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Shocking use of "B" word on FOX and Friends First

Reported by Chrish - March 18, 2008 -

This morning 3/18/08 there was an unexpected use of the "b" word, first by co-hosts Alisyn Camerota and Peter Johnson Jr., and later in a discussion between Johnson and FOX Business correspondent Nicole Petallides. Yes, they admitted that "some" are calling the federally blessed intervention in US financial markets a Bailout.

Camerota said that the "governement helped to bail out, that's one word for it, Bear Stearns," and Johnson added that some critics are asking "why they're bailing out Wall Street when Main Street is having such a hard time, in terms of failing mortgages and the like." He asserted that the government is saying that this is the engine of our economic system; if our investment banks fail, if there's a cascading effect, it'll hurt our economy terribly. Camerota promised they'd get into that later.

Fifteen minutes later leggy Petallides appeared to discuss. Johnson posited that there are people (some say) who are questioning the "so-called" bailout, and asked the hypothetical if they hadn't, "what would the effect have been on our economy, potentially?" "What were the alternatives?" she responded. If they hadn't, Bear Stearns' collapse would possibly have taken the entirety of US financial systems with it, perhaps even the entire global economy. If Hoover and his Treasury Secretary Mullen had stepped in, perhaps the Great Depression could have been avoided. The Fed today has been very "pro-active, injecting liquidity" and doing a lot more to give our financial markets steam.

The Feds saved the day, according to Petallides, lowering the discount rate, and after an initial "knee-jerk reaction" in the markets, JPMorgan did quite well - this is a good move for them. (Ya think? Anytime I can get a $60 item for 2 bucks, yay me.) The Fed didn't step in to bail out mortgage holders because that's the Executive's job - Bush and Treasury Secretary Paulson. The Fed's job is to regulate the financial banking system (which appears to be directly opposite what she said a minute earlier about the Executive woulda shoulda coulda pre-Depression.)

Bear Stearns is just too big to let collapse. Things turned sour in a matter of hours on Friday. People will lose jobs at BS, and as it is 1/3 owned by employees (who saw their stock go from a high last year of $170 to 2 bucks this weekend) they'll lose their fortunes, large and small, too.

But Thank God JPMorgan stepped in, said Johnson, and thank God the Federal government is doing their job. Petallides agreed, nodding, that they're really saving our financial institutions.

Now I recall the promotions for FBN asserting they would be geared towards Main Street rather than Wall Street. This segment did nothing to explain the events over the weekend, and it appears that the employees and stockholders of Bear Stearns are SOL, while the cats at JPMorgan snatched up a ludicrous, bargain. How is this geared toward the small investor, this praise of s federally sanctioned bailout that leaves thousands unemployed and broke, their investments demolished? As expected, FBN and their hosts appearing on FNC are corporate cheerleaders whose main job is to tell everyone "Don't worry, be happy."

This segment is also one of many cross-promoting ones with FBN personalities appearing to bolster the sister-channel, which by all reports is not being watched.