Wrong on Election, Fox Anchor Varney Predicts Again
Stuart Varney, the Fox Business Network anchor, was wrong about the election but unrepentant. He predicted Mitt Romney would win by 3 points. “I was wrong,” he said several times during his talk on opening day at the Restaurant Finance & Development Conference in Las Vegas, presented by Franchise Times’ sister publication, the Restaurant Finance Monitor. He made a few new predictions, anyway.
He wasn’t happy about President Obama’s win. “It’s been an absolutely dreadful six days, so thank you for bringing me to Vegas,” Varney said, in appreciation of the “alternate reality” only found in Sin City.
“These are tumultuous times,” Varney went on to say. He cited as “cataclysmic” what he called the panic of 2008, which set off a "chain reaction that has completely shifted” the financial culture in this country. Anger, fear and more than a little jealousy are byproducts of the panic, fanned by stories like Tyco’s chairman looting the company’s money and spending $6,000 on a shower curtain, or Merrill Lynch’s chief lavishly redecorating headquarters as the company lost $15 billion value in 12 weeks that fall.
He made a couple of new predictions: Congress will make a deal by January 1 to avoid the so-called fiscal cliff, when tax cuts are set to expire and automatic budget reductions would kick in. We’ll get 2 percent growth next year in gross domestic product, because “the deal on the fiscal cliff will give us some confidence on what is to come.” We’ll also add $1 trillion a year to the national debt, Varney said. Given his recent track record, take those forecasts for what they’re worth.