Diane Sawyer kicked "Good Morning America" off this morning with economic worries about Wall Street, the "credit crunch" and "record" foreclosures.
“We do begin with the week on Wall Street, where the Dow took another huge hit, plunging 280 points in just two hours. The cause of the worst credit crunch in almost quarter a century and you’ve seen it in the neighborhoods – a record number of foreclosures,” said Sawyer.
But according to the Mortgage Bankers Association (MBAA), foreclosures are not at a record when viewed by percentage. GMA’s one-sided talk of a “record number of foreclosures” misled viewers. Foreclosures are up compared to 2006, but so are the number of home loans.
MBAA explained the foreclosure inventory rate is at 1.28 percent and is nowhere near the record of 1.51 percent, reached in the first quarter of 2002.
Mentioning the percentage of foreclosures would have given ABC viewers perspective on the issue. Instead, like other media outlets, GMA blamed stock market struggles on the housing market without bothering to give a more upbeat opposing view.
“The financial fallout from a deteriorating housing and lending market, is spilling, no flooding over into the stock market,” said “financial specialist” and ABC correspondent Bianna Golodryga.
To find another take on the markets, viewers had to turn to another network entirely. CNBC host and economist Lawrence Kudlow has said that housing and lending troubles are just a small part of the big picture. Other economic indicators show nothing of an economic downturn as he pointed out on his blog on National Review Online.
“So, while the mainstream media peddles its flimsy ‘sky is falling’ narrative, the reality is a 13,400 or so Dow, along with rising wages and a 4.6 unemployment rate, point to a prosperous nation These are the key barometers. The Bush boom continues.”
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
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# of misleading reports
August 6, 2007 - 18:10 ET by Gary Hall# of misleading reports.. may I? (;~>
And on a parallel - The number of reports presenting misleading data suggesting misleading doom by misleading reporters is at record highs. But as the number of journalists increases, the question begs - is the actual % of liberal biased reporters also at a new high? Or, are there any conservative journalists at all within the confines of the nation's main stream media?
Stay tuned tomorrow morning as GMA brings you a fresh look at that data.
And further...
August 6, 2007 - 19:37 ET by Chris Norman“We do begin with the week on Wall Street, where the Dow took another huge hit, plunging 280 points in just two hours. The cause of the worst credit crunch in almost quarter a century and you’ve seen it in the neighborhoods – a record number of foreclosures,” said Sawyer.
"And I'm so happy it's happening while Bush is president, I could just wet my thousand dollar designer pants" she said, under her breath.
The dogs bark, etc.
- Arabian Proverb
Oh darn! Dow up 286 today.
August 6, 2007 - 19:52 ET by RackieOh darn! Dow up 286 today. Oil is down. fudge, fudge, fudge!
Tune in tomorrow
August 6, 2007 - 20:05 ET by ThisnThatSo, can we expect another intense report from ABC on Tuesday morning, this time pointing out that President Bush's economic policy decisions (tax cuts, capitalism) are a result of a 286 point increase on Monday.
Don't hold your breath. My prediction for ABC's take on today's market results -- "It never happened".
" Don't hold your
August 6, 2007 - 20:11 ET by Chris Norman" Don't hold your breath"
This,
If we did, we'd die... :)
The dogs bark, but the caravan moves on.
- Arabian Proverb
Oh darn, another delusional
August 6, 2007 - 20:53 ET by Evil CapitalistOh darn, another delusional person...
Dow was up because Wall St has been screaming "BAILOUT" and it is a Fed is meeting tomorrow. If you were smart you sold your financials into the rally as the greater fool bought it.
Betting on Fed cutting rates is betting on winning a lottery.
Ham... That's what for dinner.
Dianne "Die-hard Doomist" Sawyer
August 6, 2007 - 20:28 ET by jonathanandersonThe most lukewarm anchor on network news.
Revelation 3:15-16
(15) I know thy works, that thou art neither cold nor hot: I would thou wert cold or hot.
(16) So then because thou art lukewarm, and neither cold nor hot, I will spew thee out of my mouth.
MBA and NAR are smoking
August 6, 2007 - 21:01 ET by Evil CapitalistMBA and NAR are smoking very potent crack.
The credit orgy is over. Neither Alt-A nor subprime are fundable as of Friday. It is going to hit and it is going to hit very hard. If you were smart you won't be affected but make no mistake, we are about to hit a very very very hard surface.
Oh and you are too early with foreclosure data. The ARMs are just starting to reset now and these reset won't peak well into 2008. Foreclosures arent happening until format default - that's a good 90 days of failure to pay past reset.