Laggard business news network Fox Biz has become something of a piñata, and we see that even a nobel prize winner isn’t above taking a few whacks.
Krugman: James Wolcott is made of sterner stuff than I am: he actually has the fortitude to watch Fox Business, where the talking heads manage to find nothing but clouds in the silver lining of a huge stock rally. To make their point they bring on such market experts as … John Bolton. As Wolcott writes, “It takes more than a market rally to pull the wool over Bolton’s mustache.” (Now that’s writing!)
He goes on to note, correctly, that the network isn’t any more pro-business than CNBC, or pro free-markets, it’s just more pro-Republican, like it’s older, more successful sibling Fox News. And he points out, that while Republicans think that Republicanism is good for business and stocks, there just isn’t any evidence for that (we agree).
That being said, we wonder what the desire to bash Fox Biz is all about?
Actually, the answer is that it gives haters of Fox News a tiny little morsel of comfort that the Ailes-Murdoch media empire is failing somewhere. After all, as John Hempton reminded us this week, the right-leaning cable news net is a behemoth of staggering proportions.
Just check quarterly cable news profits at News Corp (in millions) going back to September, 2005:
See? Pretty impressive stufff.