Ethanol

CNN media analyst Howard Kurtz isn't happy about Al Gore selling his failing Current TV to Al Jazeera.

In a piece published minutes ago at CNN.com, Kurtz elaborated while he missed potentially the greatest hypocrisy in the deal.

To paraphrase the estimable Yogi Berra - it’s like deja vu all over, and over, and over, and over again.

The Jurassic Press media is enraptured with a certain story.

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.

The severe drought affecting the Midwest this year has caused the latest corn projections to be the lowest since 1995. With such a small corn crop, the government mandates that make some of that corn be used for ethanol make even less sense, and will raise prices even further.

The drought has been a big news story for the network morning and evening show in the past six months, earning 55 stories about facets of the drought including struggling farmers, predictions of increased food prices and coverage of wildfires. That figure did not include weather reports that also often mentioned drought.

Lawrence O'Donnell on Tuesday accused Congresswoman Michele Bachmann (R-Minn.) of being a socialist.

"The Last Word" host, who has admitted on national television to himself being a socialist, did so by cherry-picking from an article published at the perilously liberal website "The Huffington Post" (video follows with commentary and full transcript at end of post):

If you thought of a place on the radio dial on a Saturday morning where Sen. Tom Coburn would be pressed as squishy, it probably wouldn't be NPR. But on Weekend Edition Saturday, NPR anchor Scott Simon asked some basic questions about a budget deal, and then shifted to Grover Norquist's criticisms of Coburn for being a tax hiker. This could be seen as quite an anti-Grover segment, with how strongly Coburn attacked him:

SCOTT SIMON: Let me ask you about a debate that was brought to my attention this week. You're -- Oklahoma, I think can fairly be identified as a farming state. You're opposed to ethanol subsidies.

TOM COBURN: Well, I'm specifically opposed to the ethanol blending credit, which is just one of the subsidies that we give for ethanol.

SIMON: This has opened up, as I don't have to tell you, a pointed disagreement with Grover Norquist and his group, Americans for Tax Reform.

Chris Matthews on Wednesday called Republicans that are skeptical of man's role in global warming Luddites, referring to the 19th century movement in Great Britain that was opposed to changes associated with the Industrial Revolution.

Clearly missing the absurdity in his analogy, the "Hardball" host arrogantly stated (video follows with transcript and commentary):

On Monday, NewsBusters was the first American media outlet to report Nobel laureate Al Gore's admission that he only supported ethanol mandates in the '90s because he thought it would help his presidential ambitions.

As it turns out, with very few exceptions, no major news divisions thought this was at all important:

Nobel laureate Al Gore said this weekend that tax breaks for corn-based ethanol are "not good policy" and that he only supported these subsidies in order to assist his eventual run for president.

Reuters Africa reported Monday the former Vice President made these comments while speaking to a green energy conference in Athens.

On June 24, 2010, I had a post on BigHollywood that examined Robert Redford’s asinine statements about the Gulf Oil Spill. From his support of a drilling moratorium to the fact that he literally blamed the spill on Dick Cheney to the way he expected George W. Bush to respond instantly to Katrina, while making excuses for President Obama’s slow response to the BP disaster, his words were just another proof that many actors in Hollywood are out of touch with reality.

And although I hoped Redford would rethink his pomposity before speaking again on topics that he seems unable to comprehend, except through the prism of politics, it appears my hopes were misplaced. On Tuesday, the Huffington Post carried a statement by Redford wherein the actor lambasted Republicans for sinking Obama’s energy bill and with it “our moment to create two million clean energy jobs here in the United States.”

Where did Redford get such precise information about “two million” jobs? It seems like something that was conveniently snatched out of thin air, unless this number is a reference to jobs that the government would supposedly create in a faux clean energy market. But since when when has the government been successful in creating jobs?

The Pentagon rescinded the invitation of evangelist Franklin Graham to speak at its May 6 National Day of Prayer event because of complaints about his previous comments about Islam.

The Military Religious Freedom Foundation expressed its concern over Graham's involvement with the event in an April 19 letter sent to Secretary of Defense Robert Gates. MRFF's complaint about Graham, the son of Rev. Billy Graham, focused on remarks he made after 9/11 in which he called Islam "wicked" and "evil" and his lack of apology for those words.

Col. Tom Collins, an Army spokesman, told ABC News on April 22, "This Army honors all faiths and tries to inculcate our soldiers and work force with an appreciation of all faiths and his past comments just were not appropriate for this venue."

If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.

Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings.

