What is it with Hollywood liberals and their penchant for messing with my childhood heroes by making them shills for liberal storylines. First "GI Joe." Then "Knight Rider." What's next, "The A-Team"? Maybe. (h/t Perez Hilton)
Variety reported yesterday that John Singleton is on board to direct a silver screen adaptation of the 1980s TV action drama "The A-Team." This time it sounds like oil company executives may end up being the bad guys.
Hillary Clinton's performance in her interview with Maria "Money Honey" Bartiromo of CNBC last week was so bad that she must have sent a double (stop shivering at the thought, will ya?).
After all, the genuine Smartest Woman in the World couldn't possibly have said the things she said, as noted at Rush Limbaugh's site last Thursday. It got so bad that Bartiromo, who seemingly has barely cracked a smile since George Bush became president, felt compelled to challenge her.
Here is one of the choice offerings Mrs. Clinton served up:
(There are ) lots of people who come on your show who, you know, are gung-ho, protect the tax cuts for the wealthiest of Americans, that will not work if the economy slows down. You need to get money in the pockets of tens of hundreds of millions of Americans, and that's what I intend to do.
"I'm no longer fiery," Cramer said. "They had their chance," he said four months after the big tirade.
On the December 11 "Street Signs," Cramer's mood swung 180 degrees the other way after the Federal Reserve cut interest rates only 25 basis point to 4.25 percent - viewed as a disappointment by the shock stock picker.
In 2005, I sensed that journalists in general prefer to call this time of the year in commerce that of "holiday shopping" instead of "Christmas shopping," but that when it came to people losing their jobs, they preferred to describe layoffs as relating to "Christmas."
My instincts have been proven correct for two years running, as you can see below from the results of three different sets of Google News searches in November and December of 2005 and 2006 (links to 2005's related posts are here, here, and here; 2006's are here, here, and here):
Steve Fraser might look mild-mannered, but when it comes to economic doomsaying, he is the Rocky Marciano of recession, the Tiger Woods of turndown, the David Beckham of depression.
Speaking of bending one, Fraser's LA Times column of today, "Symptoms of an Economic Depression," twists U.S. economic data into a harbinger of impending doom. Fraser begins by falsely claiming that "no one wants to utter the word 'depression.'" In fact, Fraser himself, a left-wing labor historian, wants not merely to utter it, but to bellow the word with a 10,000 megawatt bullhorn. Why? Because, as he gleefully predicts in that same column:
This perfect storm [of a bad economy] will be upon us just as the election season heats up, and it will inevitably hasten the already well-advanced implosion of the Republican Party.
Business & Media Institute Director Dan Gainor appeared on the Fox Business Network December 6 to discuss how the media is choosing sides in the subprime housing problem.
"All throughout this whole year and actually if you go back in the last year and before [the media] have been pointing out that the lenders are the bad guys...CBS News who actually did an okay report last night, then the example they use is someone who has a 6.6% adjustable rate adjusting up to 9.6%, they've got a house the size of a mansion and they've got horses."
Gainor said the important thing that journalists fail to do is to get both the lenders and the home buyer's viewpoints.
The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the third quarter of 2007. The seasonally adjusted annual rates of productivity growth in the third quarter were:
6.7 percent in the business sector and 6.3 percent in the nonfarm business sector.
In both sectors, changes in productivity are higher than the preliminary estimates published November 7, and represent the largest productivity gains since the third quarter of 2003.
Oh, how Old Media wants a recession. Too bad the economy isn't cooperating.
The latest Institute for Supply Management (ISM) report on the Manufacturing Sector, covering about 15% of the non-government economy, was just released this morning, and led as follows:
Economic activity in the manufacturing sector expanded in November for the 10th consecutive month, while the overall economy grew for the 73rd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.
True, the reading of 50.8% was barely above the 50% cutoff point for expansion. But it's barely lower than the 50.9% turned in last month, and still came in slightly ahead of expectations, which averaged 50.4%, according to the Associated Press, and 50.7%, according to Bloomberg.
This makes three out of three fourth quarter ISM reports showing continued growth -- two in manufacturing, plus October's non-manufacturing report that came in at 55.8%, up from 54.8% in September. If Wednesday's ISM report on non-manufacturing for November comes in at 55.9% or higher, it will means that the economy as a whole, as ISM measures it, is not only growing, but growing faster. Recession, reschmession.
National Public Radio's "Morning Edition" gave a report November 30 on misleading "green" products, charging companies with "The Six Sins of Greenwashing."
"You may have thought they were environmentally friendly just because the product says so, but some environmentalists think you're being ‘greenwashed,'" said host Steve Inskeep. "Is one of the sins just lying, then, basically?"
