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In a 360º Switch, Neil Cavuto Can't Get Enough of the Stock Market Crash

Reported by Melanie - October 24, 2008 -

Regular readers of this site know that the "business news" covered by Fox's "premiere business news" guy Neil Cavuto has, over the last several years, slowly disappeared, particularly on bad news days. Cavuto tried to maintain the illusion that the economy under George W. Bush and Republicans wasn't all that bad. I can still see him pounding the desk, railing about how 97-some percent of Americans own their own homes and 95-some percent make their mortgage payments on time (dammit). And yes, maybe oil is at $100 a barrel but "adjusted for inflation" that's still below what we paid during oil's all-time-high back in the early 80's. So what's the problem already, right?


On days when the Dow was down so much it couldn't be ignored, Cavuto blamed the drop on oh, say, Iran, or he'd report the numbers well into the show as if an afterthought. One time he blamed it on an anthrax scare in Britain that didn't hold up after a search of real business news sites.

But about three weeks ago something changed. With John McCain behind in most polls, a light went off somewhere deep in the bowels of the radical wing of the Republican party and Cavuto's spin morphed into how the stock market is crashing and middle class Americans are suffering because investors are afraid — terrified — of Barack Obama's tax policies.

With that in mind, take a read as to how Cavuto opened his show today (October 24, 2008):


(Chyron: Stock Shock: Dow Hit By Global Sell-off) "Well, Fox on top of a lot of stocks down. Way down. And so far this month the most down they have ever been. Ever. Think about that.

"Welcome everyone. I'm Neil Cavuto and this is Your World in a world, and I mean a world of hurt. Think of this, close to $5 trillion of hurt. That is about what folks have globally lost, at least on paper, today, thanks to a sell-off the likes of which we have not seen in decades. (Chyron: Trillions in Market Wealth Wiped Out Just Today.) And, for the first time in more than a decade, trying to forcibly break the free fall before markets even opened here. Futures lock what they call limit down. That's when the Dow was already signaling a 550 point tumult at the open. Now we got very close to that but we did recover from that. (Chyron: Dow on Track for Worst Month Ever.) By day's end though still down about 320 points and down about 450 points on the week. (Chyron: Stock Futures Halted Before Opening After 550 Pt Plunge.) If you're keeping track this month, about 2400 points. The worst October ever."


"Millionaire investor Carl Icahn is here to say, you know what? We're not through with this. Ron Paul says the government's gonna make things much, much worse than this. Rock star Ted Nugent knows exactly what to call this and guess what? Joe the Plumber himself has had enough of this. But wait! Wait until you hear exclusively on this show what he intends to do about this."


Comment: There is no way in the world Cavuto would rant like this if Palin/McCain were ahead. In that case, I submit to you his opening would be more like this:

"The Dow was down as much as 504 points today but due to safeguards implemented by Hank Paulson, George Bush's Treasury Secretary — a guy who has endorsed Sarah Palin — it rebounded and ended up down only 312.30 points. We dodged a bullet! Next, my interview with Joe the Plumber on how things are looking up and now is the time to buy."

Neil, I'm holding back. I see the polls but I don't jump for joy. My face is straight and I am motoring on, optimistic but afraid to be so because of past experience (if you know what I mean). Nonetheless, if Barack Obama wins on November 4, I am going to love, yes love, watching your lyin' ass squirm. (Note to readers: I've held back for four years but it's getting harder and harder to do.)