However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.

“Oh, god,” why did he have to use that word? According to MSNBC’s Chris Matthews, the GOP “outsourced” the Republican response to a young, successful Indian-American governor who “had nothing to do with Congress.”

They had to outsource the response tonight, the Republican party. They had to outsource to someone who had nothing to do with Congress because the Republicans in Congress had nothing to do with the programs he was talking about tonight or the record he referred to.

First of all, one might point out that Piyush “Bobby” Jindal was a member of the U.S. House of Representatives from 2004 to 2006. Furthermore, Republican governors are quite important members of the party. The idea that the GOP was bringing in an outsider is flat out wrong.

President-elect Barack Obama named Carol Browner the "czar" of climate and energy policy for the White House, but CNBC's Joe Kernen was wary of her appointment.

"You can see that even in Europe, some of the climate concerns, given this, this once in a lifetime recession, John - to put someone that, an advocate of such strong measures," Kernen said on "Squawk Box" Dec. 11. "Really I've seen her called Brownies or Brownistas. Um. That's a little scary with what's happening right now."

Earlier Kernen was discussing cabinet appoints with CNBC Washington correspondent John Harwood and pointed to new regulations Browner could institute:

It's not like Barack Obama is a socialist or anything. It's just that Thomas Friedman wants him to put a "government master" in charge of the country's biggest manufacturing sector. Friedman made his modest proposal in his New York Times column of today, and expanded on it during a Morning Joe appearance. [H/t reader Tom.]

Video also available here.

I've got three easy reasons why Friedman's idea won't work.

Californians by very wide margins defeated two green initiatives that anthropogenic global warming enthusiasts in the media and in legislative houses across the fruited plain should take heed...but will they?

To begin with, Proposition 7 would have required utilities to generate 40 percent of their power from renewable energy by 2020 and 50 percent by 2025.

Proposition 10 would have created $5 billion in general obligation bonds to help consumers and others purchase certain high fuel economy or alternative fuel vehicles, and to fund research into alternative fuel technology.

Much to the likely chagrin of Nobel Laureate Al Gore and his global warming sycophants in the media, these measures went down, and went down in flames:

Leave it to the foreign press to explain one of the major problems with American over-regulation and subsidies.

The Financial Times published a series Oct. 22 and 23 examining a subject the U.S. media have largely ignored: the effect ethanol mandates and subsidies have had on the ethanol market, investors, and food prices. Here's a hint: the effects are not good.

The first report  highlighted the billions of dollars in losses investors have suffered after fluctuations influenced by legislation. Congress passed a mandate in 2005 requiring 7.5 billion gallons be mixed into the gasoline supply by 2012. They doubled that goal in an energy bill in 2007, requiring 36 billion gallons by 2022.

"Congress and the president created a multi-billion dollar market for corn-based ethanol virtually overnight," the report said, leading to a surge of investment culminating in late 2006. But as more ethanol plants came online and the price of the fuel dropped, the companies' values started declining even as the price of corn continued to rise.

When Tony the Tiger gets fired, we'll know biofuel mandates have taken their toll.

Correspondent Susan Koeppen said on "The Early Show" Oct. 23 consumers would be "paying more and getting less" for some food products they buy because companies are downsizing their products.

"It's called downsizing," Koeppen on the CBS broadcast. "More and more companies are going to start shrinking their products."

Ice cream consumer Yalanda Medina said she felt companies didn't think she was "smart enough to notice" she was getting less. In short, Medina felt "duped."

Koeppen went to "consumer advocate" Edgar Dworsky, who told her that downsizing is "a sneaky way to pass on a price increase."

Nationalization has its consequences. Just note the rhetoric coming from some prominent voices on the left.

The government's foray into offering services normally provided by the private sector by bailing out aging mortgage giants gives it the power to implement "green" building requirements, according to New York Times columnist Thomas Friedman.

He suggested Sept. 23 that any construction financed by government-funded mortgages should be certified "green" according to the standards of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System.

"If we're going to be in the mortgage business as a government, then every government-funded mortgage - at least for a new building - means that building has to be at least Silver LEED certified, okay?" Friedman said at the Sixth & I Synagogue in Washington, D.C. He appeared to promote his new book, "Hot, Flat, and Crowded: Why We Need a Green Revolution--and How It Can Renew America."

