Home Store In Memoriam Deborah Newsletter Forum Topics Blogfeed Blogroll Facebook MySpace Contact Us About

As Rally Follows Six-Day Plunge, Harris Faulkner Suddenly Reports On Stock Market

Reported by Ellen - August 18, 2007 -

After ignoring the six-day losing streak on Wall Street, described as "near-panic" by the Financial Times, FOX News updater Harris Faulkner finally reported on the market - in upbeat terms, of course. With video.

The Wall Street Journal reported that stocks surged after the Fed cut its discount rate and signalled that it might cut its key federal funds rate down the road. The Journal described the move as "offering cash-strapped banks and lenders a safety valve and lending a psychological boost to nervous markets." But, the Journal went on to say,

Many experts didn't expect to see much of a lasting effect on the markets. "I think it signals somewhat of a panic move by the Fed here, and I would not have too much faith in this rally," said Joe Ranieri, co-head of trading at Canaccord Adams. "We've got a little short-covering and a panic rally. Overall, nothing has really changed."

But Faulkner coyly couched the reservations in euphemism. She opened the newsbreak during Hannity & Colmes last night (8/17/07) by chirping, "The market SOARING (her emphasis) today after the federal reserve cut the discount rate a half a percent for banks. The rally following a roller-coaster week on Wall Street. The Fed held off on slashing its federal funds rate which some analysts see as a key to calming the market."

You have to wonder if the Wall Street Journal isn't going to start sounding a lot like Faulkner if Murdoch takes over.