Cavuto: "Karl Rove leaving: A loss for Wall Street?"
The August 13 edition of Fox News' Your World with Neil Cavuto featured a discussion of White House deputy chief of staff Karl Rove's resignation during which, as noted by the Think Progress blog, the on-screen text read: "Karl Rove leaving: A loss for Wall Street?" Host Neil Cavuto posed this question to his guests, Weekly Standard executive editor Fred Barnes and Fox News director of business news Alexis Glick, and, indeed, Cavuto, Barnes, and Glick all agreed that Rove's departure from the White House will be a "loss for Wall Street."
As Media Matters for America has documented, Cavuto frequently purports to identify possible effects on the stock market or the economy of "news" stories, or allows his guests to do so, often in order to attack Democrats and progressives.
Fox News touts Your World as "currently the No. 1 rated signature business show on cable."
From the August 13 edition of Fox News' Your World with Neil Cavuto:
CAVUTO: Another news alert for you. You know him, of course, as a political maestro. Wall Street knows him as a bit of a market maestro. Today, Karl Rove -- said to play a very key role in pushing the president's tax cuts, for one thing -- announced that he will be cutting out of town by the end of the month.
ROVE [video clip]: It's not been an easy decision. As you know from our discussions, it started last summer. It always seemed there was a better time to leave, somewhere out there in the future. But now is the time. I will miss -- deeply miss my work here.
CAVUTO: So will Wall Street miss him? Let's ask my colleague and friend, FNC's director of business news Alexis Glick, and Fred Barnes. Fred is the co-host of The Beltway Boys. What do you think, Alexis?
GLICK: You know, I think we are going to miss him, because -- let's put it in context. He has orchestrated some of the best recoveries in the economy with President Bush. We talk about the tax reliefs. Remember, coming out of 9-11 you had $100 billion in economic losses. You lost a million jobs in the three months after 9-11, and those tax cuts made a difference. But we're not really going to miss him, because he's going to be running someone else's campaign.
CAVUTO: Do you think so? I always wonder whether the draw of private-sector work, you know, and the money you could make offsets helping another campaign.
GLICK: I think he does. I mean, I would be surprised. I know they're saying he's going to go write a book, he's going to relax, be with the family, but it's hard not to get enticed getting back into it. And for a guy like this, he's been an architect of such big events, I find it hard to believe he'll sit on the sidelines.
CAVUTO: All right. By the way, I agree with that, which should make you rethink that. Fred, what do you make of just his legacy in the financial markets? We've heard a lot politically, but I think Alexis is right here. He played a very crucial role pushing the tax cuts. To a less success, the president's emphasis on trying to deal with Social Security. But these were things that were sort of tonic to Wall Street. Do they lose a key ally now?
BARNES: Oh, I think they do lose a key ally. Look, we're -- Karl Rove is not replaceable. He really is one of a kind, and he did play a key role in the tax cuts, particularly the 2003 ones that reduced that rate on dividends and capital gains to 15 percent. He was a critical player there. You know, he thought that one of the most important things that President Bush has done during his entire presidency is to cut taxes but not raise them at all. And Karl talked about that all the time. He was a strong force for exactly that.
God I hope so...
Because there are always enough corporate shills to go around.
wow, what a guy. Engineered a lasting republican majority, a successful war on terror, privitized social security, returned honor and dignity to the white house and orchestrated a recovery. Yup, wall street really lost out there, must explain why the stock market rose today...
If it's a loss for Wall Street, then it must be a victory for Main Street.
Absolutely, because nobody on main street has money in the stock market. That makes sense.
You all should agree with this comment anyway. According to the left, Rove is a corporate whore like all Republicans so of course he would be good for business. Where's the misinformation by stating it if you've been saying it all along?
Even corporations know when they've got a bad hook up. My guess is the stock market went wild last week because they had advanced notice that something was gonna happen this week and they assumed the worst case - that Rove would stay.
I wasn't talking about money.
The only "money" folks on Main Street have tied up in Wall Street are in their employer pension plans or mutual funds -- neither of which they have much (if any) direct control over. But then, they don't have much control over a decent job with a livable wage thanks to a viciously anti-worker Republican party.
"Bruce1Ace," in response to the suggestion that a loss for Wall Street was good for Main Street, suggested:
Never mind conservative ideology equating stock ownership with True Patriot Love in All Thy Sons Command and Morality--ergo, those not owning stocks are probably either disloyal and/or morally depraved.
Such an illogical argument, methinks, is enough to prompt the question "Who's the REAL patriot?" being asked in the circumstances....
I agree with you on this one Bruce. Rove's departure and I hope he is departing from politics altogether, but only time will tell that. I think MMFA put this here to reiterate what we all know including Fox's resident pervert and stock market "expert" that Rove's presence in the White House only had a positive effect for the rich investment class. Where we disagree is that other than the 401 accounts that have replaced the traditional old school company pensions the average Joe and Jane do not have the luxury of gambling in the stock market. Jane or Joe can take that extra $700 dollars and replace that old cantankerous refrigerator of theirs and consistently have a means to preserve perishable foods or they can buy stock. Now which will it be
Maybe old Karl can get a job as a rapper now since he's got so much cred..
If I could figger out how to do that blowing in your hand sound in print I'd do my "kill whitey" rap!
Julia, I blame you for bringing out my inner evil.
