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Dow's Dilemma

Reported by Eleanor - July 24, 2004 -

On Fox & Friends Week-End (July 24, 7:53 a.m.), a feeble attempt was made to explain the Dow's precipitous fall this week.

Quote, "Maybe the economy is not as hot as we thought. Is the economy losing gas? Were we wrong? A Fox poll asking, 'Who would do better with the economy,' puts Kerry ahead of Bush. What is that!!"

Jonas Ferris, Fox Investment Adviser, said the poll responders are reflecting "their own economy, i.e., they haven't gotten a raise,"etc. He continued with, "the market is concerned with another terrorist attack, and people fear we haven't solved the problem." Interest rates affect property values more than fear of attack.

Then they brought up Martha Stewart!! Ferris said Wall Street thought she was going down, and her stock went up 40% when she held a press conference after the sentencing. Then he said, "Yapping makes her look like a fool. If she keeps her yap shut, her company might recover."

Comment: This conversation is further evidence that the so-called financial gurus don't know much of anything about why the market is tanking. That Martha Stewart exchange made no sense whatsoever; the Kerry conversation showed an awareness of two economies (two Americas?); and the "fear of attack " rationale is another example of speculation and sheer guess. It seems that Ferris and people like him should take a look at the "yapping" comment and apply it to themselves.