Hold for a second the vitriol that Roger Ailes usually inspires. The Fox News boss is worth watching—not so much for his abuse-inviting impersonation of a corpulent former Nixonite but as a financial indicator of a market top. The cable news network Ailes started for Australian media mogul Rupert Murdoch—though a remarkable ratings success—marked the high-water-mark of the Republican ascendancy. A month after the launch of Fox News in October 1996, Bill Clinton came back from the political dead and ascendant Congressional Republicans under Newt Gingrich suffered their first big reverse. So is there an Ailes jinx? Well, take a look at the stock market. Ailes' Fox Business News was supposed to be a news channel with less of the gloom and doom of competitors such as CNBC. Since the start of broadcasting in October last...
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