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Faux News on Morgan Stanley

On Saturday August 18, 2007 in a rare departure, Neil Cavuto invited a guest to appear who had some very serious, very negative things to say about the recent volatility in the markets and America's role in the mess. Despite giving lip service to a "fair and balanced" approach, Cavuto and his panel of mindless cheerleaders called Schiff anti-American and implied that he didn't know what he was talking about. This, despite the fact that a year ago, Schiff accurately predicted the collapse of the housing market. Cavuto's disdain for his guest was evident and was, once again, a reminder that the new FOX Business Network is going to be populated by analysts who are more like toothy glad-handing used car salesmen than in-depth financial gurus

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8 Billion dollar loss at Merill Lynch

Yesterday Merrill Lynch announced a massive 8 billion dollar loss, and S&P downgraded their debt.