Today on Neil Cavuto, Monica Showalter of Investor's Business Daily was on, speaking about their editorial on Nanny Pelosi called "Feckless to Reckless." It's about Nancy Pelosi's recent reckless call to drain the strategic oil reserves in an attempt to answer our problems and pains at the gas pumps, short term. Needless to say, IBD was not impressed; in fact, the article calls for her resignation. You can read about it and watch the video interview at MsUnderestimated's site here.

Thursday’s "Good Morning America" used the Fourth of July holiday to exaggerate the effects that food prices are having on consumers. In its "Hitting Home" segment, reporter Sharyn Alfonsi reported on the price increases of certain Fourth of July barbecue staples, claiming that "Americans are gonna eat 110 million pounds hot dogs and that could take a big bite out of their wallets."

Alfonsi claimed:

NBC's "Today" show handed "New York Times" columnist Thomas Friedman a platform, on Tuesday's show, to rail against President Bush's "incoherent mess" of an energy policy, and demand a $1/gallon gas tax, as well as a $4.50 price floor on gas.

"Today" co-host Meredith Vieira spurred on Friedman as she recited the most inflammatory passages from his Sunday column:

MEREDITH VIEIRA: Well in this column on Sunday, you don't hold back. You refer to the President as our "addict-in-chief." You say his energy plan is, "Get more addicted to oil." You go on to say, "It is hard for me to find the words to express what a massive, fraudulent, pathetic excuse for an energy policy this is." What is it, Tom that, you find so offensive in his energy plan?

U.S. corn futures topped out at record highs on June 11 on the news that the impact of flooding in the Midwest would hurt this year's corn crop, but the June 11 "CBS Evening News" left out one significant detail in its reporting about the crisis.

"[A]gricultural disaster aid has been requested for Iowa, Illinois, Wisconsin and Michigan," CBS correspondent Cynthia Bowers said on the June 11 "Evening News." "The federal government estimates that this year's corn crop will be 10 percent lower than last year's. That's down 1.4 billion bushels, and it's too late to do much about it."

According to a Reuters story, corn prices on the Chicago Board of Trade have shot up 80 percent in the last 12 months, with almost 17 percent of that just this month. But Bowers didn't explain how the prices got so high before the floods, which put consumers of corn products in this vulnerable position. Corn futures were already priced high because of a heightened demand - artificially stimulated by federal government subsidies for ethanol produced from corn.

For several weeks, NewsBusters has been reporting the changing media tide concerning ethanol.

On Thursday, PBS's "NewsHour with Jim Lehrer" joined the growing chorus of press outlets pointing fingers at biofuels as being partially responsible for the growing international food crisis:

The cost of food has soared as more and more corn is being produced for fuel, not food...[I]t is the government's mandate for ethanol that has doubled the demand for corn and sent prices soaring.

Sadly, the segment ignored Nobel Laureate Al Gore's involvement in this matter, as well as his biofuel investments, but still went where few mainstream media outlets would have gone just two months ago (video available here):

Since media began recognizing the international food crisis and its ties to biofuels, NewsBusters has been wondering when press members will expose how intricately linked Nobel Laureate Al Gore is to this controversial issue.

On Sunday, Fox News's Sean Hannity finally did just that.

In a segment on "Hannity's America," the host addressed much of what NewsBusters has been reporting for the past several months about this matter, and established a template that hopefully others in the media will emulate if they are indeed interested in helping to solve this growing problem (video embedded right):

Gas prices got you down? Ride a horse, says MSNBC.

On a "MSNBC Live," report on "sky high gas prices" anchor Tamron Hall relayed the story of one man who is using a horse rather than a vehicle, but did not explain some important reasons why prices have soared.

"The high prices have led ... one Tennessee man to find a more fuel efficient way to get around town in Bradley County: The guy is riding a horse," Hall said on the May 9 broadcast. "It is cheaper to maintain a horse than it is to fill up a gas tank. He says that it costs $150 to $200 a month to ride and feed that pony."

Government meddling with the free-market forces can have ill consequences. Just look at how government mandates for corn-based ethanol have affected the global food supply.

According to CNN senior business correspondent Ali Velshi, CNN viewers rate the economy as the most important issue and named gas prices as their number one concern. "AOL Money Coach" Hilary Kramer agreed with viewers, but regarded Democratic presidential hopeful Sen. Barack Obama's proposal as "valuable" when matched with alternative energy legislation.

"Absolutely right," Kramer said on CNN's May 5 "Issue #1." "That's why Barack Obama with a $150 billion package that he wants to jumpstart an entire industry alternative energy and clean technology could be very valuable, especially matching that up with legislation to force the use of alternative energy."