Former Speaker of the House Newt Gingrich on Sunday gave Lawrence O'Donnell a much-needed education on the economic impact of the Bill Clinton tax hikes in the '90s.
As O'Donnell precipitated the exchange, he perfectly demonstrated why MSNBC commentators are far too liberally biased to be invited on NBC's Meet the Press (video follows with transcript and commentary):
Where’s my bacon, Obama? That's the attitude of Councilwoman JoAnn Watson, who said that in appreciation for Detroit having voted for the president, Obama should bail out the financially insolvent.
In fact, Watson says, “that’s what you do” when your friends help you out. Alas, the country sees the incompetence and the entitlement that has ruined Detroit. Just because you helped get the president re-elected, doesn’t mean you’re guaranteed loans to save your city. In fact, if such a list existed, I’d bet that most of California’s municipalities are probably in front of you, Ms. Watson.
While it's not fair to criticize the press's coverage of November's vehicle sales as unfair or not balanced, it would be more than fair to say that the press is either ignoring or minimizing the impact of two important influences which have been at work all year. The first is the continued loss of combined market share at the industry's two US-headquartered makers, General Motors and Ford (Chrysler, the other member of Detroit's "Big 3," is owned by Fiat).
The second is that 2009 government bailout beneficiary GM continues to "channel-stuff" its dealers with vehicles they won't sell for four months or longer -- and that's if the economy doesn't slow down or go into a recession. Dealer inventories are now twice as high as they were three years ago -- and no, GM's sales haven't doubled in the meantime -- which makes one wonder, especially this fall, if it was being done solely to make the government and President Obama look good.
In an interview with CBS News anchor Scott Pelley last week, Goldman Sachs chairman and CEO Lloyd Blankfein immediately brought up a highly sensitive subject that liberals in the media and highest levels of government refuse to acknowledge: entitlement spending on Social Security, Medicare, and Medicaid are unsustainable at their current rate and need significant reform to ensure those programs exist in the future.
In response to the clip, MSNBC host Ed Schultz and Teamsters President James Hoffa were beside themselves on Tuesday night's Ed Show -- offended that Blankfein would voice such a "misinformed" view on national television. The only son of the notorious Jimmy Hoffa was ardently opposed to the idea that there is anything currently wrong with the system as is, to suggest otherwise is just "outrageous" he thundered. [ relevant video & transcript below ]
Schlockumentary filmmaker Michael Moore had some straight talk for Barack Obama Monday.
In a letter to the President published at the perilously liberal Huffington Post, Moore advised Obama to "DRIVE THE RICH RIGHT OFF THEIR FISCAL CLIFF" while putting an end to "the s***ting on the poor."
In a Friday report at the Associated Press on Friday with a celebratory headline ("2 YEARS AFTER IPO, GM IS PILING UP CASH"), Auto Writer Tom Krisher described bailed-out General Motors as "thriving," but didn't identify one of the important reasons for that characterization.
In paragraphs about the company's profitability and cash stockpile, Krisher failed to note that the company still hasn't paid any U.S. income taxes since emerging from bankruptcy, or why that's the case (bolds are mine throughout this post):
The ignorance and blind sycophancy of Bill Maher knows no bounds.
On HBO's Real Time Friday, the man who proudly gave a million dollars to Barack Obama's Super PAC said on national television, "Who cares what somebody in his administration wrote down on a piece of paper and predicted?" (video follows with transcript and commentary):
CEO Sergio Marchionne of Fiat, the parent company of the U.S. government bailed-out Chrysler, got two unexpected and undeserved breaks from Craig Trudell at Bloomberg yesterday.
The first was the story's presidential election-driven focus in its headline ("Chrysler CEO Reiterates Jeep Production Staying in U.S.") and first five paragraphs on Fiat's plans to manufacture vehicles in China for the Chinese market and Marchionne's insistence that this move won't reduce U.S. employment at Chrysler. Trudell waited until the sixth paragraph of his report to convey the real news, noted by yours truly yesterday (at NewsBusters; at BizzyBlog), which is that the company plans to make a new model of Jeep, Chrysler's signature nameplate, in Italy for export to Europe and the U.S. The second undeserved break the Bloomberg reporter gave Marchionne credited him with five times more future employment growth than he deserves (if it really occurs), and is in the paragraph which follows the jump (bolds are mine throughout this post)::
In an appearance on CBS This Morning on Tuesday, the network's political director John Dickerson stopped by to briefly discuss the impact Hurricane Sandy could have on the upcoming election.
The segment was primarily focused on how the candidates will try to sensitively make up for lost time on the campaign trail, but there was an underlying question. Who stands to gain the advantage as a result?
Toledo Blade reporter Tyrel Linkhorn got sucked in by Fiat CEO Sergio Marchionne's misleading email to Chrysler employees today. The Politico's Alexander Burns relayed Linkhorn's gullibility to the rest of the nation -- or at least the few people scattered throughout the nation who might bother to read it.
