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More Neil-Cavuto-in-Wonderland "Business News" From Fox

Reported by Melanie - February 19, 2008 -

Anyone who watches Fox knows that one of its main memes is that the United States is the most blessed country on the planet. It has been touched by the hand of God and everything about it is bigger, better, nicer, smarter, and more advanced that all other countries, and everyone on Earth wants to be just like us and they would all give their first born child to live here. We can do no wrong. Failure isn't in our vocabulary are we don't need anything from anyone in order to be the greatest nation there ever was. "The markets" will save us! But in order to keep that meme going, Fox has to lie (either outright or by omission), a lot.

Take today (February 19, 2008). Fox's "premiere business news" guy, Neil Cavuto, apparently attempting to convey a ho hum attitude with regard to our dependence on oil, blew off a 150+ point drop in the Dow that occurred after oil surged to over $100.00 a barrel this afternoon on rumors that OPEC will cut production. Wouldn't want to seem vulnerable to OPEC how would we Neil?

Here's what he said:

It has finally happened. A barrier is broken. Oil at a hundred bucks a barrel. It has teased it. It has flirted with it. And today, for the first time ever, it has closed above it. Credit that Texas refinery fire which some say might sap production for weeks here, and OPEC, itching to cut production in days there. Now, some say it's all psychological and these fears are way, way overblown, which could explain the collective shrug all of this got on Wall Street. [Shot of the "big board" at the NYSE which at that second was down 11.48.] As you can see, stocks barely budged. I wish we could say the same about your next trip to the gas station. Unleaded gasoline expected to hit $4.00 a gallon, and maybe sooner than you think. We'll keep you posted.

Comment: Stocks "barely budged?" Take a look at this chart of today's activity and then check out the first paragraph of this article from Bloomberg.com:

U.S. stocks fell after oil's surge above $100 a barrel dragged down consumer and technology shares, erasing a 157-point rally in the Dow Jones Industrial Average led by energy producers.

Oh, and don't ask me about "that Texas refinery fire." Cavuto didn't say anything more about it.