It Was a Terrible Day on Wall Street but Neil Cavuto Blew it Off
Reported by Melanie - January 4, 2008 -
So far this year, the stock market is getting off to its worst start since 2000. The economy is "clearly downshifting rapidly.'' Jobs are increasing only "about one-quarter the rate forecast by economists." I heard one trader today (January 4, 2008) on CNBC say something like "everything's unraveling" as he watched the Dow dive 256.54 points. So, how did the anchor of Fox's "premiere business news" show cover this today? He essentially didn't. See the video below.
Your World opened with a FOX NEWS ALERT and this from Neil Cavuto, the Managing Editor of Business News at Fox (he does a lot of editing):
To California on alert right now. A blizzard warning in effect. Ten inches of show, 150 mile per hour winds. Torrential rains. That is what that state is facing at this hour. Already, thousands are without power and now the fear of mudslides. More on just how bad things could get in a moment.
Another FOX NEWS ALERT and then this from Cavuto:
To another storm. This one on Wall Street. The Dow diving more than 250 points, now back below 13,000, first time we've seen that since November. What started all of this -- a weak jobs report -- which raised fears of a recession. The President drafting a package to goose the economy that could mean more tax cuts and on the day the industrials down to 12,791.07 already this young year, off about 5%. Much more on this in a minute.
Comment: But no, that was it. There wasn't anything more -- not a thing -- much less much more. The guy intentionally lied.
Cavuto spends his days touting the wonders of capitalism, the "free market," and the Republican way of doing business, but when those policies begin to collapse the economy, he protects the very people who created the mess because his first allegiance is to them, not to his viewers. Watch Cavuto, he'll lie to you and treat you like an idiot, which you are if you think you're getting anything close to "business news" from him.