"Some new economic reports are raising fears that we are headed for a recession," MSNBC's Alex Witt warned at 1:10 p.m. Eastern on Friday's "MSNBC Live" program. (h/t NB contributor Lynn Davidson)
The monitor behind Witt displayed a more pessimistic picture reading "U.S ECONOMY COLLAPSE?"
Video (0:29): Real (796 kB) and Windows (905 kB), plus MP3 audio (221 kB).
A recession is classically defined as two back-to-back quarters of negative growth in gross domestic product (GDP), something that last happened six years ago with the 2001 recession. So what did Witt see that portended an imminent collapse?
Well, "[f]inancial experts were blindsided by a new report today that found 4,000 jobs were cut last month. That is the first time that's happened in four years. These numbers follow another report that finds home foreclosures have hit a record high," Witt explained.
Voilà! Two scary negative statistics and there you have it, the economy teetering of the brink of utter ruin. Only, we've heard the media hype about pending recessions before. From our friends at the MRC's Business & Media Institute:
ABC, CBS and NBC referenced the Great Depression or suggested that recession was on the horizon a total of 49 times in 2006. Depression and recession were also mentioned in a historical context 28 more times. That wasn’t all:
- Good Economy or Great Depression?: Journalists used stories as diverse as savings rates and climate change to evoke images from America’s worst economic catastrophe.
- Or Maybe It’s a Recession? Network reports included warnings about interest rates, high oil prices, global warming, a slowing housing market, and terrorism that all could lead to a recession.
- Consistently Negative: The networks averaged almost one story per week that included references to an economic collapse either by recession or depression (49 times).
—Ken Shepherd is Managing Editor of NewsBusters
Editor at Large
Comments Policy
MSNBC's Collapse
September 7, 2007 - 16:42 ET by mattmWith ratings like theirs, no wonder they see a bleak future.
Phew! I sure am glad I
September 7, 2007 - 16:43 ET by BlazerPhew! I sure am glad I managed to get my direct deposit today before this happened, squeeker!
"You will never find a more wretched hive of scum and villainy. We must be cautious. "
- Ben Kenobi on Liberals, and the MSM.
I heard this on
September 7, 2007 - 16:47 ET by bigtimerI heard this on msnbc...
Now CNN is saying the same.
Would we really expect anything different...
They are just drooling with anticipation for a big Wall Street collapse.
I have never seen anything like I have seen since Pres. Bush took office in all my life...and I have seen a lot.
They want defeat in all area's.
I call them all treasonous traitors to this country that should be exiled in my opinion.
They are the enemy.
just setting the stage
September 7, 2007 - 16:48 ET by UndercoverConservativemaking the news buzz in preparation for economic disaster, when Prez Hillary steps up, and her socialized medicine and weird taxation plans cause industry and the economy to tank. Thys way her supporters can run a Lexis/nexis (sp?) report and "prove" that the Media was talking about the economy tanking "before" leftist policy ruins it. Bad economy stories start taking a mindshare like annoying viral ad campaigns. People in a few years might "remember" seeing "reports" ahead of time, making the "Blame Bush" the Democratic Party meme for decades to come.
Nothing would please the liberal bastards more
September 7, 2007 - 16:54 ET by c5thenThey would gleefully report about all the people being laid off and the skyrocketing inflation. They would giggle and dance as they showed long long unemployment lines and long lines at soup kitchens (all behind camera of course).
Allas, all they have is one or two bad reports about specific sectors and have to make it all up.
Lets see, the jobs lost wouldn't have anything to do with all the college students going back to school in August, would it?
The day that "politician" became a career choice is the day we started losing the Republic
Idiots may never understand that the folks will decide this
September 7, 2007 - 22:19 ET by general companyEven if their was a collaps, it would not save their ratings.
They are desperate, they will scream the sky is falling until the election, and continue if a Repub is elected (as if their was a doubt)
I thought the economy
September 7, 2007 - 17:01 ET by MikeBI thought the economy collapsed a few days after W took office. Haven't all the economic reports on the Libmedia all been about how this is the worst economy since Herbert Hoover? GDP is up; this is the worst economy since Herbert Hoover. Unemployment is below the natural level of unemployment; this is the worst economy since Herbert Hoover. Real median income is up; but this is the worst economy since Herbert Hoover. Productivity is at all time highs; this is the worst economy since Herbert Hoover. Yada, yada, yada.
