But Hostin said there was a case, not for decriminalized prostitution - which reportedly will save $11 million in municipal police spending - but for legalization, which she claimed would "boost the economy in these economic times."
"I think the more valid argument would be legalizing it because I've spoken to a couple of people in San Francisco about this - a couple of voters and what they're saying is, ‘Why not legalize prostitution because then brothels will be taxed, prostitutes will be taxed and that will boost the economy,'" Hostin said. "And in these economic times, this is the one time I think this sort of proposition in San Francisco could, could be passed."
Who you choose to surround yourself with makes you what you are and we already know Democratic presidential hopeful Sen. Barack Obama's associations with Rev. Jeremiah Wright, Tony Rezko and William Ayers.
"The deregulation of U.S. financial markets did not reflect only the narrow ideology of a particular party or administration," the editorial said. "And the problem with the U.S. economy, more than lack of regulation, has been government's failure to control systemic risks that government itself helped to create. We are not witnessing a crisis of the free market but a crisis of distorted markets."
If you're going base an entire TV show on taking potshots at conservatives and Republicans for anything and everything, you might try to get at least the simple things right - things like grade-school U.S. geography.
MSNBC's Oct. 13 "Rachel Maddow Show" must not have read that memo. After launching into a Keith Olbermann-esque tirade criticizing Republican presidential nominee Sen. John McCain's geographic campaign strategy, the best and the brightest couldn't correctly label the state of Indiana, mistaking it for Illinois - which ironically is Democratic presidential nominee Sen. Barack Obama's home state.
When Lehman Brothers CEO Richard Fuld testified before the House Oversight Committee Oct. 6, the media criticized his wealth and spending amidst financial turmoil in his company and on Wall Street. But conspicuously missing was the story of Fuld's political contributions.
It's the kind of socialist attitude that would make Venezuelan dictator Hugo Chávez proud. Unfortunately, it's coming from a New York Times columnist making recommendations for the U.S. financial system.
"[W]hat we really need is we need, well capital that the banks - we need to put money into the system," Krugman said. "And in effect, what always happens in financial crises is a partial nationalization - partial and temporary nationalization of the financial system. And, that is - you know and, I predict with almost 100-percent confidence that's how it will end, but the [Henry] Paulson Treasury wasn't willing to talk about that."
You've got to love brutal honesty, especially when it comes from the financial media.
The Senate's version of a bailout bill, which passed last night by a margin of 74-25, included "sweeteners" - or obscure tax breaks - including benefits for the manufacturer of wooden arrows used in children's toys and another for litigants in the 1989 Exxon Valdez oil spill.
The shock and awe of the financial market meltdown is just beginning according to CNBC star Jim Cramer.
Cramer on CNBC's Sept. 29 "Mad Money" cautioned viewers about the current market. His advice - do nothing because there's more pain to come if no rescue plan makes it out of Congress. As he put it: "sit on your hands."
"Only those stocks that are sure enough to pull the trigger on until we get to Dow 8,200 ... I said if the plan failed - only those you should be looking at - looking at," Cramer said. "Today's 777-point drop was just the beginning. Now is not the time to put your money at risk, it's the time to protect your nest egg."
Cramer recommended only stocks of companies that didn't need to borrow money in an environment with tough credit and sold products that would still be in demand during a bad economy - a very narrow spectrum of stocks. Otherwise, he told viewers to put their money in FDIC-insured banking accounts.
The theory that bailout legislation recently defeated in the House of Representatives would make money for the federal government has been propagated by the financial media. But according to a recent report released by the International Monetary Fund (IMF), a profit is unlikely.
"What you find in the IMF report is of course that banking crises happen all the time," Patelis said. "If you look at the history of banking crises - that on average they cost about 13 percent of GDP to the government, both in terms of direct recapitalization costs, but also lost revenue."
Nationalization has its consequences. Just note the rhetoric coming from some prominent voices on the left.
The government's foray into offering services normally provided by the private sector by bailing out aging mortgage giants gives it the power to implement "green" building requirements, according to New York Times columnist Thomas Friedman.
