Banking/Finance

Charlie Rose ripped a new liberal line of attack on Mitt Romney right out of the New York Times on Thursday's CBS This Morning, as he interviewed top Romney backer Chris Christie. Rose played up that Romney "seems to be dancing around the idea of what his wealth is. This is the New York Times today: 'Romney riches are being seen as new hurdle; complex web of assets is difficult to assess.'"

Midway through the segment, the anchor held up the copy of left-leaning publication and read the headline for the front page, above-the-fold article by Nicholas Confessore, David Kocieniewski, and Michael Luo. He continued by citing the New Jersey governor's own rebuttal to this class warfare tactic: "Your philosophy seems to be, tell him how much you're worth, and say you're proud of it. Every American wants to be rich."

Joe Scarborough said it about Rick Perry, but it could perhaps have applied to other Republican presidential contenders who are going after Mitt Romney's record at Bain Capital.

On Morning Joe today, discussing Perry's depiction of venture capitalists like Romney as "vultures," Scarborough said that the Texas governor: "sounds like a stoned NYU grad student in Zuccotti Park."  Video after the jump.

In 1984, an Associated Press writer covering the Democratic primaries wrote that "In a presidential contest dominated by concerns over the economy, inflation, and unemployment, the Democratic candidates have been loath to acknowledge the extent to which Carter administration policies contributed to those problems. Democrats have also controlled Congress for most of the past three decades, which made it relatively easy to enact the policies Carter pursued."

Of course, that AP report really never happened. The establishment press never razzed Walter Mondale, Gary Hart, and the other 1984 Democratic presidential candidates about the ruinous Carter-Era inflation, 20%-plus interest rates, and high unemployment against which the Reagan administration was making significant progress in the early 1980s. But on Tuesday morning, Beth Fouhy at the Associated Press felt it necessary to wonder why this year's GOP primary candidates are rarely mentioning George W. Bush, even though the economy under Barack Obama is making relatively scant progress towards a genuine recovery and makes a much more appropriate target for criticism. Here was her comparable paragraph, plus the two which followed:

George Will on Sunday marvelously told liberal economist Robert Reich something that many conservatives have been dying to say for years.

During a fascinating Right vs. Left debate on ABC's This Week, after Reich predictably pined for higher income tax rates to solve all that ails us, Will struck back with the line of the weekend, "You are a pyromaniac in a field of strawmen" (video follows with transcript and commentary):

There was an astonishingly revealing moment on Sunday's 60 Minutes when President Obama said, "Some of the most damaging behavior on Wall Street, in some cases, some of the least ethical behavior on Wall Street, wasn't illegal."

For what should be obvious reasons, CBS's Steve Kroft didn't bother asking his guest who created, voted for or signed the pieces of legislation that allowed this "damaging behavior on Wall Street" to be legal (video follows with transcript and commentary):

No wonder President Obama adopted some of the language of the Occupy movement in his class-warfare speech this week.  It's led by the likes of Alfredo Carrasquillo, a fellow "community organizer" with whom the president perhaps identifies.  Carrasquillo specializes in breaking into foreclosed homes to dole them out to people—beginning with himself—to live in.

Chris Hayes gave Carrasquillo a sympathetic platform on his MSNBC show this morning. Making it clear that he was speaking as a "devil's advocate," not, God forbid, expressing his own opinion, Hayes gently inquired of Carrasquillo whether, you know, it could be said he has no right to break into and live in homes owned by others.   Dismissing the notion out of hand, Carrasquillo described theft of others' property as "technicalities."  That seemed good enough for Hayes, who helpfully pointed out that the homes Carrasquillo is breaking into "are just sitting there, no one's making use of them." Video after the jump.

NPR's Yuki Noguchi and Lynn Neary completely omitted Jon Corzine's Democratic affiliation on Thursday's All Things Considered, while mentioning practically every other prominent occupation he has held- Goldman Sachs CEO, senator, governor, even "multimillionaire." On the other hand, Noguchi gave the Republican party ID of two representatives who questioned Corzine at a recent hearing.

Neary outlined in her introduction for Noguchi's report that "former Senator Jon Corzine returned to Congress...Corzine was once CEO of the most successful bank on Wall Street. He left Goldman Sachs for the Senate, then was elected governor of New Jersey." The correspondent soon added that "until late October, Corzine was the CEO of MF Global."

For conservatives, one of the bright spots of the Occupy Wall Street protests was when millionaire investor Peter Schiff went down to Zuccotti Park with video camera and a sign reading "I Am The 1% - Let's Talk."

On Tuesday, I had the pleasure of speaking with Schiff by telephone in a sweeping interview about his experience at OWS, how the financial media are doing, and ending with his rather frightening view of the economy and the future of our nation (video follows with transcript):

UPDATE: Scarborough Responds--Don't Twist My Criticism of Newt Into Support For Obama

In response to an inquiry from this NewsBuster, Joe Scarborough has made clear that he strongly opposes President Obama's "disastrous" record, urging people not to twist his criticism of Gingrich into support for Obama.  Full Scarborough statement after the jump.