"A communist is someone who reads Marx. An anti-communist is someone who understands Marx." Ronald Reagan
All you have to do is
September 7, 2007 - 17:57 ET by Seabeach4348All you have to do is remember what the economy was like when Jimma Carter was president.
Of course, the pukes in the not-so MSM have forgotten all about that.
the pukes
September 7, 2007 - 20:03 ET by PKjust think man, that was thirty or more years ago. most of the pukes were not alive then and nearly all of them were not politically aware until the first bush administration.
besides our wonderful unionized school system dosen't teach that kind of history.
you know that.
C
2000 - Pending economic collapse?
September 7, 2007 - 17:01 ET by Gary Hall2000 - Pending economic collapse?
One has to be curious as to how MSNBC covered the Jobs report in the summer/fall of 2000 - several months after the historic dot.com crash began.
Mmm. June, 2000 - 43,000 jobs lost.
Mmm. Let me guess. "Experts see softening in labor market as positive news for inflation pressure - Wall Street is looking up again."
Hint - LA Times at the time...
Jul 8, 2000 - Job Report Boosts Hope for Success of Fed Policy; Economy: National unemployment rate drops slightly to 4% in June. The figures may forestall further interest rate hikes and point to more moderate growth. All told, Friday's employment news underscored growing indications that the Federal Reserve Board is succeeding in guiding the economy into a "soft landing" designed to keep inflation tame without triggering a recession. The May employment report, showing the private sector losing 165,000 jobs, had raised some concerns that the nation's record nine-year expansion might be threatened. Now, however, that month looks more like an aberration to analysts.
".."more moderate growth:" a good thing in the Clinton era. Indeed yet another sign of good policy.
Of course - they failed miserably -- and it was Bush's fault. And by the way, when looking at the BLS employment chart, I linked above, it should be clear to all the evidence of when the labor market started collapsing, and when the recovery began.
"During the Clinton years, we created 20 million jobs.." -- and lost them.
I guess we are just all
September 7, 2007 - 17:03 ET by mostlymoderateI guess we are just all screwed. Time to start drinking that wine in the wine cellar.
The R word
September 7, 2007 - 17:04 ET by JDWHeadliner on top of the hour CBS news radio was the 4,000 lost jobs. Story included, every time, possibility of a new recession.
JDW
CFR: Chung, Riady, Hsia, Trie, Huang, Hsu, Paw... Who's looking?
Other Predictions
September 7, 2007 - 17:34 ET by WoodyMI'm still waiting for the military draft that the media said would come from Republicans after the 2000 and 2004 elections.
Minimum Wage
September 7, 2007 - 17:50 ET by azholmesWasn't one of the "possible" outcomes of raising the minimum wage a loss of jobs?
Shocking!
az... Hey...what a great
September 7, 2007 - 17:52 ET by bigtimeraz...
Hey...what a great point.
My favorite restaurant
September 7, 2007 - 18:09 ET by Cool ArrowMy favorite Mexican Restaurant raised its prices shortly after the minimum raise announcement.
I can safely say I have cut back two visits per month. Prices have gone up all over town.
It's a no brainer. Strange Cavuto didn't make the connection.
~LYDSEXICS UNTIE!~
Heard this on radio; typical doomy spin
September 7, 2007 - 17:59 ET by krismcsherry"U.S ECONOMY COLLAPSE?"
Well, least they put a question mark on it.
The MSM: Wanna-be famous fiction authors.
There already is a recessive economy
September 7, 2007 - 18:18 ET by Lame CherrySince May of 2006, there already was a recessive economy due to the inflation factors caused by oil price structures. This has now moved into the food sectors as bio fuels are being utilized as a weapon against communist and Islamocommunist states.
President Bush in order to stop a worldwide depression following 9 11 allowed the Rockefeller Fed to open the printing presses for war and opened the lending markets to cause a housing boom.
These factors all now have caused inflation and devaluation of the dollar. This will in turn mean less money for citizens to buy things which means an economic slow down.
The US government has been dumping trillions of dollars into world markets in various forms so that while war sectors and financial sectors will show gains along with energy and agriculture there will be other sectors in free fall. (I will caveat the financial to mean banking profits and credit cards while workers are being fired.)
The economy will produce, but it will not have buying power. The Stock Market is not an area to be involved as it is in flux. The same goes for the "precious metals" which are a worthless investment, because one can not purchase full or inflated value on bulk silver in the advent of chaos, they are too heavy to lug about, the Bible predicts gold and silver will be thrown into the streets as worthless and FDR simply confiscated precious metals in the 1930's.