He suggested Sept. 23 that any construction financed by government-funded mortgages should be certified "green" according to the standards of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System.
"Here's what an Obama world would look like: The vast majority of households would pay less tax, not more ... What would John McCain's world look like? The top 1 percent of earners would see their taxes go down, an average of $50,000."
That sounds like a television ad for Sen. Barack Obama's presidential campaign, but it actually came from NBC's Sept. 22 broadcast of "Nightly News." CNBC correspondent Carl Quintanilla gave an analysis of the two presidential candidates' tax proposals. But according to the report, the middle class stand to gain more from an Obama tax proposal.
"Amid all the rhetoric here's one easy way to look at taxes," Quintanilla said. "A middle-class household earning $38,000 to $66,000 a year would get an average tax cut under McCain of $325, under Obama, $1,100. Sound simple? It isn't. The government suddenly has a trillion dollars in bailouts and the candidates disagree on how to tax the wealthiest Americans, the top 1 percent, to pay for it."
Coverage of the banking crisis is everywhere. Pundits and politicos claim the instability is threatening the financial markets and the overall economy. However, ABC's Sept. 22 "World News with Charles Gibson" used the crisis to take a swipe at the wealthy.
"In just six months, five major investment banks have now vanished from the landscape, ending an era of aggressive deal making and spectacular profits," Stark said. "These masters of the universe immortalized by Hollywood have been humbled."
Republican presidential nominee Sen. John McCain, Ariz., has acknowledged his technological shortcomings, but some in the media continue to portray him as a techno-phobe with no meaningful contributions to that sector of the economy.
The September 16 "NBC Nightly News" examined McCain's rhetoric on the campaign trail in the wake of a serious banking crisis. Correspondent Kelly O'Donnell reported one campaign advisor cited McCain's legislative effort opening the door to technological advancements as evidence of his ability to steer Americans through the turbulent time.
"And Brian, when an adviser today was stressing John McCain's economic credentials, he told reporters that McCain quote ‘helped make this little miracle happen' - the Blackberry or cell phone - citing his work on the Commerce Committee," O'Donnell said.
"I want to take my limited time today and focus in on - I couldn't imagine a better moment for you to be here than after last night's stunningly distorted interview with Gov. Palin on ABC," Gingrich said. "Stunningly distorted because of one particular set of question, which I want to spend my time explaining and putting in context. I don't know how many of you have seen the original interview or excerpts, but there's a point where Charlie Gibson asks Gov. Palin about whether or not she believed that our soldiers were on a task from God and he quoted one-fourth of something she had said in her church."
Call this the meeting of the minds - should it ever happen, but the host of CNN "Lou Dobbs Tonight" has a message for MSNBC's "Countdown" host Keith Olbermann.
Lou Dobbs, a self-described ‘independent populist' that espouses his anti-free trade and protectionist viewpoints on CNN nightly, appeared at the Family Research Council's Values Voter Summit. It was there that Dobbs revealed his disdain for Olbermann.
"Did somebody mention Keith Olbermann?" Dobbs asked rhetorically. "By the way - I was delighted to hear that - well, let me say, let me put it this way just very clearly - I'm a petty and venal person. I and Tony [Perkins, president of the Family Research Council], I'm confessing in front of everyone here, but the man is hanging by a highly medicated string. And I am so, well, I have to admit it - I am a little angry with him."
Immediately following the interview, CNBC Media and Technology Editor Dennis Kneale observed the demeanor of Nelson and warned the scandal would be exploited by Democratic presidential nominee Sen. Barack Obama, Ill., for political purposes.
It's an oldie, but a goodie for the broadcast media - attacking bottled water, a legitimate product that produces billions of dollars in sales annually.
The September 10 "CBS Evening News" went after the bottled water industry, suggesting that a lack of regulations for purification and testing meant bottled water is unsafe.
