Fox News on DOW hitting 10k: "Is this now the Bush Recovery?"

http://blogs.ajc.com/jay-bookman-blog/2009/10/15/legitimate-fox-news-reports-on-the-economy/?cxntfid=blogs_jay_bookman_blog

‘Legitimate’ Fox News reports on the economy

Let us now enter the fair and balanced, we-report-and-you-decide alternative universe that is Fox News. Check your skepticism at the door, please.

The screen grab to the right was taken from Fox News last March. At the time, the market was completing the collapse it had begun the previous spring, in April of 2008. (Overall, it fell from a high above 14,000 to barely 6,500 in early March, which turned out to be the market bottom.) The cause of that collapse was apparent to all who were fair and balanced. It was an Obama bear market, caused by the president who at that point had been in office less than two months.


When we move forward to April 18, however, Fox News has a problem. The market has just experienced six weeks of one of the most remarkable turnarounds in its history. Obama still being president, an explanation had to be found. The hosts of the Fox show “Bulls & Bears” decided that the explanation was …. the tea parties. Bet you didn’t see that one coming!

“Call it a tea party rally,” host Brenda Buckner reported to the Fox audience waiting to be told what to decide. “Wall Street’s sure partying, up six weeks in a row. The bulls came out about the same time these guys started to shout, saying no to big government, big taxes, and big bailouts. Will that keep investors saying yes to stocks?



And then, of course, there was yesterday. The market had recovered to 10,000, where it had been 10 years earlier, in 1999. While that meant that the average investor had made no money at all in the market over a decade, but it also represented a significant improvement over the March bottom of 6,500. How oh how would that be reported to the Fox audience so they could decide for themselves how it had happened.