The correct strategy is the one coming out of the Carter years as banking is seeking to increase savings accounts and provided Fred Thompson is elected and not a socialist or moderate.
President Bush has done well with the mess he inherited, but a structure for the future must be initiated in Franklin Economics in wealth creation to regain the economy America has prospered under for generations before this last 50 year inflation cycle was imposed.
PS. Alex Witt the reporterette is far too pretty to be such a sad sack and is in need of a Conservative gentleman to undo whatever damage the male has accomplished to making her such a sulk.
*HIC IACET ARTORIVS REX QVONDAM REXQVE FVTVRVS
They're insane
September 7, 2007 - 18:24 ET by SportPoliticsthat's the simple answer. They've been screaming it for at least 6 years now. Before Bush took office the first time he won the POTUS election the same kookballs were screaming he destroyed the economy.
They are simply INSANE. Too many lies for too long, now they make Bagdad Bob look to be their middle eastern equivalent most of the time.
They are so brainwashed, they cannot see it themselves.
Yes, we know, the economy has been on the brink of total collapse for all the days of Bush, we know, we know, we know. He is just waiting to explode another set of pre-placed bombs so he can declare marshal law and takeover the USA as permanent dictator under the FEMA emergency provisions, Executive Orders, and lifetime Declared National Emergency, and jail all liberal and other dissidents under the Patriot Act.
We quite understand a total economic meltdown will be enough of a crisis - combined with his AQ coordinated bombs or whatever other evil plan he has to do it. That's why you FREAKS must be on constant PARANOID GUARD against a recession - that may indicate Bush's oil lord banker oligarchy plans from Bohemian Grove are almost being set in motion.
In the mean time you can wail and wince and whine and moan and tell us it's all spiralling down the tubes every week for years on end - and the government can continue to prop everything up as best they can reacting to to your insane scenarios with tens of billions of dollars of BAILOUTS, that of course you INSTANTLY WHINE ABOUT as well, because a "government save" on the economy is a "baron and corpo overlord special interests bailout".
Like I said, you people are INSANE.
Please come teach at our university
September 7, 2007 - 23:20 ET by Carl KolchakYes, we agree with everything you say and want you to start teaching our young students as soon as possible, so they will know to vote for Hillary in 08.
Sincerely
Left Wing Colleges of America
"I've always been crazy, but it's kept me from going insane" Waylon Jennings
I was
September 7, 2007 - 18:46 ET by Gigantor"It takes two people to lie Marge"
"One to lie and one to listen...."
I was watching the same thing and was utterly amazed. No real insight, no real debate or information or anything at all to really inform (which is what the media is supposed to do)people, just scare tactics guiding the road for the Dems to the 2008 elections. Oh, and speaking of MSNBC....Newsbusters people be on the lookout for the Countdown with Kieth Olbermann: Iraq War "Fact Check". When I saw this I almost spit out my dinner and died laughing....Keith Olbermann and "facts" go together like rotten fish and ice cream.
Truck economy
September 7, 2007 - 19:13 ET by NortoBeliever
Just travel the highways and see the trucks rolling.
There is a shortage of drivers! That is a solid test of the economy-not
some phantom up or down of the markets that are the functions of things
few understand, myself included.
What do we expect?
September 7, 2007 - 20:04 ET by BourbeauBush has gotten hammered when the economy has been good; he gets no credit for anything; he gets blamed for everything; we're inundated with an MSM that is happy to pick up any story negative to the administration and parade a bunch of sad sacks in front of us to tell us about their tale of woe. I don't think anyone thought the liberals and MSM would be successful in debasing Bush and turning him into a punching bag. But the facts are, they did, and the American people helped them. And this is no different. They are sitting on the sidelines waiting for the economy to tank. Talk about investment in failure - the liberals in Congress and the MSM.
Once again, the Shrub
September 7, 2007 - 20:05 ET by Roger the ShrubberOnce again, the Shrub Report is ahead of the curve. I posted earlier this morning:
Oh My God!!!! 4,000 jobs were lost in August! Recession! Recession! Damn that George Bush Economy! Buried deep within the article is this tidbit: The 4,000 jobs cut in August are from both private and government employers. The government actually cut 28,000 jobs, while all private employers added 24,000. Obviously, smaller government is a bad thing…
The Shrubber is saddened that this was overlooked. Shrubber sad. Sad.