"The marketing campaigns say it all - bottled water is a pure healthy choice for consumers and millions of Americans are swallowing that message," CBS correspondent Thalia Assuras said. "Despite research showing that almost 40 percent actually comes out of taps, including Pepsi's Aquafina, Coke's Dasani and Nestle's Pure-Life, consumers spent $11 billion last year buying it off the shelves, convinced it's healthier. Food safety experts say there is no evidence of that."
If you put controversial left-wing filmmaker Michael Moore and MSNBC "Countdown" anchor Keith Olbermann in the same setting - there's bound to be some sort of lunatic remark made. Their latest get-together, neither failed to disappoint.
"I was just thinking, this Gustav is proof that there is a God in heaven," Moore said, laughing. "To have it planned at the same time - that it would actually be on its way to New Orleans for day one of the Republican Convention, up in the Twin Cities - at the top of the Mississippi River."
While a lot of the members of the mainstream media were scratching their heads, trying to figure out just who Alaska Gov. Sarah Palin was, CNBC actually came through with an almost immediate positive response.
The August 29 broadcast of CNBC's "Squawk on the Street" featured two of the network's prominent personalities analyzing Republican presidential nominee Sen. John McCain's choice of a running mate. "Closing Bell" host Maria Bartiromo and "Kudlow & Company" host Larry Kudlow said McCain's decision was wise.
Bartiromo, who was set to feature Palin in an upcoming CNBC special on energy, called the governor a "terrific choice."
BARTIROMO: "I can tell you a lot about Gov. Palin just from my conversation with her and from the day that we spent with her and that is she challenged the establishment in Alaska. She is very, very popular in Alaska and what she brings to the table predominantly is her knowledge and her know-how of energy. That's the bottom line."
But on the August 27 "Mad Money," Cramer bucked his that trend and called for higher taxes for top income earners. On his "Mad Mail" segment, a n e-mailer asked Cramer if Democratic presidential candidate Sen. Barack Obama's plan to raise taxes on incomes higher than $250,000 and redistribute the money to lower income earners would be good for the economy.
"If Obama puts more money in the hands of the majority of the consumers in this country (who make less than $250,000), won't that be a big push for the economy, and in turn for stocks?" the viewer, "Laurence in Iowa," asked.
James Carville isn't happy with the pace of his party's convention and questions why his party isn't fighting harder.
Carville, a CNN contributor and political adviser for former President Bill Clinton, appeared on CNN's August 26 "American Morning" and called the first night of the Democratic Party "wasted."
CARVILLE: "[The Ted Kennedy speech] was a great moment, absolutely. But other stuff was wasted. There was no message that came out of here. Look, this is the fifth night in a row that we've had a Democratic convention since George W. Bush, the most disastrous, incompetent and corrupt administration we've had in modern American history and we haven't put it front and center. I am at loss..."
It seems like a no-brainer: Raising taxes is bad. It's a shame that Barron's is one of the few outlets to pick up on it.
An economic plan floated out by Democratic presidential hopeful Sen. Barack Obama, Ill., would raise taxes on incomes above $250,000 - with the highest rate at 39.6 percent - and redistribute the wealth to the poor and middle-class. But that would be a big mistake, according to an article by Jim McTague in the August 25 issue of Barron's.
"It's almost as if Obama wants to repeat the mistakes of Herbert Hoover," McTague wrote. "During the Great Depression, Hoover raised the top marginal rate to 63% from 25% and hiked corporate taxes, too, says Michael Aronstein, chief investment strategist at Oscar Gruss & Son in New York. The moves siphoned needed investment capital out of the markets and into the hands of bureaucrats, delaying the turnaround."
Perhaps it's the pied piper effect, but when Democratic presidential nominee Sen. Barack Obama speaks, the media follow right along in lockstep.
The word "disaster" can invoke images of the aftermath of hurricanes, tornados or tsunamis. But, on the campaign trail where there are political points to be scored - it's one quarter of a slight economic contraction followed up by two quarters of shallow economic growth, according to Obama.
