Fox Business News Tells the World to Go to Hell (Unless They're Bailing Our Companies Out)
Reported by Melanie - January 21, 2008 -
Fasten your seat belt. It looks like tomorrow is going to be a dark day on Wall Street. As of now, Dow "futures" are down 520 points (they've been changing throughout the day), due to a terrible day (January 21, 2008) in Asian and European markets -- the worst since 9/11 in many cases -- and fear that there is more bad news to come in the U.S. economy. I worry when the futures are down 100 points. 520 is almost unheard of. But on Fox, heh, the world can go to hell. Who needs 'em.
After a good report from Dagen McDowell, Cavuto introduced his "market pros" with,
All of a sudden the world, of course, worried about us, realizing that if our economy goes sour there's a good chance their's will too. Is it time to let the rest of the world fend for itself? Let's ask our market pros, Brenda Buttner, John "Bradshaw" Layfield, and Jonas Max Ferris.
Ferris is married to the aforementioned Dagen McDowell. It's a family thing at Fox.
Buttner went first:
You know, I'm tempted to say, just let the French fry, you know, for everything that they say about us and we've got so many anti-American bashers out there. ... Perhaps the realization is that we may be slowing down a bit and that will take global growth down as well but the overseas markets have been up so hugely last year, the year before that, that, um, it's time to perhaps see a correction there. ... We're not in a recession now. Everyone says, 'we're in a recession.' We are not... We have had recessions where stocks do not go into a bear market so let's get a little clue here.
Layfield was next:
Anytime you're the lead dog, people take shots at you... These guys are still dependent upon us... We are not in that bad a position... As much problems [sic] as we've had, we are still the best economy in the world.
Our market's going to fall but not as fast... Bottom line is, we're so much bigger [than other economies]. When we have problems, those markets are going to get killed.
Cavuto wondered, "What happens if we fall into a bear market?
It hurts...it's not a fun thing to go through... A bear market -- we've survived them -- this is not Armageddon.
Cavuto put the icing on the cake 30 minutes later in his "Common Sense" editorial titled, The United States Matter.
Comment: Singapore plays bank saviour again. Japan joins U.S. bailout. China, Kuwait dollars to bailout Citibank. United Arab Emirates bail out Citigroup with $7.5 billion. Saudi prince and China poised to bail out U.S. lender. Merrill Lynch looks for $5B bailout from Singapore fund. Didn't hear Cavuto complainin' about any of that. Hypocrite.