The various things being said about karl rove, as a result of his resignation today, and at this late hour near the end of that day's news cycle... it is all mind-boggling extraordinary, for its absence of the BOMBSHELL...
karl rove is resigning WHILE UNDER SUBPOENA BY THE U.S. SENATE!
karl rove is resigning WHILE AN OBJECT OF TWO SEPARATE CONGRESSIONAL INQUIRIES: BY THE SENATE JUDICIARY COMMITTEE, AND THE HOUSE JUDICIARY COMMITTEE!
Not BOMBSHELL enough for you? How about...
karl rove is resigning WHILE CONGRESS AND THOSE TWO INVESTIGATING AUTHORITIES ARE IN RECESS!
And lastly...
karl rove's resignation takes effect, and he will have fled Washington D.C., BEFORE CONGRESS AND THOSE TWO JUDICIARY COMMITTEES RECONVENE!
Which is to say, KARL ROVE IS SKIPPING TOWN WHILE UNDER INVESTIGATION!
Gee, I'd have thought that would be today's headline on karl rove's resignation today; but no, the "media" is either too blind or too stupid or too bought-and-paid-for, to see the obvious, so far.
Good point. Ouch!
Er...um..........oh....that is bad.
I've heard speculation that he may show up at the new Haliburton headquarters in Dubai. That would be interesting, but I guess time will tell. I would be greatly surprised if he remains in the United States. Then again, he may have so much damaging information tucked away that he is virtually untouchable.
I have no doubt at all, that the private sector industry that karl rove shall golden-parachute into, would be either oil or arms or both... seeing as he has almost single-handedly engineered the greatest boon for those industries, by way of accomplishing an election of their business agents, to the Offices of President and Vice President of the United States.
And that karl rove might also golden-parachute into saudi arabia or any other of their puppet states, is about right too: For after all it was the work of his "good friends" and business partners that did get those business agents for oil and arms, their unparalleled powers, and two terms.
And do not miss what is happening here this week, this day: karl rove is SKIPPING TOWN WHILE UNDER CONGRESSIONAL INVESTIGATION... WHILE UNDER SUBPOENA!
And he is doing so while the Congressional authorities who are investigating him, are in recess... and his resignation shall take effect, and he shall have fled Washington D.C., before those Congressional authorities reconvene.
It's about as brazen a middle finger as these guys have ever raised to the Congress, and to the American People... and you're watching it unfold, right now, this week, this day.
Yep. I suspect that such golden parachutes await everybody in the Bush administration. Of course, Bush and Cheney are already billionaires, so I guess it doesn't matter much to them. Maybe they're in it for the power and ego boost. Then, there's the scary prospect that they really do believe they're doing God's work, and the Iraq invasion was all about paving the way for the return of Jeeeeezzzzzuuussssss!
In 18 months they'll be partying in Paraguay!
Rove did help engineer the tax cuts, which have helped economic growth.
The democrats (all of them) are planning on raising taxes. Either by letting the tax cuts expire or by passing additional tax hikes.
That'll re-instate the marriage penalty, too.
Whatever you tax, you get less of. In this case, it would mean less investments. Whatever you tax less, you get more of. Notice how real estate reacted when Clinton eliminated real estate taxes on the sale of your personal residence. Heck, he started the boom. Huge tax cut. It really helped bring in the tax revenues, too.
There is no proof that Bush's tax cuts had anything to do with an economic recovery. Zero. There are tons of speculation and gratuitous assertions on the part of Republican hacks like Cavuto, but that's about it. Tax cuts targeted to the middle class are just as likely to stimulate the consumer-driven economy, since they are more likely to spend the money. After all, as Rush Limbaugh has told us many times, the middle class is where all the money is.
That recovery was temporary and artificial at best and many economists have been saying for the last few years that the housing boom was driving the stock market. Anyone with desire to buy a house was given a mortgage in spite of evidence that many would not be able to sustain them. Both home buyers and investors were given a false sense of security. But Oh well many made a sh-it load of money and can now retire to the islands now, and that’s what’s important.
It is economic fact that tax cuts to the lower and middle classes stimulate the economy more because of their lower propensity to save. Good Riddance to Karl!
Typical Fox gushing. Cavuto was pathetic when he was interviewing Bush. Rove's strength was his ability to work from the shadows. He has been exposed and he will fade into obscurity like the rest of his ilk. Repukes are always hoping and wishing instead of looking to the future for new and young faces. They can't find any.
When I heard Karl Rove was leaving I cried. Seriously, I cried.
I cried because I have the same dream as Joseph Wilson. I too wanted to see Rove "frog-marched out of the White House" . Not just for the Plame leak but for his other crimes against humanity (anything that helped get Bush elected and then reelected constitutes a crime against humanity).
I totally agree with Neil Cavuto this time. Karl Rove leaving is indeed a great loss to Wall Street. I just hope it is loss of political control of Wall Street from the White House. Although they still have to deal with Murdock.and his redcoats.
just looking at tghe screen right now and it looks like Mr Cavuto is going to have to ressussitate the 13000 NYSE banner again.
The most significant part of this is that Bush is without his brain....and Cheney is on the warpath for Iran. Condi has disappeared from the scene, she doesn't make the news much at all. I really think these psycho morons are desperate to throw a few small nukes at Iran and without Rove pulling Bush's strings.....except for the liberal three of Paul, Gravel, and Kucinich, all the other candidates would gush over how important it was to blow up Iranians for peace. It could very well happen very soon. Not a nice thought to see Cheney so in control at this time. That man is cold, pure ice.
Gratuitous use supplanting of the question mark as a "Cavuto device" FTW!
I still love Jon Stweart's take on Fox's use of the question mark a means to surreptitiously put forth their collective opinion