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Fox News Business Panel’s Inflammatory Attack On Obama: He’s “Attacking The American Dream”

Reported by Ellen - April 26, 2010 -

Guest blogged by Brian

The lead off segment of Cavuto on Business Saturday (4/24/10) purported to discuss President Obama’s proposed financial regulation by “asking,” as the banner on the screen read, "DC Going after moneymakers: Attacking the American Dream?" Host Neil Cavuto, the man who put “Cavuto” in the “Cavuto Mark,” threw “we report, you decide” to the wind as he declared, "I don't think the official view in Washington is to like rich people, or to like people who are very successful.” With video.

Panelist Charles Payne said "Profits have become the de facto enemy here.”

Panelist Dagen McDowell agreed. "You saw it in the health care debate, the attacks on health insurance companies because they actually made money. Look at the largest health insurance companies in this country, their annual profits are less than 1% of our total health care spending, but they are still vilified."

Actually, health insurance companies are vilified – not for making a profit, per se – but for making a profit at the expense of sick people. Health insurance companies profits rose 56% in 2009, even in the midst of a recession. As President Obama said in his February 20, 2010 weekly radio address, “The bottom line is that the status quo is good for the insurance industry and bad for America. Over the past year, as families and small business owners have struggled to pay soaring health care costs, and as millions of Americans lost their coverage, the five largest insurers made record profits of over $12 billion.”

Cavuto did not clarify the point. Instead he piled on by saying, "I don't think the official view in Washington is to like rich people, or to like people who are very successful… people who are doing very well and living the American dream. I really do think there is a certain angst about it." Of course, President and Mrs. Obama reported more than $5.5 million in income on their 2009 tax returns. But maybe that's not rich by Fox standards.

McDowell chimed in, "They ought to be careful, cause who fills their coffers? …Wealthy people." "They're attacking the American dream, and I don't think the Democrats fully understand that ultimate outcome." She argued that technology companies could be “next” on the White House hit list, even though she had no evidence to suggest that that would happen.

Panelist Adam Lashinsky was the lone White House defender. "I couldn't disagree more,” he said. “I read a book by a guy who ran an industrial company called ‘Jack: Straight from the Gut,;. where Jack Welch (a guest on the panel) talked about what a ridiculous business investment banking is… The American people and the president have a sense… that Wall Street kind of is cheating, Neil. They have nothing against people making a profit, making gobs of money.” Lashinsky later said, “It's the sense that these companies not only kind of cheated, but they also did it with government assistance, and that's where the outrage is."

Payne added, "Profits have become an evil word and we’ve heard it more and more from the White House… It is going to… ultimately hurt the small people. It is going to hurt the American dream."

Comment: It’s more than a little ironic for Payne to be voicing concern for how “the small people” might ultimately suffer as the result of regulation. This is the same network that presented distressed homeowners as undeserving wastrels holding back the economy, that worried how rich people might suffer if there were universal health insurance, and that student loan ceilings and debt forgiveness was akin to welfare for deadbeats. As usual, there was no talk about the working class getting socked in today’s economy, just corporations getting “socked” by Obama and, it was implied, his socialist agenda.

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