Fox Business Network Has Destroyed U.S. Economy

Posted by William K. Wolfrum, Shakesville at 6:14 AM on January 22, 2008.

Ok, that headline may come off as misleading. Actually, Conservative economic policies and the Bush Administration have been the ones that have lead the U.S. economy to the point where the world is starting to engage in widespread panic.

But, six of one, half-a-dozen of the other.

But the evidence is overwhelming. Fox Business Network came on the air on Oct. 15, 2007. According to Barry Ritholtz: "On the last trading day before FBC debuted, the Dow closed at 14,093."

On that Friday, Oct. 19, 2007: The Dow Jones Industrial Average sank 366.94 points, or 2.64%, to 13,522.02. The S&P 500 was off 39.45 points, or 2.56%, at 1500.63, and the Nasdaq Composite plunged 74.15 points, or 2.65%, to 2725.16.

Today, the Dow is at 12,099.30. And trading hasn't started yet.

Yes, in just four months since FBN came on the air, the Dow Jones has lost 2,000 points. And pretty much every other economic factor you can find has plunged, as well. As for the world's economy since then? Well, check any business or news Web site.

In 2007, Rupert Murdoch said CNBC is too "negative towards business" and that Fox Business would be more "business friendly."

Yeah, that seems to be working.

So while stock market and economic experts spend the day desperately trying to figure out the whats and whys of the current U.S. and world economic downturn, I figure my analysis is just as worthy as theirs.

So I blame Fox and Rupert Murdoch. And by extension, the people they are fronting.

Tagged as: economy, fox news, murdoch, dow jones, ailes, fox business network

William K. Wolfrum is a regular blogger for Shakesville