Scot Case of the environmental marketing firm TerraChoice conveyed that "the biggest sin [they] found ... was called ‘The Sin of the Hidden Tradeoff' for products that promote a single issue ... but there are a wide variety of environmental considerations."
TerraChoice evaluated 1,018 retail products for their environmental claims and only one was found to be without sin, while the rest were guilty of offenses like "The Sin of the Lesser of Two Evils," "The Sin of Fibbing" and "The Sin of No Proof."
No it's not a new brand of cologne, but it sure sounds like it.
Today, November 30, Dan Gainor, BMI's Director appeared on Fox Business to discuss the media's hype of an oncoming recession. Host David Asman began the segment asking, "Has the media emphasized the good along with the bad?"
Gainor responded, "Of course not, we haven't seen a lot of good news...and in fact if you watch the networks they skipped what even the New York Times put on their front page, that the Fed said a recession isn't likely."
There's little the MSM likes more than to report the latest thing that's bad for us. Today's news brings a double-header of doom: night shifts and salt.
First, the AP reports that the UN's World Health Organization will soon list working the night shift "as a 'probable' cause of cancer."
Then Reuters informs us that the Center for Science in the Public Interest, arguing that excessive salt in Americans' diets is a major factor in high blood pressure and increases risk for heart disease, is urging stricter regulation of salt by the U.S. Food and Drug Administration.
As the Christmas shopping season went into full swing in 2005, I sensed that journalists in general have a strong preference for using the term "holiday shopping" instead of "Christmas shopping" when covering business and commerce, but that when it came to people losing their jobs, they preferred to describe layoffs as relating to "Christmas."
My instincts have been proven correct, as you can see below from the results of three different sets of Google News searches in November and December in each of the last two years (links to last year’s related posts are here, here, and here; 2005's are here, here, and here):
Of course, the expectations game can be frustrating, and we won't know for sure until the actual report is released Thursday at 8:30 a.m. But there appears to be remarkably good economic news ahead. Naturally, it is getting the barest of coverage from an Old Media business press corps that seems intent on talking the economy down.
First, a week ago Monday, MarketWatch's Greg Robb, in an article entitled "Economists think U.S. can dodge recession," said the following (bolds are mine throughout this post): "The economy grew at a 3.9% rate in the third quarter, and many economists expect an upward revision above 4.5% when the government revises the data on Nov. 29."
Then, at MarketWatch.com yesterday, ("Dollar under pressure as credit fears loom"; link requires free registration), reporter Lisa Twaronite got this quote from an industry expert:
For years, NewsBusters and its parent, the Media Research Center, have been reporting on the disparity in economic coverage by mainstream media outlets during the Clinton and Bush administrations.
In the past seven years, economic data that would have been praised when Bill Clinton was in the White House has continually been presented as recessionary, or even depression-like.
With that in mind, CNN's Lou Dobbs was discussing the economy, and, in particular, the recent holiday sales figures with WOR radio's Steve Malzberg Monday. The conservative host asked Dobbs, "If these numbers were the numbers nearing the end of a Clinton administration or a Democrat's administration, wouldn't they be touting it as a wonderful, strong economy?
Old Media reporters have worked themselves into such a lather trying to talk down the economy that you have to wonder if retailers got lulled into believing them.
The Associated Press's report on Black Friday sales by reporter Anne D'Innocenzio went through the normal good news/"yeah, but" routine (bolds are mine throughout).
First, the good news:
The nation's retailers had a robust start to the holiday shopping season, according to results announced Saturday by a national research group that tracks sales at retail outlets across the country.
According to ShopperTrak RCT Corp., which tracks sales at more than 50,000 retail outlets, total sales rose 8.3 percent to about $10.3 billion on Friday, the day after Thanksgiving, compared with $9.5 billion on the same day a year ago. ShopperTrak had expected an increase of no more than 4 percent to 5 percent.
But in bringing out the supposed "bad news," D'Innocenzio may have inadvertently exposed a retailer miscalculation:
*****Update at end of post includes detailed response to unhappy e-mail messages concerning this subject.
As someone that has done a lot of economic writing and financial media analysis, I'm used to gloom and doom from journalists.
However, Saturday's Associated Press article concerning the credit crunch and how it's impacting the mortgage market could be the worst example of economic and financial misreporting and exaggeration I've seen since the press universally forecast an economic downturn after Hurricane Katrina hit New Orleans.
