What a difference an election can make.

In May 2008, News Corp chairman Rupert Murdoch sang Barack Obama's praises, calling him "a rock star" and the likely winner of November's presidential contest. That was an endorsement which meant something, given Murdoch's reputation as a supporter of conservative politics and bankroller of both the right-friendly Fox News Channel and New York Post newspaper.

Back then, punditizers like me figured Murdoch had read the tea leaves, expected Obama to win, and wanted to make sure the new administration didn't immediately take on his lengthy list of American TV stations and media outlets.

So what to make of Murdoch's recent statement agreeing with Fox News superstar Glenn Beck when he calls the president a "racist....with a deep seated hatred of white people and white culture."

(UPDATE: A spokesman for News Corp. has told Politico Murdoch does not think the President is racist.)

Murdoch made the statement in an interview with an Australian broadcaster -- which he, by the way, owns a piece of -- where he also talks about charging consumers for online content -- also an about-face for a mogul who initially tried to take down the Wall Street Journal's pay wall after he bought the company.

Slate's most-excellent media columnist Jack Shafer points out that Uncle Rupert has a long history of lying in public statements when it serves his interests, and the only thing you can really trust, is his actions.

So I'm expecting him to walk back these comments the next time he needs some kind of government exemption to keep his TV empire intact here in America.

Check out his words here; comment comes at about 18 minutes: