Nets ignore news that all stock market gains have been WIPED OUT under Biden

After another disastrous day on Wall Street which saw the Dow Jones Industrial Average plunged almost 900 points at the close among fears of a pending recession, all three evening news networks ignored the fact this meant all stock market gains made during the Biden administration have been wiped out.

(Article by Kevin Tober republished from NewsBusters.org)

CBS Evening News led with the stock market tumble with anchor Norah O’Donnell reporting “the Dow was down more than 2 percent on the day. NASDAQ dropped more than 4 percent and the S&P sank more than 3 percent. The S&P finished the day in a bear market” adding that “the last time that happened was at the start of the pandemic.”

“It all comes ahead of a closely watched Federal Reserve meeting this week where the central bank is all but sure to raise interest rates” which are reported to be “going up by 75 basis points,” O’Donnell reported. While this is all true, what she failed to mention was the net stock market loss under Biden’s reign. In fact, Biden’s name wasn’t mentioned at all during the report.

The same was true for ABC’s World News Tonight and NBC Nightly News. ABC correspondent Erielle Reshef during her network’s segment on the market crash noted the S&P 500 is “down nearly 4 percent for the day and more than 20 percent for the year” which is officially “bear market territory.”

Over on NBC Nightly News, anchor Lester Holt briefly reported on the market crash without mentioning Biden in any way:

It was another brutal day on Wall Street. The Dow plunging 876 points. The S&P falling into bear market territory. It comes as the Fed prepares to raise interest rates again to combat inflation, and gas prices top $5 a gallon.

Meanwhile, on Fox News Channel’s Special Report, White House correspondent Peter Doocy gave viewers the unvarnished truth about the state of the Biden economic record.

“A quick check of numbers that have changed since President Biden’s inauguration day, gas prices are now twice as high and the average price, the Dow Jones Industrial Average stocks are now trading lower,” Doocy informed viewers.

Doocy added that “all Dow Jones Industrial Average Gains under Biden are gone.”

The media has no interest in tying bad economic news to Joe Biden. When they are forced to cover unfavorable news, they avoid any mention of Biden in the hopes their audience doesn’t connect the dots.

This bias by omission was made possible by Prevagen on ABC, Febreeze on CBS, and Liberty Mutual on NBC. Their information is linked.

Read the relevant transcript

FNC’s Special Report
6/13/2022
6:01:41 p.m. Eastern

PETER DOOCY: Good evening, Bret. A quick check of numbers that have changed since President Biden’s inauguration day, gas prices are now twice as high and the average price, the Dow Jones Industrial Average stocks are now trading lower. But officials around here insist they’ve got the economy in great shape.

KARINE JEAN-PIERRE: We know families are concerned about inflation and the stock market.

DOOCY: Now that all Dow Jones Industrial Average Gains under Biden are gone. The White House is changing their tune on the stock market from a month ago.

JEAN-PIERRE: We do not — that’s not something that we keep an eye on every day.

DOOCY: But when things are good the President wants credit.

JOE BIDEN: It has hit record after record after record on my watch.

DOOCY: As stocks drop, gas prices soar now more than $5 a gallon as President Biden weighs a trip to a major oil producer.

ABC’s World News Tonight
6/13/2022
6:44:47 p.m. Eastern

ERIELLE RESHEF: Tonight, new fears of a recession after a dismal day on Wall Street. The S&P 500, the index tied to most 401(k)s, finishing down nearly 4 percent for the day and more than 20 percent for the year. Officially entering so-called bear market territory.

MARK HAMRICK (SENIOR ECONOMIC ANALYST, BANKRATE): The stock market is suffering through a very bad case of indigestion because inflation has been surprisingly high and persistent.

RESHEF: Persistent and getting worse. Prices rising from the grocery store to the gas pump.

(…)

RESHEF: Last week, Treasury Secretary Janet Yellen tried to dispel fears of a recession. But more and more prominent economists are now predicting one. And David, the Federal Reserve is expected to meet later this week. The last time they met, they raised interest rates by half a point. This time, there’s talk they could raise rates by three-quarters of a point. Now that delicate balance of cooling the economy without triggering a recession.

CBS Evening News
6/13/2022
6:32:07 p.m. Eastern

NORAH O’DONNELL: Tonight many Americans are worrying about their retirement funds as stocks dropped to new lows for the year. Investors began the week hitting the sell button thanks to rising inflation and a fragile economy. The Dow was down more than 2 percent on the day. NASDAQ dropped more than 4 percent and the S&P sank more than 3 percent. The S&P finished the day in a bear market. The last time that happened was at the start of the pandemic. And for those invested in Bitcoin and other cryptocurrencies, well the crypto market crashed today. Wiping out billions of dollars. It all comes ahead of a closely watched Federal Reserve meeting this week where the central bank is all but sure to raise interest rates and it’s possible the benchmark could be raised even higher than forecasted. Going up by 75 basis points, that could be the biggest hike in more than two decades.

NBC Nightly News
6/13/2022
7:05:21 p.m. Eastern

LESTER HOLT: It was another brutal day on Wall Street. The Dow plunging 876 points. The S&P falling into bear market territory. It comes as the Fed prepares to raise interest rates again to combat inflation, and gas prices top $5 a gallon.

Read more at: NewsBusters.org