Wonder Where ABC gets its Business News?

We are all familiar with that media monster called ABC and its huge channel selections that includes sports (the many ESPN channels), kids programming (the Disney Channels), and many others. But I was curious where they got their business news and information. They obviously wouldn't go to CNBC, since it is a part of the GE family, which includes archrival, NBC. But they still have Bloomberg and a plethora of independent business media available. For some reason I was surprised to see Alexis Glick of Fox Business (part of a huge family of networks that overlap ABC in sports and family programming) on ABC's Good Morning America.

Alexis Glick, who has been a guest on my Price of Business show, is one of the most articulate and well versed people on business news and content. She did not disappoint on ABC's Good Morning America with a very thoughtful Goldman Sachs earnings preview. In her discussion she:

• Reviewed the enormity of Goldman Sachs earnings and what it means to Wall Street and Main Street


• How taxpayers should feel about this participant of the bailout enjoying this kind of earnings


• What should taxpayers expect in the future when it comes to company bailouts


• How Goldman Sachs early repayment of the TARP (it was one of the first companies) should matter

Glick is one of the more perceptive analysts in business news and I largely agree with her when it comes to the variety of feelings most Americans will experience when it comes to "Business after TARP" (sounds like a future article). I believe that it is imperative, however, for Members of Congress in both Houses and the American people to assess TARP and whether it was the best route to follow. This requires tough questions:

• Why were we informed that TARP needed to be passed "now," but more than 90 percent won't reach its beneficiaries until 2010?
• Why is the bulk of that money being released during the election year when we are experiencing near double digit unemployment now?
• Was this a legitimate action for the government to take in light of the obvious Constitutional restrictions?
• Since government jobs don't create profit, and profit is necessary for long term job growth, are not the government created jobs all temporary?

These questions and many more should be asked by the media on politicians daily. However, other than Fox and a few overtly conservative media outlets, it simply will not happen. That is probably the exact reason ABC called on Fox and the analysis of Alexis Glick. Not only is the network noted for being "fair and balanced," but it is also extremely thorough. Something we really need from the media today.

Kevin Price is Host of the Price of Business, the longest running show on AM 650 (M-F at 11 am) in Houston, Texas and on AOL Radio. His articles often appear in Chicago Sun Times, Reuters, USA Today, and other national media. Steve Moore of the Wall Street Journal calls Price the “best business talk show host in the country.” Find out why and visit his blog at www.BizPlusBlog.com and his show site at www.PriceofBusiness.com. You can also find Price on Strategy Room at FoxNews.com.

Fox Business and News Breaks Bailout Agreement

I just received an email from Jessica Rice of Fox Business who was telling me a story that will most likely be missed by most in the media -- the role of the Fox networks in breaking the federal bailout story, and of Fox Business in particular. She wrote that "this afternoon, FOX Business Network’s senior Washington correspondent Peter Barnes was the only one to obtain the Senate Banking Committee agreement of principle outline that Senator Democrats and some Republicans had agreed upon to propose to the President today at the big economic meeting."

She added that "Barnes... had the first concrete piece of paper we saw on this outline. Additionally, this afternoon at 12:54 PM ET, after a fundamental, initial deal had finally been reached between Democrats and Republicans on Secretary Paulson’s $700 billion bailout plan, FOX Business Network beat all the major cable news networks" with this information.

Finally, Rice indicated that Fox Business "was the first to report news of the deal at 12:54pm ET, followed by Bloomberg, FOX News Channel, CNBC, MSNBC, and CNN."

Some have argued why there was a need for an additional business network and others, because of their ideological agendas, have suggested that Fox wouldn't be taken seriously. News Corp has always been a leader in innovation and journalism. From the creation of a television business news network that pursues the interests of Wall Street to Main Street in Fox Business or in its purchase of the Bible of the financial world, The Wall Street Journal.

The thing I have enjoyed in working with the network is the sense of family I have seen that is so contrary to journalism today. I have had Alexis Glick, David Asman, Jonathan Hoenig, and others from the network on the program and their genuine love for their network is seen in the way they perform their jobs and how they represent the company.

In addition to providing a sense of understanding in its concerns about Main Street it also maintains a commitment to being "fair and balanced" that is similar to its sister station, Fox News. Because we have become so accustomed to a media bias with a driven agenda, we often see Fox as "Conservative." Honestly, it is only in the context of how blatantly liberal much of the rest of the media remains.

I congratulate Fox Business on these firsts as it approaches its very first anniversary. I am expecting even more from the network in the years to come.

Kevin Price articles frequently appear at ChicagoSunTimes.com, Reuters.com, USAToday.com, and other national media.

Kevin Price is Host of the Price of Business (M-F at 11 AM on CNN 650) and Publisher of the Houston Business Review. Hear the show live and online at HoustonBusinessShow.com. Visit the archive of past shows here.