Entitled "Have We Seen the Worst of the Mortgage Crisis," Joe Bel Bruno's piece actually suggested that a depression could be looming, and that housing prices in some areas could decline by 40 percent (emphasis added):
For years one of the great unanswered questions along Main and Wall streets has been why, in the midst of 24 consecutive quarters of uninterrupted growth, polls have regularly found Americans sour about the economy.
On Tuesday, a battle between the New York Times liberal economics columnist Paul Krugman and WOR radio's Steve Malzberg offered a clue.
In fact, after 16 minutes of sparring on subjects from healthcare to the Iraq war, a truly inconvenient truth became evident concerning the left's continued bearishness since the economy emerged from recession in the fourth quarter of 2001: too many folks listen to people like Krugman.
As a perfect illustration of just how separated this man, and anybody who reads him, are from reality, when Malzberg asked Krugman where he'd seek medical treatment if he was really ill, the Times columnist said (16 minute long audio link available here):
Continuing the sky-is-falling mantra about lead laden toys, on Tuesday’s CBS "Early Show," co-host Hannah Storm asked Consumer Product Safety Commission (CPSC) spokeswoman, Julie Vallese:
...you are standing there, Julie, among a whole group of toys, 61 recalls, a third of those because of lead paint. Why don't you tell us as parents, why we just shouldn't buy books and clothes and pets this Christmas? Why even buy toys?
Of course that followed Julie Chen’s assertion on October 31 that Halloween and Christmas had been "ruined" because of the CPSC. It also complimented Lesley Stahl’s rant against the fast food industry on Sunday’s "60 Minutes." Not to be out done in alarmism, Storm began the segment by warning, "Millions of toys tainted with lead have been recalled so far this year, so it's tough to know what toys are actually safe to buy this holiday season."
‘Tis the season for lackluster holiday sales and prosperous debt collectors. Fa la la la la, la la la la...
Everything is a little downbeat according to the economic news leading into the holiday shopping season reported on the November 18 "CBS Evening News" - that is of course unless you're in the debt business.
"It happens to be pretty good," said Brandon Bradshaw about this shopping season. "So, we're one of the lucky ones."
But, CBS Correspondent Randall Pinkston trotted him out for a reason.
"Brandon Bradshaw's business? Debt collection," concluded Pinkston. "Russ, retailers are counting on shoppers like him because this is the make-or-break season. Fourth quarter - stores depend on holiday shoppers for 25 to 40 percent of their annual profits."
On Sunday’s CBS "60 Minutes," anchor Lesley Stahl began a segment on calorie labeling for fast food by making this alarmist proclamation: "Obesity rates continue to spiral out of control in this country and nutritionists say one main reason is how dependent we've become on eating out." Enter the big government hero:
Health Commissioner Thomas Frieden is in charge of regulating New York City's $11 billion restaurant market...the chains are up against a formidable foe, because Frieden has a record of making big industry bend to his will. He's the one who forced smoking out of city bars and artery-clogging trans fats out of city restaurants. Both those bans spread nationwide, which is also happening with his new crusade.
Frieden’s latest "crusade" is to force big fast food chains nationwide to label the calories of all of their products, which were exempt from doing so. As Stahl explained, "Now, one of the most powerful health officials in the country wants to change that by forcing chain restaurants like McDonald's and Wendy's to spell out exactly how fattening their food is right when you decide what to order."
The Anchoress, a three-time Weblog Awards finalist and 2007 Catholic Blog Awards Winner (congratulations!) in the Best Political/Social Commentary category (scroll down at link to see it), delivered a cold but necessary shower earlier this evening to those of us who are tempted to exaggerate or overstate the impact New Media is having on most Americans.
I'll bet that a lot of us can relay similar stories to the ones she referred to in her very perceptive post ("Good news leaks past the embargo on good news…"; links that contradict the Old Media-driven beliefs described and bolds/italics were included in her original):
Unfortunately, it is still true that until a new president is installed in the WH, preferably one with a D after the name, only the downsides are newsworthy, and that holds true in every subject. Every subject. My elderly family members are convinced that everything, everywhere, is going to hell, and they are fretful and terrified. They think everyone is out of work, the economy is in a recession, the war in Iraq is lost and there are no real terrorist threats - that’s just made-up stuff. They’re sure America is dying. They are sure the world is headed for famine. They are depressed and do not want to send out Christmas cards, because how can you do that when so much is bad in the world?
In order to make food choices for her constituents, Perry wants to ban new fast-food restaurants from opening in the South L.A. district for at least a year.
CNN's Dr. Sanjay Gupta ate up the plan for regulatory meddling saying on "American Morning" November 16, "[A]lthough obesity may not be eliminated entirely, studies show zoning laws are a good first step to fighting the problem."