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"Psychedelic: Of, Characterized by, Distortions of Perception, Altered States of Awareness," as in Fox "Business News"

Reported by Melanie - March 12, 2008 -

One minute (March 12, 2008) I read a headline like this: Dollar Trades at Record Low Versus Euro as Fed Plan Disappoints. And this: U.S. Stocks Retreat on Recession Concern; Refiners, Banks Drop. And this: Freddie CEO: House Prices have Fallen One Third of the Way, and the next minute I watch Fox's "premiere business news" show, Your World w/Neil Cavuto.

Half way through the show, after spending half an hour on Eliot Spitzer, Cavuto gets around to talking (very minimally, as usual) about Wall Street. He tells his viewers that the Dow was down 46.57 points today and immediately launches off into a segment asking, per the chyron, "Is This the Turning Point for Stocks?" One of the two guests, John Rutledge, basically says yes and he gleefully announces that now is a great time "to buy a dollar for 50c!"

Comment: I don't know about you but given the above headlines I'd say this is not a turning point for stocks and since when are we supposed to be happy that our money lost half its value? Geez Louise! Here we have the psychedelic*, "only on Fox" version of business news.

* psy·che·del·ic (sī'kĭ-dĕl'ĭk) pronunciation, adj. Of, characterized by, or generating hallucinations, distortions of perception, altered states of awareness, and occasionally states resembling psychosis.