It seems to me its primary purpose is to attack anything Democratic or liberal, and to ridicule and belittle anything and everything about the Obama administration. A recent and blatant example is the laughable attempt in saying that he was trying to "take credit" for the rescue of kidnapped Capt. Richard Phillips in the Somali piracy incident. Fox News says that all Obama did was to take the advice of his advisors, and that they and the Navy SEALs should get the credit.
Well, isn't that part of his administration, and isn't he doing his job effectively?
But here is where the hypocrisy of Fox becomes so glaringly apparent: If you do watch Fox News on a regular basis, as do I, how many times have you heard the Fox talking heads refer to the "failed Carter attempt"? Using that logic, I suppose if the attempt had gone awry, it would have been "the failed Obama rescue attempt."