Marchionne, as quoted by Linkhorn told employees that "Jeep assembly lines will remain in operation in the United States and will constitute the backbone of the brand. It is inaccurate to suggest anything different." While that may be true, it doesn't change the fact that the company announced plans to build a new Jeep model in Italy which will be exported to Europe and North America. As Bloomberg reported early this afternoon:
Yesterday, Bloomberg News reported that Fiat "is considering building Chrysler models in Italy, including Jeeps, for export to North America." Today, that news became real when company CEO Sergio Marchnionne announced, in Bloomberg's words (in paragraph 6, subtitled "Italy's Jeep"), that it will "build a small Jeep in Italy for export beginning in 2014 ... a new model for Europe and the U.S. that isn’t currently in production."
Of course, today's Bloomberg report led with Marchionne's clever denial about the company's plans for manufacturing in China: "Jeep production will not be moved from the United States to China." No, he has instead set the stage for newer Jeep models exported to the U.S. to gradually supplant older models made in the U.S. over several years. This should be an embarrassment to those who engineered the Obama administration's bailout of Chrysler in 2009, ripping off secured creditors in the bankruptcy process and thereby giving Fiat a larger initial share of the company than it deserved. But don't worry, Colleen Barry at the Associated Press is there with vague language to ensure that this news doesn't become general knowledge (bold is mine):
Meet the Press viewers got to see a classic Left-Right debate Sunday.
In a discussion about which presidential candidate is the most trustworthy, New York Times columnist David Brooks surprisingly teamed up with former Hewlett Packard CEO Carly Fiorina to school the Washington Post's E.J. Dionne and MSNBC's Rachel Maddow (video follows with NBCNews.com transcript and commentary):
The auto bailout was a gift from the heavens … or so the media would have us think. They reported Obama’s foray into car manufacturing as having virtually no downside. And for the UAW, perhaps it didn’t. But for the hundreds of local car dealerships arbitrarily closed in the deal, the story was far different.
Someone has told the dealerships’ side of the story and, all too predictably, been met with media silence. Tamara Darvish, vice president of family-owned Maryland dealerships DARCARS, and automotive journalist Lillie Guyer, published “Outraged,” in 2011 to document how hundreds of small businesses lost everything in the bailout.
One of Barack Obama's biggest fans in the media, David Letterman, said on Tuesday's Late Show that he was "upset" and "discouraged" the president during Monday's debate lied about Mitt Romney wanting to let Detroit go bankrupt (video follows with transcript and commentary):
In their third Presidential debate analysis, the Jurassic Press Media last night and thus far this morning have failed utterly in their role as fact checker and record-corrector - at least when it comes to what President Barack Obama had to say.
As but one glaring example, there were the President’s absurd assertions regarding the auto bailout and China.
Let's get the easy part out of the way first. The New York Times and the Associated Press are only covering the outrages emerging in Solyndra's bankruptcy in the vaguest of terms. The only related Times item I could find was a sentence at the end of an October 11 Green blog post indicating that "the I.R.S. and the Energy Department argue in court papers" against the company's bankruptcy plan. The AP's Randall Chase was a bit more specific that day, writing that "The plan allows for two private equity funds that control Solyndra to potentially reap hundreds of millions of dollars in tax breaks after Solyndra emerges from bankruptcy, using net operating losses." Beyond that, the details are news only in the business press, and even then not to a great extent.
Are the private equity funds (you mean they're sort of like the eeeevil Bain Capital?) getting hundreds of millions in "tax breaks" as in tax deductions or tax reductions? Unbelievably, it's the latter (the former is almost $1 billion), as an October 15 Wall Street Journal editorial and an October 17 Bloomberg News item which seemed to be simultaneously trying to catch up to but then cover up what the Journal revealed.
From the "I thought Social Security was supposed to have solved this decades ago" Dept.: The State of California has just passed a law mandating opt-out pension plan contributions of 3% of earnings for six million workers in the private sector, or roughly half of its private sector workforce.
The targeted population is the cadre of those working at employers of five or more who do not offer a retirement plan. It has the distinct aroma of a bailout, because of who gets to manage the money. Excerpts from a predictably dreadful Associated Press report by Judy Lin follow the jump (bolds and numbered tags are mine):
The more I watch MSNBC's Martin Bashir, the more I believe he has difficulty finding the floor in the morning when he wakes up.
Consider Thursday's program when he actually told his tiny audience that the rich seeing bigger income gains than the rest of country the past 30 years is "redistribution" (video follows with transcript and commentary):
That might be the best description of General Motors' Chevy Volt according a scathing review of that car. And the source of the review? None other than the editorial board of the liberal Washington Post so Obama administration supporters can scarcely write off the criticisms as "right-wing propaganda." Before you even get to the text of the story you can see the WaPo editorial board slam the Volt in the title, GM’s vaunted Volt is on the road to nowhere fast:
In his Jackson Hole, Wyoming presentation today, Federal Reserve Chairman Ben Bernanke, as reported by Paul Wiseman at the Associated Press, made the following claim in connection with the Fed's programs of "quantitative easing" (QE): "Bernanke argued Friday that collectively, such measures have succeeded. He cited research showing that two rounds of QE (quantitative easing) had created 2 million jobs and accelerated U.S. economic growth."
I'm not inclined to automatically believe Big Ben's word. But if he's right, and if the allegedly positive effects of QE started being felt at about the time the recession ended, that would mean that the fiscal policies of the Obama administration are responsible for the remnant. Of course, Wiseman at the Associated Press, aka the Administration's Press, didn't ask the next logical question, so I will. Guess how big that remnant is?