Brian Wesbury, whose writings I have quoted often, is at it again, puncturing the economic gloom with reality-based analysis. Since his job is to provide useful info for the investor-clients at First Trust, creating unrealized hype is not in his best interest.

Wesbury is predicting a stunning improvement in the economy's growth rate (PDF; HT Political Calculations) when Uncle Sam's Bureau of Economic Analysis (BEA) releases second quarter Gross Domestic Product (GDP) information next week:

Growth Was Solid in Q2

You might think that a tidal wave of denunciation would ensue if a cartoon depicting John McCain being tortured in a bamboo cage by Hillary Clinton, Barack Obama, and another person (who might be George W. Bush) were to appear in a supposedly respectable or trendy publication.

You might further think that giving McCain's three torturers stereotypically exaggerated Asian features would only further fuel the outrage.

Sorry to disappoint you, but the cartoon involved appeared last month in Rolling Stone. As far as I can tell, what you are about to see has produced not a single ripple of protest (HT Taxman Blog via tip from Weapons of Mass Discussion):

The fallout that began a week ago after the publication of the Associated Press's Tony Snow obituary continues.

Fox News's Bill O'Reilly took his concerns about it to the top of AP, and didn't like the response he received. He shouldn't.

In his column this morning at Townhall.com, he also reaches a conclusion about the self-described "Essential Global News Network" that is becoming increasingly difficult to deny.

After the firestorm that erupted Saturday over the Associated Press's classless story on the death of former White House Press Secretary Tony Snow, I was hoping that the possibly-chastened wire service could get through its coverage of his funeral without getting in any gratuitous digs.

In that horrid Saturday story (blogged at NewsBusters and BizzyBlog), the AP's Douglass K. Daniel, with the assistance of longtime Bush basher Jennifer Loven, felt it necessary, within hours of Snow's passing, to characterize him as "not always (having) a command of the facts," questioning reporters' motives "as if he were starring in a TV show broadcast live from the West Wing," and turning his briefings into "personality-driven media event(s) short on facts and long on confrontation." In a further descent into tastelessness, they felt it necessary to tell us what Snow's salary at the White House was -- something I don't believe I have ever seen written in a story on anyone else's death. (11:00 a.m. update: See this comment below for an exception.)

Covering Snow's funeral Thursday, AP reporter Ben Feller stayed classy almost to the end. But then he apparently couldn't help himself, and followed the execrable example of his Saturday predecessors in his story's third-last paragraph.

A visit to the Vanderbilt TV News archives (no link; registration is required) reveals that on September 20, 1996:

• GOP presidential candidate Bob Dole was trying to make up lost ground against incumbent President Bill Clinton, while Ross Perot was filing a Federal Elections Commission complaint over being excluded from televised presidential debates.
• It was disclosed that Unabomber suspect Ted Kaczynski had kept a journal in which he admitted to all 16 bombings he was accused of.
• There was a "change in the FBI's working theory that TWA Flight 800 was brought down by a bomb," based on a "revelation that plastic explosives were placed on the plane a month before as part of a training exercise for bomb-sniffing dogs." The plane had crashed shortly after takeoff from New York's Kennedy Airport in July, killing all 230 aboard.

Separately, the New York Yankees were on their way to the playoffs, and their first World Series Championship in 18 years, beginning a run of four titles in five years.

Friday, September 20, 1996 is also the last time New York Times Company stock closed lower than its July 16, 2008 close of $12.59:

I received this CNNMoney.com e-mail just before 6 PM ET:

Hmmm. So they think it's all on Ben's shoulders.

The headline at the Associated Press's coverage by Adam Schreck says that the drop was due to "bad economic news."

But at least one person quoted earlier today (11:26 a.m., according to the link; HT NixGuy) had a different view, and he said what he said to CNNMoney.com, the same outfit that sent me the e-mail:

That must be some crystal ball Reuters reporters Jeremy Pelofsky and Tom Doggett have.

They somehow know that George W. Bush's Executive Order lifting an Executive Branch ban on offshore drilling will work out to be "largely symbolic" -- even though Congress's ban will expire on September 30 unless it's proactively renewed.

Further, Pelofsky and Doggett seem to almost know that since Barack Obama opposes any additional offshore drilling, not enough of his fellow party members will defect from that position between now and the Congressional ban's expiration, regardless of whether he remains competitive or sinks in the polls in the meantime.

Here's what the pair had to say on those two topics in their "objective" report (bold is mine):

The July 11 Second Amendment Freedom Rally in downtown Chicago was ignored by both of Chicago's major newspapers (Tribune search on "gun rally," not in quotes, is here [HT Say Uncle]; Sun-Times search on "gun" is here).

Pictures, audio, and video from rally supporters can be found here.

Focusing on the Tribune: Its editorial board last month advocated repealing the Second Amendment in the wake of the Supreme Court's Heller ruling, holding that the amendment confers an individual right. Perhaps not coincidentally, it has frequently covered anti-gun events with a similar number, or even fewer, participants, than were at Thursday's event.

At least one Chicago TV station did cover the Second Amendment Freedom Rally. Here is part of the report filed by Leah Hope at ABC affiliate WLS (video is also at the link; bold is mine):

Remember the grief Dick Cheney received in late 2000, and then President Bush in early 2001, when they were accused of “talking down the economy”? We already know from history that the economy had already slipped into negative growth during the third quarter of 2000; so it's fair to say in hindsight that Cheney and Bush were actually observing reality.

