Updated below. Last Monday as the U.S. House of Representatives voted down the initial bailout package, both Fox News and CNN sent e-mail alert subscribers numerous alerts about the Dow's dive. The market recovered some the following day, a development that CNN neglected to mention in the same e-mail alerts.
Yet today, with the bailout package having been passed and signed into law by the president just three days earlier, the market cratered yet again, diving well below 10,000 before finally closing down just a bit shy of 370 points to close down at 9,955.5, the first time the Dow has closed under 10,000 since October 26, 2004.
This time CNN.com didn't care to notice. By way of contrast, here's how Fox News and ABCNews alerted e-mail subscribers today:
- DOW PULLS BACK FROM 800-POINT LOSS TO END DAY DOWN 369 POINTS (4:15 p.m. EDT, Fox News)
- DOW TAKES 690-POINT NOSEDIVE ON GLOBAL FINANCIAL FEARS, $60B WACHOVIA LAWSUIT (2:25 p.m. EDT, Fox News)
- DOW DOWN 500+ POINTS, DROPS BELOW 10,000 MARK FOR THE FIRST TIME SINCE 2004 (11:01 a.m. EDT, ABC News)
- DOW DOWN 300+ POINTS IN EARLY TRADING; DIPS BELOW 10,000 MARK FOR THE FIRST TIME SINCE 2004 (10:27 a.m. EDT, ABC News)
- DOW SINKS BELOW 10,000 AS WALL STREET OPENS DOWN ON GLOBAL MARKET FEARS (10:08 a.m. EDT Fox News)
The last breaking news alert in my inbox from CNN was sent early Saturday morning (2:02 a.m. EDT) and had to do with O.J. Simpson's conviction:
A jury finds O.J. Simpson guilty of all 12 counts in his Las Vegas armed robbery and kidnapping trial.
Update (16:49 EDT): I finally received an e-mail alert from CNN, sent a few minutes ago:
The Dow closes below 10,000 for the first time in nearly four years after a roller-coaster day, according to an early tally.
—Ken Shepherd is Managing Editor of NewsBusters
Editor at Large
Comments Policy
Once again, most of the MSMs
October 6, 2008 - 15:48 ET by CapitalismRulesOnce again, most of the MSMs are clue-less as to where to take this to boost Barak Obama. He failed as a negotiator and leader on this, he brushed the "worst financial crisis since the Great Depression" off with a "call me if you need me." He is then trumpeted as a great unifier even though his economic policy advisors are the ones who started this whole mess. Lemme ask you all something: how's that Bailout workin' out for you guys now? Where is the messiah, Obama when we need him. Why is he not making speeches about what can be done, where is more government? Where is more tax dollars? Where is more patriotism from Joe Biden? This is friggin' joke.
The great bank givaway is already law
October 6, 2008 - 15:56 ET by c5thenThere is no need for CNN to 'rally the troops' with the alerts.
Does Obama Understand What Is Happening In The DOW?
October 6, 2008 - 16:41 ET by JDWListed above is the obvious market reaction to the global mess. Our economy is not lost and certainly anything but unrecoverable. It needs some time.
The short selling ban will soon be lifted and open the growth in the options market. The current restrictions have removed every option strategy in the
market that relies on short selling and the options liquidity provided
by it. In mid-September a record number of contracts were being written.
JDW
DAILY WAVE
'Hey Chuck, Stand Up!'
»→ Certainly JDW
October 6, 2008 - 16:44 ET by Cool ArrowHis handlers explained it to him this way:
"John McCain has not talked about my Muslim Faith" - Barack Hussein Obama
That's it of course!!!
October 6, 2008 - 17:03 ET by c5thenAs soon as I can borrow your stock shares from your broker and sell them that will goose the market and it will make up all it's lost value. I should have realized.
;-)
After Consideration
October 6, 2008 - 17:16 ET by JDWI call you
JDW
DAILY WAVE
'Hey Chuck, Stand Up!'
»→ McCain's still stupid
October 6, 2008 - 19:25 ET by Cool ArrowWhy isn't McCain turning the tables here?
Instead of running from the "McCain was for deregulation" why isn't he saying "Of course I was for deregulation. It was government regulation that forced banks to take on NINJA and LIAR loans. I was fighting against the very destabilizing forces ACORN and its offspring, Obama were foisting on the American people."
Maybe I'm too early with this angle, because it wasn't until today McCain pointed out Obama has NEVER broken with the party line on any issue. Something I've been harping on for a while now.
I hope you're still reading, John.
"John McCain has not talked about my Muslim Faith" - Barack Hussein Obama