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Fox is Trying to Blame Democrats for the Panic on Wall Street

Reported by Melanie - September 17, 2008 -

There has been a subtle thread running through Neil Cavuto's coverage of the meltdown on Wall Street over the last four or five days; it being that the Democrats have been "in control" for two years now and they should have known this was coming and done something to prevent it. Today (September 17, 2008) Cavuto said as much.

Cavuto's guest was Representative Gregory Meeks (D-NY), a member of the House Financial Services Committee and the chyron that aired during the segment read: "Who's Really to Blame for Wall St's Financial Mess?" (My emphasis.)

The gist of it from Meeks' point of view is that about two years ago committee members talked to the likes of Alan Greenspan and Ben Bernanke and members "would ask questions about the stability of the economy - where we were, where we were headed," and the folks from the Bush administration responded by saying, "the market was going to fix itself, that everything is okay, don't worry about it." (I can hear it now.)

Nonetheless, Cavuto insisted that, "You should know what the heck's going on. What you're doing is you're casting blame on some others and you're right, maybe they're part of the blame, but you know congressman, you ought to look in the mirror. You're part of it too"

Meeks reminded Cavuto that when it comes to the president, "the buck stops here," but Cavuto retorted with, "Well, you know congressman, the buck might stop with him but it has a funny way of passing through you."

Comment: Take a look at the roster of the House Financial Services Committee. There are roughly as many Republicans as there are Democrats. This segment wasn't designed to pin this mess on the Financial Services Committee as a whole, it was designed to pin it on Democrats. And what about Cavuto's role in all this? He's the "managing editor of business news at the Fox News Channel," and Fox's self-described "financial nerd." Why didn't he sound the alarm? As recently as July 31 he aired a segment captioned, "Hold Off on Recession Talk: Economy is Still Growing," and it hasn't been all that long since he's talked about the "mortgage mess" being over. So anyway, as Bush and his party continue to destroy everything in their path, expect the blame-the-Democrats meme to continue and to grow.

Oh, and one last thing. I can guarantee you won't hear this on Cavuto's show: John McCain saying this last November: "I don’t know of hardly anybody, with the exception of a handful, that said 'wait a minute, this thing is getting completely out of hand and is overheating.' So, I’d like to tell you that I did anticipate it, but I have to give you straight talk, I did not." Why didn't he listen to that "handful" and do something?