Friday, January 15, 2010

Fox can't count

Either that or they just lie, and lie, and lie. I've lost count of how many grossly misstated or simply invented figures have been given out on Fox News recently. Not that it's a new thing, but someone needs to remind them that there is a substantial difference between 15% and 0.15%

"The big banks are set to pay out a record $145 billion in bonuses for 2009. Some Americans outraged by this. President Obama looking to ease some of that anger, promoting a 15 percent tax on the banks that remained or have remained or have returned to profitability."

No, Foxy Friends, President Obama is not supporting a 15% tax on banks that have already repaid the TARP money; the discussion is about a 0.15 percent fee on the largest and most highly leveraged banks like Citibank, with more than $50 billion in consolidated assets. Here's the actual news.

Here's the Fox News:
"It's being assessed only against the banks that have already paid back with interest the TARP money they got. So essentially they're paying back for the banks, they're paying back for Fannie and Freddie, who are not paying -- paying back for the cars, rather. Not the weak ones still in the red which continue to be a drain on the Treasury, like for example, Citibank."

Sloppy journalism? Egregious lie? It's hard to prove either way, but it happens again and again and somehow the misleading, or fake or distorted "news" always favors the Fox Faithful and damns the Democrats. In either case, that Fox is a genuine news organization is not in doubt -- they're not. Rarely will a Fox only viewer ever hear a retraction or correction or apology and only sometimes will they hear the truth. You can count on that.

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