roof, are leaving congress. Signing off, Cavuto said he'd explore that "in greater detail" on the Fox Business Network -- "whether this was a catalyst behind the big selling today."

Comment: This afternoon I watched CNBC for approximately three hours and I hit the big business news websites, all of which are conservative. The "UBL" tape, Cheney's heart problem and/or the Democrats' alleged zeal to raise "your taxes" didn't figure into the discussion about today's dive. What's happening with this "credit crisis" is very, very worrisome and serious but, as usual, the Bush administration is apparently going to "let the market work," which seems to be making Wall Street quite nervous. Someone said the situation feels "rudderless," which pretty much defines everything the Bush administration touches but far be it for Fox to let on about that.