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Stocks Rally -- Cavuto Says Hey, Wall Street to the Rescue, No Stimulus Needed!

Reported by Melanie - January 23, 2008 -

Per comments he has made over the last week or so, and in yesterday's "Common Sense" editorial, it's pretty obvious Neil Cavuto is against a stimulus plan for average citizens, which he says would be a "tonic," like "cocaine," with the government playing the role of "pusher." But given that what Fox doesn't report is often more telling than what it does report, I suspect Cavuto favors a "stimulus plan" for his corporate buddies because he wasn't jumping up and down today (January 23, 2008), railing against a "stimulus plan" aimed at bond insurers. It's you and me he despises.

With the camera focused on the "big board" at the NYSE (which was up over 300 points before it settled down to close at +298.98), a screaming Cavuto opened with:

Can Washington stimulate this?! Stocks up maybe because they had gotten too beaten up and you -- Washington -- had nothing to do with it.
The Dow bouncing back from a 300 point plunge on what some are calling good old fashioned bargain hunting and get a load of what they were buying -- BANKS! You heard me right, BANKS! Pretty much all financials. Citibank alone was up 10% today and as I said, it was not alone. Take a look. The industrials, which had been down north of 300 points, up north of 300 points. A huge and nearly unprecedented 600 point swing in little more than seven hours. So, as Washington argues over stimulus, the markets provide it on their own.

With that the chyron changed to, "Huge Gains on Wall Street Before Any Stimulus Kicks In," and Cavuto introduced reporter Cheryl Casone, "at the corner of Wall and Broad:" We are hearing from Washington despite all of this, still fears about the recession out there. You have the Congressional Budget Office coming out early today saying the federal deficit could be hitting $250 billion. That would be without the stimulus package they're talking about in Washington." (Comment: Whenever there is talk about money going to average citizens, the deficit comes up, but it never (and I don't use that word lightly) comes up with regard to the $15 billion we're spending on Bush's Iraq war every month.) The market still "doesn't have specifics but, hey, they bid up stocks today anyway." Traders, "taking things into their own hands today..."

Back to Cavuto:

None of this was done with no much as a single dollar of federal stimulus.

Comment: Leave it to Fox and Cavuto to report only that which supports their agenda, in this case, it being not to send stimulus checks to the little people. That's a stimulus Cavuto and his vicious, radical corporatist friends oppose. What they don't oppose and what Cavuto left out of his yelling and screaming today is precisely what drove traders to buy bank stocks, a bond insurer rescue plan. That's right, a plan to bail out bond insurers. Cavuto didn't scream about that because those are his buddies and it's okay if they get bailed out. But us peons? No way. We can't make ends meet? We make "irresponsible decisions?" Tough on us. Suck it up America! Stimulus plans, the ones Cavuto doesn't talk about, are for the big guys.