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I watch Fox News because I like that they cover more than the typical stories, and they are rather amusing on some of the audience shows.
I watch Fox News from time to time because I never seem to stop being amazed at what they get away with. Surely they can't run an entire segment essentially defending Tom Delay and get away with it, thinks I. Surely he didn't just say "looks like John Edwards is declaring war on the election results" when other media sources are calling the speech non-committal. Surely they can't continue to be more in lock-step with the Bush administration than China's official news agencies are with their government. Surely they can't continue to say "fair and balanced" with a straight face. Surely me repeatedly saying surely isn't getting annoying.
I think Fox News is insidious - because it works very hard to appeal itself to the average american, and then uses that appeal, not to inform, but to intentionally distort their world view. And it does so very stealthily - it presents itself as balanced, as not telling you what to think. It gives the picture it wants it's audience to see by asking questions in certain way, by telling you what "some people are saying", by covering speeches and interviews by some people one way - and other people another, by repeating the hot air most other news stations ignore (Fox News Alert: "We stand as the eagle of freedom", says Bush.)
...And worst of all, it works. Watchers of Fox News were (and probably still are) more likely to believe that Iraq was directly connected to Al-Queda and that wmds where found in Iraq, than watchers of other news sources like NPR or the NewsHour.
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CNN and Fox News both blow -- Half of the crap they cover is entertainment, not news
And then there's that. When a single missing white girl is the top news story on all the major US news outlets for an entire week or more, something is seriously wrong.