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Neil Cavuto Is None Too Happy With a Guest Who Refuses to Cover for the Bushies

Reported by Melanie - January 9, 2008 -

Neil Cavuto, the host of Fox's "premiere business news" show finally got around to talking about the tanking stock market today (January 9, 2007) for the first time since January 2, when he blamed a big drop in the Dow on Wall Street's fear of Democrats. How did he do it without making Republicans look bad, you ask? He couched it in a segment captioned, ""Stocks Off to Worst Start Ever; Blame '08 Race?"

Here's how he set it up:

Alright. Ah, forget today's gains on Wall Street, and they were impressive. So far this young year it has been an awful year on Wall Street, the worst start of trading in market history in fact. Now, what if I told you a large part of it really doesn't have to do with bad mortgages or bad banks or bad news on oil, but maybe this wacky election? Investors just don't know who's going to win and they're very worried what these guys are saying to win.

Guest Matt McCall, of Penn Financial Group agreed, saying the market abhors anxiety and uncertainty; "nobody knows" who's going to win the election. Until we know "who the clear frontrunner is here, the market's going to have trouble going higher."

Lea Goldman, of Forbes said if a Democrat wins, "that's going to translate into higher cap gains taxes. Translate into higher dividend tax rates and that's bad news on Wall Street." Democrats in the White House "scare Wall Street."

Then came Jonathan Hoenig, of CapitalistPig Asset Management. Hoenig, an extreme corporatist (er, fasist, to be blunt), has provided this site with some of its most outrageous quotes. Today -- he does have his reputation as an asset manager to think about, after all -- he didn't go along with the BS:

I don't buy this theory that the market's doing poorly because of the uncertainty over the election. I mean, this market's worried about a lot more...

Cavuto interrupts: "Well, could you just for this segment, since we've devoted some time for it?

Hoenig:

Sure. Sure Neil. For you. Yes. Exactly.

No, honestly, come on. I mean, we're really still seeing the fallout from the credit crunch here. I've got a list of 500 banks at multi-month or multi-year lows. I think the election is one thing that's on the market's mind, but to say that that's why we're off to the worst start in 30, in 70 years is asinine. We've had plenty of uncertain elections since 1932.

Cavuto, laughing:

"Alright. Now, Jonathan was to be on my Fox Business Network show tonight -- that's been rescinded."

Here's video:

Comment: A couple of things: (1) Did you get that this is the worst start on Wall Street in 70 -- that would be 70 -- years? Imagine if Bill Clinton was in office. Cavuto would have covered the "the markets" every day this year. (2) I've been monitoring Cavuto since mid-2004. This line, about how "the markets" fear and hate Democrats is Fox's standard line during an election year. They hammered it in '04 and in '06. It will be Cavuto's theme this year too, which is convenient because it looks like Bush's record of wrecking everything he touches, including the economy, will be a big story. (3) Yes, Cavuto makes light of his admonition to Hoenig but on the one hand, that is intended to divert his viewers from the serious nature of what Hoenig said, and, (4) on the other hand, if you ask me, Cavuto was dead serious about sticking with the propaganda, "since we've devoted some time for it." I.e., we're doing propaganda right now, Jonathan!