Sunday, February 18, 2007

Fox Business News to Make Ginormous Profits as American as Apple Pie

Fox News announced it will start a business channel to compete with CNBC. In promoting its new money changer channel, Fox said “it will be more business friendly” than its rival which also has been accussed of being too business friendly. Let the corporate suck up begin.

After corporations shed the cost of their health insurance benefit and dump those pesky pension plans on the federal government, a profit bonanza will need celebration. Who better to paint this as red, white and blue than Fox Business News?

When Exxon/Mobile’s annual profit hits $50 billion, $100 billion who will host the party? Of course nowhere to be seen is the average citizen. They’re having rotator cuff repair as their finances couldn’t shoulder the burden of health insurance combined with retirement funding. Did their employer fund that health savings account or is poor Joe/Jane on their own for that huge deductible and co-pay?

Yes, we need a new business channel that celebrates American corporations. Someone needs to be giddy over some 1,900 companies backdating stock options getting off without an investigation. Plus, someone needs to bury the results of the 100 or so being researched.

Who will applaud the SEC’s rollback of Sarbanes Oxley so America can compete in the world of public offerings? The public will have forgotten about Enron so those laws are no longer needed. Plus someone needs to denigrate international markets (despite the fact many worldwide trading floors have merged).

Last year The Carlyle Group hired a big Time Warner executive to manage its communications. Will he find the waters at Fox safe enough to speak publicly? How will Carlyle celebrate when they hit $50 billion in managed investments which should be any day now? Who will report on Carlyle’s ringing of their monstrous money machine otherwise known as initial public offerings?

Ex Goldman Sachs Chief, Hank Paulson needs a friendly audience as he steers the Bush economic engine. He needs someone to push the false mantra of “pay for performance” which brought us widespread cheating on the most pure method, stock options. The Bush team needs a friendly network for all its privatization initiatives which range from contracting out all government functions to the private sector to the feds handing back to citizens benefits they used to provide.

As the Carlyle’s of the world buy your local toll road or state lottery, you will get to pay more for your health insurance and fund much more of your retirement. Now I know why another news channel is needed. My television should be gone by then…

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