Krugman: Fox Business crew "aren't really pro-business; they're pro-Republican"


From Krugman's November 11 New York Times blog post:

Clearly, the Fox Business crew is having a very hard time. They bill themselves as being truly pro-business - not like those leftists at CNBC. But they aren't really pro-business; they're pro-Republican. They'd like you to believe that it's the same thing; but there's this awkward fact that markets have, you know, gone up under Obama.

And this isn't just a phenomenon of the last few months. Look back at stock returns under recent presidents, which is easy using a clever gadget at Political Calculations. Taking real, dividend-inclusive annual returns on the S&P 500, I get:

Reagan: 10.08%
Bush I: 10.16%
Clinton: 14.35%
Bush II: minus 5.81%

Tax-hiking Democrats are supposed to be terrible for business; I mean, Norman Podhoretz whines that Jews should be conservatives because Republican policies are better for the economy. But the data just refuse to say that - and that's even if we restrict ourselves to the stock market, never mind job creation, wages, poverty and all that.

So the whole idea of Fox Business is problematic. It's Fox, which means that it's basically an arm of the GOP; but that's a terrible match for business coverage, because the economy just refuses to punish liberals and reward conservatives the way it's supposed to.

I gather that Fox Biz has managed to push up its morning ratings by hiring that great financial guru Don Imus. But that sort of proves the point; Fox Business can get viewers, but only by turning itself into ... Fox News.

Posted In
Fox Business
Paul Krugman
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