Settling into my recliner this evening to finish reading the Op-Ed pages of today’s Columbus Dispatch, I started reading an article by Miami Herald columnist Leonard Pitts, Jr. entitled “Ignoring facts doesn’t make them go away” when I came upon his sentence “Later, in interviews with Fox ‘News’ and The Today Show…” Quickly noticing that he used quotation marks surrounding the News of Fox News, my first thought was to fire off a quick email to Leonard to let him know that I noticed the quotation marks and understood the meaning.
However, before writing the email, I thought to check to see if Fox “News” uses quotation marks itself for some reason, maybe to emphasize that they are indeed a legitimate news organization. At the time, I had MSNBC turned on, listening to Reverend Al while reading. Grabbing the remote, I hit the channel down button to find Fox “News” and immediately came to the Fox Business News channel. There, a man was being interviewed who claimed to be a small business owner who was criticizing President Obama for wrecking the economy with all his unnecessary taxes and regulations. The man claimed that as a small business owner, he filed his business tax return only as that of an individual, stating that if his business had sales of $500,000 he had to claim $500,000 as income and pay tax on the entire amount.
I am far from being an expert on taxes; however, I did receive a Bachelor of Science in Business Administration degree with a major in accounting from The Ohio State University and worked for ten years as an audit supervisor with the Auditor of State of Ohio. My first thought was if he is preparing his own tax returns, he has a fool for a client. I seriously doubt that a small business owner has to report total revenue as income without deducting any and all legitimate business expenses.
I quickly hit the channel down button one more time to get to Fox “News.” What was airing on that channel was maybe even more alarming. It seems that Fox “News” is still peddling gold, which is selling just less than its all-time record high. The number one rule, and maybe most important in investing is buy low…sell high, not vise versa. I know that in times of duress in the stock market, people buy gold; however, this precious metal just set its record high only three days ago. Unless the stock market completely tanks, and investors put all their money into gold, I would stay away from any investment selling at their all-time record high. I know that the Dow Jones dropped another 391 points today, falling 3.5%, but one must remember that it is only off 7.29% for the year, no reason for mass panic.
I never did find out if Fox “News” uses quotation marks to promote itself. I was laughing too hard!
Steven H. Spring