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Anyone who made the easy prediction that the Associated Press would fail to bring up Fannie Mae or Freddie Mac in its fawning tribute to Barney Frank after his retirement announcement yesterday was correct. Anyone making the easy prediction that the AP would lionize him as a "gay pioneer" was also spot-on.

Also predictably, the wire service's Bob Salsberg and David Espo failed to mention that Frank advocated abolishing Fan and Fred as a dishonest survival tactic during his final reelection campaign in 2010, and of course did nothing visible to make that happen this year. What's really odious in this regard is that the AP pair gave him credit (pun intended) for how he "worked to expand affordable housing," when the Community Reinvestment Act-driven subprime crisis Fan and Fred engendered has sent the housing market levels not seen since World War II. What follows are excerpts from the AP. After that I have a few contrary and clear-headed paragraphs from an Investor's Business Daily editorial, and a little reminder of a 1999 "Present" vote which should have generated controversy, but didn't:

Reporting on Monday morning that Congressman Barney Frank (D-Mass.) was not seeking re-election, CNN's political team whitewashed his controversial tenure in office with some fond words like "titan," "larger-than-life," and "teacher at heart."

CNN's Joe Johns lauded Frank's skills as a teacher -- especially as the first openly-gay congressman. "He's taught this country so much about the gay community in the United States and what it means to be an openly gay member of Congress. A leader, in fact, on Capitol Hill," Johns gushed.

Political editor Mark Preston praised Frank as a "titan" of financial sector matters in Congress while saying nothing of the failure of Fannie Mae and Freddie Mac under his oversight. While noting that Frank was tough to deal with, Preston added that he was "one of the best debaters in Congress" and "always the smartest person in the room." [Video below the break. Click here for audio.]

Talking to liberal author Michael Lewis on Monday's Rock Center on NBC about the Greek financial crisis, anchor Brian Williams wondered: "...what's the one thing you want to shout from the mountaintops, a message that is in all of your books that people aren't hearing, aren't paying attention to?"

Lewis called for an end to big banks: "...we still have at the center of our life these massive banks that are too big to fail. And they should've been broken up three years ago....why we are sitting here today...with these institutions that basically have us at their mercy...is beyond me." He then concluded: "So what I would shout from the rooftops is, get out into the streets with the Occupy Wall Street movement and protest."

The European Union might completely fall apart any day now as the countries in that region implode under their massive debt.

Despite this, CNN's Fareed Zakaria offered another America-hating love letter to the struggling continent Sunday actually claiming, "The American dream seems to be thriving in Europe not at home" (video follows with transcript and commentary):

As he accumulates his "Occupy Rap Sheet" over at BigJournalism.com, John Nolte has made some excellent points about the nature of the press's coverage which should not be missed. His incident count is up to 151. It will certainly grow based on more recent events which haven't yet made it to his compilation (this is just a sample): A $10 million arson arrest in Fort Collins, Colorado (really; HT The Other McCain); pushing a 78 year-old woman down a flight of stairs (she required a hospital visit); and a lack of basic safety so pervasive at Zuccotti park, the headquarters of the "movement, that "protesters put up (a) women-only tent to prevent sexual assaults."

Nolte's count is clearly an understatement of all that is actually happening. He also notes that the nature of the press's coverage serves to understate the disorder- and violence-based inclinations of the Occupiers (internal link is in original; bolds are mine):

If it's Saturday, I must be pointing out more simply stunning stupidity coming from the mouth of Bill Maher.

Never letting me down, the host of HBO's Real Time Friday said the financial crisis was caused by "something new in politics where Wall Street was sort of betting on things to fail as opposed to for things to succeed" (video follows with transcript and commentary):

It would be funny if it weren't so transparently sad. We've seen "name that party" games for a long time in the press. Today, the Associated Press played "name that company."

In an unbylined report Friday evening which oddly has Dina Cappiello's Twitter address at the bottom , the identity of failed solar manufacturer Solyndra isn't revealed until the third paragraph. The item's headline refers vaguely to "a failed solar firm," while the opening paragraph describes "a failed solar panel manufacturer." Really:

It's truly delicious when the outfit which calls itself the Essential Global News Network essentially admits that a certain economic theory which begins with a "K" has become such an undesirable word -- almost an epithet -- that it avoids its mention.

That was the case with a pathetic critique of GOP candidates' economic plans written up by the wire service's Charles Babington on Sunday. When I saw its headline ("Studies challenge wisdom of GOP candidates' plans"), I blew past the story because I expected the same-old, same-old. Then an emailer with a journalistic background informed me that it was even worse than usual. He's so right that I can't possibly pick it apart without writing a book; so I'll just concentrate on the paragraph containing the theory with no name and the one which immediately follows it:

NPR's Philip Reeves slanted towards the Occupy Wall Street on Wednesday's All Things Considered as he played up the "huge outcry" over St. Paul Cathedral in London's dispute with the left-leaning movement, which has an encampment outside its doors. Reeves spotlighted a local official who "called St. Paul's a 'national laughing stock,'" and omitted sound bites from the opponents of the movement.

