On Monday night, Katie Couric teased the CBS Evening News by trumpeting how “the stock market soars as the Treasury rolls out a new plan to rescue America's banks,” and then leading: “The Treasury put out the details today of a plan to rescue America's banks and Wall Street responded with two thumbs up and a triple-digit rally.” Six weeks ago, however, when the Dow plunged 382 points in reaction to Treasury Secretary Timothy Geithner's vague plan for banks, Couric didn't mention the stock market in her tease as she instead giddily announced:
COURIC: Tonight, attacking the economic crisis from every angle: The Treasury Secretary rolls out a new bailout plan, the Senate passes the stimulus package and the President gets a little help selling it.MAN AT FT. MYERS EVENT WITH OBAMA: Oh, it's such a blessing to see you Mr. President! Thank you for taking time out of your day!
In setting up the lead story, on the Tuesday, February 10 newscast, Couric did get to Wall Street's negative reaction to Geithner's plan, but she played it as less important than the Obama administration's efforts to fix the economy:
Good evening, everyone. From President Obama on down, the U.S. government took on this country's growing financial crisis today. The President hit the road again to sell his stimulus package as the Senate was approving a version that cost $19 billion more than what the House passed last week. And the Treasury announced a new financial rescue plan; this one would spend as much as $2 trillion to get lenders lending again. But it got a vote of no confidence on Wall Street, where the Dow plunged nearly 400 points.
Compare that to her approach on Monday night, March 23:
Couric's tease:
Tonight, the stock market soars as the Treasury rolls out a new plan to rescue America's banks. And get them lending again.
Couric's open:
Good evening, everyone. The Treasury put out the details today of a plan to rescue America's banks and Wall Street responded with two thumbs up and a triple-digit rally. The Dow gained nearly 500 points or nearly seven percent. That is the fifth-largest point gain ever. The Dow closed at its highest level in more than five weeks. Bank stocks led the rally. The rescue plan will relieve them of the bad assets they're stuck with, and the hope is get them back into business of lending money...
—Brent Baker is Vice President for Research and Publications at the Media Research Center
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Comments Policy
Well Katie's got it
March 23, 2009 - 21:19 ET by motherbeltWell Katie's got it covered, no matter what.
Even if it fails spectacularly, at least he tried!!! And he had good intentions!!
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
"MAN AT FT. MYERS EVENT
March 23, 2009 - 21:20 ET by NC Cop"MAN AT FT. MYERS EVENT WITH OBAMA: Oh, it's such a blessing to see you Mr. President! Thank you for taking time out of your day!"
No kidding! You don't even have a talk show, dude, and he took time out to walk among the peasants. Rapture!!
Somebody should have told that man..
March 23, 2009 - 21:31 ET by HeavyChevyTO GET A ROOM!
get a room?
March 23, 2009 - 21:43 ET by dr_devil_dogGod forbid an American citizen be excited to meet the president of this great nation.
Dude, there's excited to meet the President,
March 23, 2009 - 22:22 ET by thebutlerdiditand there's acting like you are witnessing the return of Jesus! I met/went to see: Reagan, Clinton, George W., McCain and Palin (a couple of times), and I was excited, but I didn't freakin' act like that, nor did I see anyone else. That is not natural.
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
I met....
March 24, 2009 - 07:50 ET by taocpaClinton when he was President but I had to go to the White House to do it. Held my nose, but at least he wasn't out walking among the peasants.
This guy just doesn't get it. He's a leader. Lead, for crying out loud. I read some reviews of his books where someone met him at a book signing. They felt he was better suited for a high-school counselor, but not POTUS. I don't recall if this person was liberal or conservative, but I thought that was a very accurate description.
Tom
You left out the grunting
March 23, 2009 - 22:02 ET by motherbeltYou left out the grunting and groaning!
Julio in Ft. Myers
Skip over Keithie and go to 00:38
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
Well, ew
March 24, 2009 - 18:04 ET by Kat Outta the BagOK, that Julio dude is seriously creepy.
Save me...save me from tomorrow. I don't want to sail with this ship of fools.
~World Party
OHH Perkless One, Get ready for tomorrow SHOW
March 23, 2009 - 21:31 ET by upcountrywaterA TRILLION here a TRILLION there...
Dollars may be dumped by our commie loan shark buddies.
Mr Zhou said the proposal would require “extraordinary political vision
and courage” and acknowledged a debt to John Maynard Keynes, who made a
similar suggestion in the 1940s.
P.R.I.N.T. Money 30 sec YT
→ China's 2 cents
March 23, 2009 - 22:47 ET by Cool ArrowDrudge is reporting they want a global currency.
It's on the Financial Times website.
Russia asked for it last week, and now China.
All I can say is "Don't take the mark!!!" This could be it.
LYDSEXICS UNTIE!
Katie Cupcake has got us
March 23, 2009 - 22:57 ET by bigtimerKatie Cupcake has got us all cheery....about time!
Btw...Katie...think the Housing Market numbers...try that...something like a 5% increase for new buyers, seems I heard this was a huge surprise and broke a five year or more record for the same time period...(too lazy to google it) I know if Cool is out there, he most likely knows what I am talking about.