Specifically, Cheney's 2000 statement was that "we may well be on the front edge of a recession here," while Bush's 2001 claim was a milder "You know better than me that our economy is slowing down."

So what will be the reaction be to the Sunday assertion by Democratic presidential candidate Barack Obama that there's "little doubt" the country is in a recession, when no negative growth has occurred?

Here's an excerpt (HT to Matt at Weapons of Mass Discussion) from the coverage of Associated Press reporter Glen Johnson:

At long last, has the Associated Press lost all sense of decency?

The AP's story (saved here for future reference in case the wire service is embarrassed into revising it; you might consider saving it too as Exhibit A on how far over the cliff the dinosaur media has driven itself) by Douglass K. Daniel, with Jennifer Loven contributing (I might have known), gets in at least three cheap, fundamentally untrue, and totally uncalled-for shots at Tony Snow, who died earlier this morning.

I won't sully NB's front page with any of them. They follow the jump:

All of the major US stock indices are, unfortunately, in bear market territory.

The S&P 500 crossed into Bearland yesterday, and dropped a bit further today. The Dow did so on July 1, and remains mired in its own "grizzly" situation. The Associated Press reported on July 2 that "the Nasdaq ..... hit that (bear) mark in March, moved higher and has now returned to a bear level."

So if you're in index funds, this has not been the best of times (but, on the "bright" side, to the extent your 401(k) or other retirement investments are index funds, your current contributions are buying more shares).

Nonetheless, be thankful if you're not directly or indirectly invested in newspaper stocks.

Newsosaur reported today (HT to commenter dscott) that seven newspaper stocks hit record intraday lows in today's trading before recovering a bit before the close:

The Associated Press's Jeannine Aversa "creatively" and selectively rounded figures presented in today's Monthly Treasury Statement from Uncle Sam. That Treasury report, released this afternoon, covered monthly and year-to-date receipts and spending in the federal government.

By doing what she did, Aversa made sure we know that year-to-date receipts are down, but at the same time made Congress's overspending look less serious than it really is.

Here's the paragraph in question from her "Budget deficit up in first 9 months of budget year" report:

Spending of $2.2 trillion so far this year is up from $2.1 trillion reported for the corresponding period last year. Meanwhile, revenues of $1.93 trillion are down from $1.945 trillion a year ago.

Because Aversa rounded off the spending numbers to the nearest $.1 trillion while not supplying percentage changes, the average reader will think that spending is up a bit less than 5% so far this year.

Not exactly:

You would be hard-pressed to find a "better" example of a walking, talking, typing Old Media double standard-bearer than New York Times columnist and International Herald Tribune (IHT) contributor Nicholas Kristof.

Keep in mind as you read this post that Kristof infamously wrote the following in a 2005 New York Times book review about the person who was "the worst monster in world history," China's Mao Tse-tung (Mao Zedong):

..... his legacy is not all bad ..... The emancipation of women and end of child marriages moved China from one of the worst places in the world to be a girl to one where women have more equality than in, say, Japan or Korea. ..... Mao’s ruthlessness was a catastrophe at the time ..... yet there’s more to the story: Mao also helped lay the groundwork for the rebirth and rise of China after five centuries of slumber.

Here is Kristof describing an example of what is currently happening in Zimbabwe in the June 29 IHT (bold after headline is mine):

The Associated Press's disgraceful coverage of last week's Employment Situation Report from Uncle Sam's Bureau of Labor Statistics (BLS) got left behind in the holiday weekend hubbub, but calls out for comment nonetheless.

The AP's Jeannine Aversa reached into her Thesaurus as she began her report with what has become the wire service's standard monthly error of treating reported seasonally adjusted job reductions as reflecting real people thrown out on the streets by mean old employers (as you will see after the jump, reality, as usual, differed):

Although the term isn't used, it's clear that the Obama campaign sees itself and their candidate as victims of a vast conspiracy of right-wingers.

Going all the way back to the 1988 presidential election, Obama's "Fight the Smears" chart (featuring the campaign's new sort-of "presidential seal," replacing the one that was "dropped," at the top left) purports to tell us "Who's Behind These Lies."

If the page's historical starting points are any indication, to paraphrase Jerry Lee Lewis, there may not be "a whole lotta smearin' goin' on" among the current "smearing" parties it identifies:

This post builds on Noel Sheppard's NewsBusters entry earlier this morning.

Noel covered portions of Pennsylvania Congressman John Murtha's Thursday interview with Pittsburgh TV Station KDKA used by CNN's "Situation Room" on Friday (transcript here [Murtha segment is about halfway through]; video here).

CNN carried KDKA footage showing that Murtha has grudgingly acknowledged the obvious: That the troop surge in Iraq has, in his words, "in the short-term ..... certainly reduced incidents," but that "I'm not sure whether it's because of the Iraqis are just worn out, but certainly the way they're doing it today makes a big difference."

What KDKA decided to keep from TV viewers is arguably at least as important as what the station showed.

In interview footage left on the cutting room floor, Murtha falsely claimed that less than 1/3 of the Iraqi benchmarks have been met, and that the majority of Americans "want us out" of Iraq as fast as possible. But most explosively, the Pennsylvania congressman claimed that a major reason why the troop surge has been successful is that before that time "we broke down doors, we went in and we killed people inadvertently."