Host Guy Raz noted in his introduction to the correspondent's report how St. Paul's was a "national treasure" associated with Churchill's funeral and the wedding of Charles and Diana, and continued that it was now "the backdrop for another kind of drama: a protest camp modeled on the Occupy Wall Street movement. NPR's Philip Reeves says it's causing upheaval in the heart of British society."

Consider this post the print and online follow-up to the report early Tuesday evening by Matthew Balan at NewsBusters on the failure of the Big Three TV networks to note the Democratic Party/Obama fundraising affiliation of former New Jersey Governor Jon Corzine, whose now-bankrupt MF Global financial firm has apparently admitted to diverting client money in a futile attempt to battle its financial free-fall.

Balan found that the Big Three's morning shows "omitted the party affiliation of Jon Corzine as they reported on the federal investigation into his brokerage firm," and that ABC didn't even mention Corzine's name. This is not surprising, as the wire services which provide much of the raw material for these shows for the most part similarly failed, and have continued to do so. A rundown of much of what the wires have produced, along with a look at several New York Times items, follows the jump:

On Tuesday, the morning shows of the Big Three networks omitted the party affiliation of Jon Corzine as they reported on the federal investigation into his brokerage firm, something that even the liberal New York Times gave in their coverage of the story. ABC's Good Morning America also failed to include Corzine's name during their news brief on the investigation.

News anchor Josh Elliott noted in a 13-second brief that "a Wall Street brokerage firm run by New Jersey's former governor is filing for bankruptcy. Regulators say some $700 million belonging to MF Global's customers is apparently missing." Apparently, the name of the Democrat's firm is newsworthy at ABC, but his name and his party ID isn't.

CBS's Early Show on Monday found yet another excuse to report on Occupy Wall Street, spotlighting the diehard protesters who stayed in Zuccotti Park during a winter storm. While correspondent Debbye Turner Bell noted the $3.4 million spent on police overtime in New York City and the complaints from businesses near the demonstrators' campsite, she didn't play one sound bite from the opposition.

Turner Bell first highlighted the "freezing temperatures and record-breaking October snow" over the past weekend in the Northeast and added, "And that does raise the question of how committed are these Occupy Wall Street protesters? But there's another question: can local city governments afford to pay the price tag that goes along with expressing this basic American right?"

While the media champion the Occupy Wall Street movement as if it's the American version of the Arab Spring, they're predictably missing a crucial distinction.

As the Motley Fool reported Friday, those sleeping in tents and skipping showers in cities around the country are actually part of the world's richest one percent:

On Wednesday's Early Show, CBS's Erica Hill downplayed the instances of violence and bigotry found at Occupy Wall Street protests as simply "the actions of a few," after GOP presidential candidate Newt Gingrich denounced the "frightening level of anti-Semitism in some of these gatherings." Hill questioned Gingrich over his supposedly "pretty outspoken words" about the left-leaning movement [audio clip available here; video available below the jump].

The anchor raised the demonstrations towards the end of her interview of the former House speaker, after Gingrich claimed that "people are pretty sick of the lack of civility...they watch Washington, they watch gridlock, [and] they watch a president who's more comfortable on [Jay] Leno than he is in trying to govern the country." Hill replied that "people, too, are fed up, as we know- we see a lot of this with the Occupy Wall Street protests. The latest CBS News/New York Times poll finds that 46% of Americans say that their views reflect a sentiment that most Americans share."

The morning shows of ABC, CBS, and NBC on Tuesday devoted just 19 seconds to the arrests of 75 people in northern California, after police evicted Occupy Oakland from their encampment in front of city hall there.  The Early Show devoted a news brief to the story during its last half hour, noting the violent reaction from some of the protesters. Good Morning America and the Today show both punted.

News anchor Jeff Glor gave the news brief 35 minutes into the 8 am Eastern hour, and reported that "police are confronting 'Occupy Oakland' protesters this morning in northern California...Officers were sent before dawn to kick out about 300 demonstrators who have been camped out in downtown Oakland. Some protesters threw rocks and bottles. Police responded in some cases by making arrests, tearing down tents, and firing tear gas."

Appearing on Sunday's NBC Today, Meet the Press host David Gregory proclaimed that the Occupy Wall Street protests would "...dovetail nicely into a big message that the President's selling, which is that the wealthy should pay more....that banner of going after Wall Street and the banks, talking about unfairness that a lot of protesters that are complaining about." [Audio available here]

Gregory's observation was prompted by co-host Lester Holt wondering: "...the protesters are calling for the wealthy to pay for more taxes. Should we look for the Obama campaign to embrace that message as it – as it takes the stretch to November?" Gregory went on to declare: "I think the President's in a mode right now where he'd like to get out in front of this parade and really harness some of this energy."