Air Head
March 23, 2009 - 23:03 ET by Lakewood BobThe advantage of being an air-head like Katie is that you never have to confront substance!
Isn't she
March 23, 2009 - 23:17 ET by Joe CamelKatie..um, never watched her..she is on one of those "c" stations that I won't watch. Actually, I don't watch any news on broadcast television. Heck, if I want to live in fantasy land, I can make up better stuff than they can; and mine are more entertaining..
What's with the Dear Leader
March 23, 2009 - 23:48 ET by RR GOPWhat's with the Dear Leader and his cult members and this recent rash of giddiness?
Whipits?
Soma?
A new "holy laugh" cult like that one up in Canada?
One of the 34% who thinks George W. Bush was a great President. One of the 61% who wants to bring back the stock and pillory (yep...approval for Congress now at 39%...do you believe that!?).
Brazil
March 24, 2009 - 00:44 ET by kilrodThe Dept of Defense briefed the president this morning. They told OBAMA that two Brazilian soldiers were killed in Iraq. To everyone's surprise, all the color drained from Obama's face.
Then he collapsed onto his desk, head in his hands, visibly shaken, almost in tears.
Finally, he composed himself and asked, “Just how many is a brazilian?”
This is especially interesting since he obviously has no understanding of billion or trillion either.
(GRINS) kilrod
kilrod, now that's funny...
March 24, 2009 - 01:26 ET by upcountrywaterP.R.I.N.T. Money 30 sec YT
Now those are both
March 24, 2009 - 06:39 ET by motherbeltNow those are both FUNNY!
Thanks for letting me start my day with a laugh instead of duct tape!!
I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson
Michelle buys gloves for Obama and Geithner
March 24, 2009 - 08:24 ET by ekslibThe other day, Barack asked Michelle to drop by Land's End to shop for 2 pairs of gloves, one for him and one for Geithner.
He asked her to buy gloves that were teflon-lined so the men would be able to don and remove their gloves in spite of their sticky fingers.
Barack also asked Michelle to make sure the gloves were expandable, so the men could easily keep an increasing number of American businesses under their ever-growing thumbs.
Isn't there just a wee
March 24, 2009 - 09:06 ET by dscottIsn't there just a wee little problem with Geithner's public-private plan???? If the government is supposed to come up with $500 billion for their half (most likely by printing it) then where is the private sector to come up with $500 billion themselves???? Will they be using funny money from North Korea to buy these toxic assets?
Not to be a downer or killjoy, but if the private sector does come up with $500 billion dollars doesn't that mean this money won't be available for capital expansion to invest in plant and equipment???? thus insuring there will be no economic recovery...
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
"The rescue plan will
March 24, 2009 - 10:17 ET by Texasteacher"The rescue plan will relieve them of the bad assets they're stuck with,
and the hope is get them back into business of lending money..."
Now I know that responding to this article is in some way supposed to be about how much of a ditz katie couric is. Let's just assume she's a moron and could find a way to be giddy about komrade obama eating kittens every morning.
What I'm interested in is the statement I have quoted above. Now, correct me if I'm wrong, but wasn't the very first bailout/TARP bill supposed to buy up all the banks' toxic assets?? Weren't we pounded with the notion that if we don't agree to the 700 billion to buy the bad debt that the economy would be destroyed overnight? So...they were either a) lying about the first bailout bill, b) lying about this bailout bill, or c) not lying about either and are adhering to the definition of insanity. If you do the same thing over and over expecting different results, you are nucking futs. You don't know how much I would love not to pay anymore federal taxes because I do not condone what they are doing with my money.
obama's notion of bi-partisanship is telling conservatives to shut up and do what he wants.
Lying is such a strong
March 24, 2009 - 12:09 ET by dscottLying is such a strong word. They changed their minds (chickened out) about what to do with the money and did something else. Remember the actual first bill was passed in the final days of the Bush Admin. and so if they actually did as promised and it worked, Obama wouldn't get the full credit.
However, the real thorny issue all along has been how to "value" the toxic asset. If they used mark to market, an accounting exercise in foolishness, that means the bank would have to sell that loan at a substantial loss then some schiester like Soros would buy the loan, hold it and when the market recovered make a killing on the sale.
The reason I called Mark to Market an accounting exercise in foolishness is because, the real value of any asset is only determined at it's sale, not an estimate at an arbitrary time frame. The only time when Mark to Market should come into effect in determining the bank's balance sheet is when the property is foreclosed and put up for sale. The actual value of any CDO should not be based on an arbitrary timed estimate, but on the stated value written in the loan and foreclosure documents. This was the system in place in the 80s when we had the RTC holding foreclosed properties which the banks wrote off.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
I missed something on 2/10
March 26, 2009 - 07:35 ET by Nicholas in MII missed something on 2/10 - of course, I never watch CBS/ABC/NBC/CNN/MSNBC News anyway. But Katie said that "the Senate was approving a version that cost $19 billion more than what the House passed."
Well, those guys in the Senate had better be careful - I've heard that one of them said "a billion here and a billion there and pretty soon it adds up to real money."
Capitalism is a system that produces the unequal distribution of wealth. Socialism is a system that produces the equal distribution of poverty. Recognizing that some people don't want to accept their fair share of poverty, Communism is Socialism with government agents pointing guns at your head.