"Then he started running ads saying oh, Obama's just going to raise your taxes and he'll lead to an economic disaster," Obama told his campaign audience. "Mr. McCain, let me explain to you, the economic disaster is happening right now. Maybe you haven't noticed."
Do as we say, not as we do - the new theme for NBC's coverage of the 2008 Summer Olympics? Quite possibly.
WTHR, the NBC affiliate for Indianapolis, reported from Beijing and described the set used for the network's two highest-rated news broadcasts - "Nightly News" and "Today" - as air conditioned, even though it is outdoors.
Even NBC "Today" co-host Matt Lauer remarked about the air conditioning, but complained the weather was still uncomfortable even with the luxury.
"The first couple of nights even with the air conditioning it was steamy in here, but we've been lucky ever since," Lauer said to WTHR. "It's been overcast some days, takes the temperature down. We call it fog smog."
Perhaps the media's Obama lovefest isn't as infectious as previously thought - at least in some corners of the financial media. For the second day in a row CNBC's Michelle Caruso-Cabrera noted low taxes - a conservative economic ideal - trumps those of the left, both economically and politically.
"You know what I just love, Doug?" Caruso-Cabrera asked. "Everybody and their mother, whenever they want to endorse their tax plan - they want to cite the almighty Ronald Reagan, right? I mean, everybody wants to dump all over the Republicans, but when they want to tout their economic and their tax plan, who do they go back to? The guy who cut taxes and cut taxes."
It's not often someone in the media challenges the liberal point-of-view - especially on the issue of taxes when they become a means to redistribute income.
CNBC "Squawk Box" fill-in co-host Michelle Caruso-Cabrera wasn't afraid to buck the trend and challenge Democratic presidential nominee Sen. Barack Obama's senior economic adviser Austan Goolsbee.
Goolsbee appeared on the August 14 "Squawk Box" to defend an op-ed he wrote for the August 14 Wall Street Journal outlining Obama's tax plan. Caruso-Cabrera invoked the name of Milton Friedman, an economist who was a primary defender of free markets throughout the 20th century. Ironically, Friedman taught at the University of Chicago, where Goolsbee is a faculty member.
"WWMD, Austin - what would Milton do? Remember that," Caruso-Cabrera said. "Remember your roots - what got you to where you are."
Maybe it was a stab by Charles Gibson to provide a national group therapy session for his 8 million viewers, but the ABC "World News" anchor aggressively questioned ExxonMobil CEO Rex Tillerson on the August 14 broadcast for "obscene" profits and asked him to "justify" the company's success.
"As we said earlier, Rex Tillerson - who is the board chair and CEO of ExxonMobil, doesn't talk often to the press," Gibson said. "His company has reported remarkable profits in the first half of this year. The high price of gas brought ExxonMobil close to $22 billion in profit - in profit - for the first half of this year. I asked him how he justifies that amount, that some see as obscene."
But Tillerson explained to Gibson it was the nature of a large business that performs an incredible amount of transactions.
If the idea of the Fairness Doctrine bringing government control of broadcasted speech wasn't bad enough, there's also a possibility that its oversight powers could spill over onto the Internet and control Web content.
It doesn't matter if they talk about it on the evening news or not according to Rep. Mike Pence of Indiana.
Pence, along with two of his Republican colleagues - Reps. Dan Burton. Ind., and Bob Goodlatte, Va., met with reporters about the protest they are waging against congressional Democratic leaders at the Capitol on Friday. Democrats, led by Speaker of the House Nancy Pelosi, have prevented an up-or-down vote on expanding offshore oil exploration and drilling.
"We don't need to be on the mainstream media," Pence said. "I think the switchboard at the Capitol is melting. Quite frankly, you know, I went home to the state fair and went to the ham breakfast, which starts at 6 a.m. There were 300 farmers from all 92 counties of Indiana. There was no mention made from the podium about our protest, but I stood up and simply said, ‘It's an honor to be here with the governor and the lieutenant governor.' And I said, ‘Quite frankly, it's just nice to be speaking where the lights are on and it brought the house down - people from all 92 counties.'"