“…more business-friendly than CNBC. That channel leap[s] on every scandal, or what they think is a scandal.”<\/span><\/p><\/blockquote>\n
Ironically, the network that was hatched to put a rosy hue on business news appears to have had the opposite effect on the financial world into which it was born. The week that FBN launched the Dow Jones was at an all-time high. Since then the Dow, which also became the property of Murdoch when he purchased it along with the Wall Street Journal, has plummeted 33%.<\/p>\n
<\/div>\n
Is it mere coincidence that the markets went straight down immediately after having been touched by Murdoch’s bony, demon finger? The first week that FBN was on the air the Dow dropped over 500 points. That should have served as a warning of the devastation yet to come.<\/p>\n
On July 13, 2007, FBN’s Managing Editor, Neil Cavuto, disputed reports<\/a> of the economy’s weakness saying that he “[didn’t] believe a word of it.”<\/em> Cavuto previously downplayed the significance of the credit crunch, saying that, because “this ‘meltdown’ affects roughly 4 percent of all mortgages out there”<\/em> there wasn’t really any problem at all. He then blamed market declines on John Edwards, who was running a distant third in the Democratic primaries at the time, but apparently still had superhuman powers over the stock market.<\/p>\n
Cavuto’s colleague, Bill O’Reilly, recently asserted that the market was tanking because traders were pricing in a presumed Obama victory in November. [For the record, the market has performed better<\/a> during Democratic administrations than Republicans for the past 107 years. And investments accrue more<\/a> under Democrats].<\/em> O’Reilly also has a spotty record of financial analysis. He lambasted General Electric’s CEO, Jeffrey Immelt, with whom O’Reilly is obsessed, saying that he didn’t know how Immelt kept his job after GE’s stock dropped 36%. But O’Reilly must not have noticed that News Corp., the parent of Fox News was itself down 38% – even worse than GE. Maybe he should be asking how Murdoch keeps his job.<\/p>\n
So in honor of FBN’s first birthday, investors and news consumers should be aware that this is the sort of credibility you can expect from Fox News and FBN which calls itself: The Network You Can’t Afford To Miss.<\/em> It’s more like: The Network You Can’t Afford To Watch.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Today is the first anniversary of the debut of the Fox Business Network, Rupert Murdoch’s newest propaganda platform. Ratings for the network are still so low that, even after a year, Nielsen cannot certify their reliability and they are not published. When numbers were leaked earlier this year they revealed a pitiful performance that drew […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1,8],"tags":[26,233,203,182,33,298,135,30,34],"class_list":["post-1091","post","type-post","status-publish","format-standard","hentry","category-general","category-propaganda","tag-bill-oreilly","tag-cnbc","tag-dow-jones","tag-fbn","tag-fox-news","tag-jeffrey-immelt","tag-neil-cavuto","tag-rupert-murdoch","tag-wall-street-journal"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4Ijg-hB","jetpack-related-posts":[{"id":1213,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=1213","url_meta":{"origin":1091,"position":0},"title":"Jon Stewart On CNBC","author":"Mark NC","date":"3\/5\/2009","format":false,"excerpt":"Further evidence that the only substantive review of the media takes place on Comedy Central. This is a must-see Daily Show clip wherein Jon Stewart mercilessly takes apart CNBC. As a reminder, even though Stewart couldn't name another business network (he eventually came up with Bloomberg), there is another one.\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=1"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":347,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=347","url_meta":{"origin":1091,"position":1},"title":"Fox Gives You The Business","author":"Mark NC","date":"2\/10\/2007","format":false,"excerpt":"Not two weeks after Rupert Murdoch confesses to propagandizing in support of the war in Iraq, he visits the confessional again, this time with regard to his new Fox Business Channel. At a media summit sponsored by McGraw-Hill, Murdoch promised the gathered conferees that: How can any viewer take seriously\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9952,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=9952","url_meta":{"origin":1091,"position":2},"title":"For God’s Sake, Do Not Take Financial Advice From Fox News","author":"Mark NC","date":"6\/19\/2013","format":false,"excerpt":"It has already been well established that Fox News is a round-the-clock lie factory (see Fox Nation vs. Reality), but in case anyone was ever curious about whether that distinction extended to their business channel, the Fox Business Network, you no longer need to wonder. This morning's interview of FBN\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=219"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":740,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=740","url_meta":{"origin":1091,"position":3},"title":"Fox Business Network Limps Out Of The Gate","author":"Mark NC","date":"1\/5\/2008","format":false,"excerpt":"The new Fox Business Network may not be living up to the hype. Although Nielsen ratings are not being officially released, numbers have leaked that don't auger well for Murdoch's new baby: \"After less than three months on the air, Fox Business Network is averaging a mere 6,000 viewers in\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":649,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=649","url_meta":{"origin":1091,"position":4},"title":"Fox Business Network: Porn And Patriotism","author":"Mark NC","date":"10\/19\/2007","format":false,"excerpt":"The new Fox Business Network has launched and is rapidly proving itself to be faithful to the Murdochian Doctrine of Porn & Patriotism. It's a business model that aims directly at America's horny nationalists.Now they are narrowing their target to horny nationalistic investors. Is there really an audience for \"America's\u2026","rel":"","context":"In "Big Media"","block_context":{"text":"Big Media","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=12"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1210,"url":"https:\/\/www.newscorpse.com\/ncWP\/?p=1210","url_meta":{"origin":1091,"position":5},"title":"Fox Business Network Is On The Case","author":"Mark NC","date":"2\/26\/2009","format":false,"excerpt":"Last year the Fox Business Network filed a Freedom of Information Act request for Treasury Department documents related to the Toxic Assets Relief Program. After filing the request, FBN launched an advertising campaign promoting their tireless efforts on behalf of the American people. I have no problem with the FOIA\u2026","rel":"","context":"In "Free Press"","block_context":{"text":"Free Press","link":"https:\/\/www.newscorpse.com\/ncWP\/?cat=14"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/1091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1091"}],"version-history":[{"count":0,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=\/wp\/v2\/posts\/1091\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newscorpse.com\/ncWP\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}