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December 07, 2005
O'Reilly's appalling ignorance of markets
Bill O'Reilly is a popular Fox News show host and author, but he is really nothing more than a fleetingly entertaining demagogue. Case in point is the following exchange between O'Reilly and Neil Cavuto, another Fox News host:
CAVUTO: Okay. Gas prices are down a lot. Why do you think that is?O’REILLY: Because they’re afraid they’ll go to jail. And those C.E.O.s who manipulated them–
CAVUTO: Why are you sure that they manipulated them?
O’REILLY: I have guys that are inside the five major oil companies - my father used to work for one of those oil companies, by the way - who have told me that in those meetings they look for every way to jack up oil prices after Katrina, every way. When they didn’t have to. And they got scared because in my reporting and some other reporting, they said –
CAVUTO: Wait, you’re taking credit for gas prices being down?O’REILLY: My reporting and reporting of others.
CAVUTO: Has nothing to do with refineries that came back online or the crisis calmed after the hurricanes?
O’REILLY: The demand for oil in this country is the same now as it was one day after Hurricane Katrina. It’s the same. Selling the same amount of gas and oil.
CAVUTO: But the supply has increased, right?
O’REILLY: The supply has increased? Who knows.
CAVUTO: And it’s traded like a stock, correct?
O’REILLY: It’s traded by speculation, and the bottom line is they were afraid of a federal investigation and they said–
CAVUTO: I think you’re crazy, but you're right on the Christmas, but wrong on this.
In this post, Don Boudreaux of Cafe Hayek -- in a refreshingly non-derisive manner -- explains cogently why O'Reilly's position is demagogic nonsense.
Posted by Tom at December 7, 2005 07:18 AM
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� The "No Sense" Zone from Full Disclosure
Who knew Bill O'Reilly controlled the world oil markets? Well, apparently he thinks so. Looking past O'Reilly's elephantine ego and stifling self-love -- which isn't easy -- it's clear he's just another guy with a camera who doesn't know what... [Read More]
Tracked on December 7, 2005 11:06 AM
Comments
You are absolutely correct about O'Reilly's economic ignorance. I have to turn him off when he starts ranting on this issue.
Posted by: Jerri Lynn Ward at December 7, 2005 10:11 AM
such a blowhard. but a disturbingly popular blowhard, given his ratings.
Posted by: banjo jones at December 7, 2005 04:31 PM
Unbelievable!
Posted by: James Hamilton at December 12, 2005 04:46 PM
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