Those of us who have heard that Fox News takes daily political direction and believe it think the situation should be exposed. Others say that there is no evidence that Fox does anything more than run from fire to fire gawking and pumping up fear, uncertainty, and doubt.
Here is an article that provides a pedigree for what is happening today. It is _Bending to Power_ by Bruce Page in the Columbia Journalism Review.
It appears to me that between the Moonies and Murdoch, neo-conservative manipulation got a tremendous boost over the past few years. When global warming skepticism proved to be so easily planted in the psyche of a substantial portion of the public, it became clear that critical thinking skills are sadly absent at all levels of society.
FUD produced by the Wall Street Journal will have the same effect on the grey-suited and well-educated that Fox News has on "angry middle-aged men who scream at the TV." In fact it will be more insidious because they honestly feel their education confers mental fitness.