Cavuto lets Snow peddle false stock market performance stats

[donsu]

Fox business anchor Cavuto let Snow peddle false stock market performance stats

Summary: Fox News' Neil Cavuto did not challenge Tony Snow's false claim that "since the president cut taxes in 2003, the Dow Jones is up 60 percent. The Nasdaq is up 80 percent." But even under the most favorable criteria, Snow's statistics are plainly wrong. And when adjusted for inflation, the value of both stock indices has decreased since President Bush's first major tax cut package in June 2001.


http://mediamatters.org/items/200610240008


On the October 20 edition of Fox News' Your World, host and Fox News managing editor of business news Neil Cavuto failed to challenge White House press secretary Tony Snow's false claim that "since the president cut taxes in 2003, the Dow Jones is up 60 percent. The Nasdaq is up 80 percent." In fact, even without adjusting for inflation, the Dow Jones industrial average and Nasdaq Composite index have grown at nowhere near the rate that Snow alleged since Bush's second major round of tax cuts in 2003. Moreover, when adjusted for inflation, the value of both stock indices has decreased since President Bush's first major tax cut package in June 2001.

-snip-

Moreover, Snow cherry-picked his point of comparison. He compared current stock index levels to May 2003, when they were nearer to their most recent low point, rather than June 2001, when Bush signed his first large tax cut package, the Economic Growth and Tax Relief Reconciliation Act of 2001. Since Bush signed that first set of cuts, the Dow is up 8.4 percent, and the Nasdaq is up 6.1 percent. Adjusted for inflation, however, the Dow has decreased by 4.9 percent since June 2001, while the Nasdaq has decreased by 7 percent.*

Cavuto also left unchallenged Snow's false claim that the news media had not covered "the news that the Dow Jones industrial average, for the first time, had gone past 12,000." "Nobody talks about it," Snow asserted. In fact, the news that the Dow closed above 12,000 on October 19 was reported by many major media outlets, according to a search of the Nexis database. For example, the Dow's close was mentioned on all three broadcast networks' October 19 evening news programs; the October 19 editions of CNN's Lou Dobbs Tonight and The Situation Room, and the October 20 edition of CNN's American Morning. The Dow's close was also the subject of October 20 articles in the Los Angeles Times and The New York Times, as well as October 19 and 20 reports by the Associated Press.

-snip- (recounts who said what)
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two creeps

[AlCzervik]

1. No where in Cavutos job description is "Challenge rw talking points"

[LynnTheDem]

2. Anyone who follows the stock markets knew snow was lying

his big ass off the minute he lied.

So yet again only the dumb rightwingnuts will believe the bullshit. Poor fools.

[aka-chmeee]

3. No Coverage???

The noise on CNN gushes every day recently over the "record breaking day" on Wall Street! Of course, during the last real president's 2 terms, the Dow crossed 8 of those milestones in a generally steady upward march and thus, must have had one of those "record breaking days" on Wall Street damned near every day.