The beauty of capitalism

During Fox News' coverage of the July 7 London bombings, Washington managing editor Brit Hume told host Shepard Smith that his "first thought," when he "heard there had been this attack" and saw the low futures market, was "Hmmm, time to buy."

SMITH: Some of the things you might expect to happen, for instance, a drop in the stock market and some degree of uncertainty across this country -- none of that really seen today, and I wonder if the timing of it -- that it happened in the middle of the night and we were able to get a sense of the grander scheme of things -- wasn't helpful in all this.

HUME: Well, maybe. The other thing is, of course, people have -- you know, the market was down. It was down yesterday, and you know, you may have had some bargain-hunting going on. I mean, my first thought when I heard -- just on a personal basis, when I heard there had been this attack and I saw the futures this morning, which were really in the tank, I thought, "Hmmm, time to buy." Others may have thought that as well. But you never know about the markets. But obviously, if the markets had behaved badly, that would obviously add to people's sense of alarm about it. But there has been a lot of reassurance coming, particularly in the way that -- partly in the way the Brits handled all this, but also in the way that officials here handled it. There seems to be no great fear that something like that is going to happen here, although there's no indication that we here had any advance warning.

http://mediamatters.org/items/200507070007