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Your World w/Neil Cavuto Essentially Blows Off a Very Bad Day on Wall Street -- Continues to Shield Republicans

Reported by Melanie - March 7, 2008 -

The headlines in the business and financial world were grim today (March 7, 2008):

-- Employers slashed payrolls by 63,000 in February, the most in five years, after a revised decline of 22,000 in January. The jobless rate dropped to 4.8 percent, showing that some people have simply given up looking for work.

-- This morning the Federal Reserve moved bailout the banks to the tune of $200 billion over the next month to offset the deepening credit crisis.

-- Thornburg Mortgage Inc., the home lender, may go out of business because it can't meet $610 million of margin calls.

-- U.S. consumer borrowing almost doubled in January to $2.52 trillion as Americans spent twice as much on their credit cards as they did in December. Debt increased by $6.9 billion. In December, credit gained $3.7 billion. The figures don't include borrowing secured by real estate, such as home-equity loans. Americans are increasingly living off their credit cards.

-- Stocks tumbled following the jobs report. The Dow was down 146.70, closing at 11,893.69.

So, given all that, I was interested to see how "the business people" (as Shep Smith said when he signed off) on Fox's "premiere business news" show would cover this.

Sure enough, they opened with a Fox News Alert, a shot of the "big board," and this from substitute host Terry Keenan:

And, to Wall Street. A rough end to a really rough week. The Dow dropping triple digits yet again. We're now back below 12,000. You're looking at the lowest Dow that we have seen since October, 2006. Believe it or not, it could have been worse. at one point, the Dow was down more than 200 points. Worries on the job front and the home front slamming stocks. The Dow down about 3 points, 3% that is, on the week. More on the markets -- full coverage coming up.

22 minutes later -- yes, that would be 22 minutes later at 4:22 p.m. ET -- what was evidently the "full coverage" rolled around. Keenan introduced it this way:

Alright. Stocks selling off as the economy loses jobs for the month of February. Hillary Clinton using that news to make a case for ending the Bush tax cuts. John McCain, as you might expect, feels differently. Well, now with the Dow below 12,000, which candidate has the best solutions for the economy and your money? Let's ask our market pros.

With that, two trader-types talked about how catastrophic it would be to raise taxes right now and one Democratic strategist argued that we've got to do something.

As they spoke, the following chyrons appeared on screen, supposedly adding to the "full coverage," but not conveying much at all in the way of actual information:

-- Employers slash 63,000 jobs in Feb.; the most jobs in 5 years.
-- Dow fell 3% this week.
-- Nasdaq fell 3% this week.
-- S&P 500 fell 3% this week.
-- Dow is down 16% from all-time high.
-- Nasdaq is down 23% from its Oct. high.
-- S&P 500 is down 17% from all-time high.

Then, at 4:59 p.m. ET, with seconds to go before signing off, Keenan added more of the same over another shot of the "big board:"

Well, we want to take another look at the big board. the closing bell sounding just a little less than an hour ago. There's the Dow. That is the lowest close since October of '06. The Dow down 146 points today. A weak job report putting the pressure on stocks. The Dow down 3 points on the week [sic]. The Nasdaq and the S&P lower as well, down 3% for the week for the Dow.

Comment: No context. Do depth. Repeat the same three or four bits of information over and over again. This is what constitutes "business news" on Fox's "premiere business news" show, Your World w/Neil Cavuto. Bottom line: The bastards are deliberately keeping business and financial news -- almost all of which is bad -- from the public so as to protect those currently in power.