Fox Business host Stuart Varney accused the mainstream media of "ignoring" economic news that reflects positively on President Trump in an apparent attempt to undermine his reelection prospects.
"The media ignores any item of news that could be considered good news for America. They really are the opposition party, opposition that is, to President Trump," said Varney on his Fox Nation show "My Take."
Varney said the mainstream media's failure to report positively on Trump, specifically the progress the stock market has made under his administration, is driven by a clear motive.
"Nothing that might help his reelection can be recorded," said Varney. "Case in point, the stock markets march to almost record-highs -- we're almost there again, and there's barely a word about it. What a rotten performance. They're just not doing their job," he said sarcastically.
Several factors unfolded between the close of U.S. stock markets on Wednesday and the open on Thursday, causing the Dow Jones Industrial Average and the S&P 500 to reach near record highs on Thursday.
An improvement in the stock market would benefit all Americans, said Varney, especially those who keep their pensions and life insurance in stocks. Almost three-quarters of the value of the entire stock market is owned by people over 55, he explained.
"You have rarely seen much about that in the media and the reason is obvious...it is Trump, but the media just can't give him credit," declared Varney.
Varney also accused the media of "eagerly and gleefully" reporting on a possible economic downturn last month, which lead to speculation that a recession was close.
Trump reportedly suggested to aides that the Federal Reserve Bank, the media, and other countries were behind the recession rumors, and were trying to target him, according to The New York Times.
Stocks plummeted last month after the U.S. bond market fired off a warning sign with an inverted yield curve, which reflects long-term interest rates on bonds dropping below short-term interest rates. An inversion of the yield curve indicates hesitation from bondholders by the prospects of short-term bonds and are instead putting their money into long-term bonds.
"The media talked it up. They became instant experts on the yield curve inversion," said Varney. "Now, They've moved on...it is truly laughable. Ignore them all, they'll never get over Hillary's loss."
"Instead," he continued, "look at what's going on, poverty declining, extraordinary employment gains by women and minorities, and yes -- the icing on the cake -- record highs for the stocks that fund your retirement."
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