Uh oh Rog... Pat on
September 7, 2007 - 20:23 ET by bigtimerUh oh Rog...
Pat on back....
Milk and cookies...
Anything help at all?
How about I'm Sorry?
Did that turn that frown upside down?
I know...I know...
Beer and franks?
btw...seriously...I do really know where you are coming from friend...especially after you do all that work.
hahaha, thx for the
September 7, 2007 - 21:45 ET by Roger the Shrubberhahaha, thx for the chuckle. I just like to poke fun and Noel and Mark when I get a chance, because they put up with my shenanigans haha.
Amazing Data
September 8, 2007 - 11:59 ET by JoelCTThank you, Roger. I find it amazing that you have to read 361 words into that AP story to get the important line in that story, that you pointed out, which is that it is the government that created the job loss total, not the private sector. I expect more from Ken and Noel in their stories, shame on them for not getting us the important facts to go along with their report on Economy Bias in the Media.
Maybe they slighted you, but you helped the rest of us see the REAL story, and we appreciate it. Smiling now?
Noel and esp. Mark have an
September 8, 2007 - 13:17 ET by Roger the ShrubberNoel and esp. Mark have an anti-Shrubber bias. I think it began when I told Mark he looks like Gene Simmons. He has never forgiven me for that....
:p
Maybe the jobs were lost in
September 7, 2007 - 20:30 ET by RobElz7Maybe the jobs were lost in the main stream media, since their ratings are tanking
Next it will be the dust
September 8, 2007 - 00:01 ET by Conservative_in_mass.Next it will be the dust bowl images of 1930's, soup lines in New York City, and people with tin cups begging for change. All of this was brought on by the evil George Bush and his henchmen Rove and Cheney.
But fear not. Hillary is running and she will return this nation to the glory days of peace and a roaring economy, just like it was under her husband's administration.
Now for some basics for this Media bobblehead Alex "Dim" Witt. The economy has been expanding at a steady rate for the last 12 quarters. The national seasonally adjusted unemployment rate has been anywhere between 4.8 and 5.2 % for a similar period (Bureau of Labor Statistics). Worker productivity figures continue to improve http://www.sun-sentinel.com/news/nationworld/sfl-flauslabor0903nbsep03,0,3258725.story . Capital investment by large corporations continues. This is usually an indicator of anticipated future demand for goods and services.
Even after the most recent correction, the Dow is up almost 3000 pts from its Pre 9-11 level, when the market was experiencing the hangover from the Clinton years. http://www.djindexes.com/mdsidx/index.cfm?event=showavgDecades&decade=2000
All of this despite a costly (and necessary) war on terror, several NATURAL disasters and record crude oil prices. While the recent turmoil in the housing and financial sectors is cause for concern, it is not the catalyst for a recession. Several other segments of the economy need to fail in order for the dooms day media dummies to get their wish. There are built in economic safe guards to ensure that the disaster of 1929 will never be repeated.
Now if the Libs get a hold of the White House along with Congress, you can bet the long desired economic tempest will be upon us after they raise taxes, pardon illegals, expand entitlement programs, socialize medicine and "globalize" our nation.
I remember the Carter years...but Comrade Hillary will make him look like Calvin Coolidge. NO THANKS.
i can predict an economic colapse too
September 8, 2007 - 10:52 ET by lunaticcringeradioif hillary is elected we'll sure as hell get an economic colapse with all the tax hikes. even though the government is generating BOTH the highest rate and return of revenue than it ever did because of tax cuts. but don't ever expect that to be broadcast on the MSM ever expect your kids to be taugh in school what the diffence between the rate and return of taxes, just like they aren't taught the difference between the debt and deficit.
liberals don't raise taxes to generate government revenue, it's a weak one time shot in the dark way of making quick money. it's like robbing the homeless each for a quarter. instead of getting a job that pays you a steady paycheck. liberals raise taxes as a phoney publicity stunt to get attention and an opportunity to grab the spotlight and drive a wedge of class warfare into the public all for getting votes from the uneducated. with taxes raised it stalls the economy and makes the uneducated lazy populous "need" the liberal government more, thereby justifying a liberals existance to dote out their pennence to the voters who put them in. basically liberal politicians like being slave masters, instead of a whip to crack they use taxes. oooooooooooooooooooooo think that'll make it to democraticunderground and piss off some socialist liberals there. i'll repeat it, liberal politicians like being slave masters, they want everyone to be miserible to justify their existence to guide everyone else out of the dark that never comes.
lunaticcrineradio