Banking/Finance

The recent dedication of the George W. Bush Presidential Center in Dallas has brought a fresh opportunity to reflect on the legacy of the 43rd president. Of course, for the liberal media, to contemplate Bush’s legacy is to focus almost entirely on what went wrong in his presidency.

ABC’s Jonathan Karl displayed the media’s rampant anti-Bush attitude during an interview with Karl Rove posted on ABC News’s Power Players blog on Friday. Karl hit Bush’s former senior advisor with an onslaught of negative questioning, but Rove, to his credit, fought back admirably.

A question with a more obvious answer might yet be asked on national TV this morning, but someone's going to have to try very hard . . . On today's Morning Joe, during a segment on the Atlanta school-test scandal, Mike Barnicle actually wondered out loud why more top college grads take jobs with high-tech firms like Google, or in the financial-services sector, instead of teaching.

Barnicle had earlier declared that standardized tests don't teach kids how to think.  Might Mike have taken one such test too many in his day?  When Willie Geist gently pointed out the obvious to Mike—the difference in pay—Barnicle blubbered that he understood such was a given. So why ask?  View the video after the jump.

So much for Cyprus being a "one-off."

On Wednesday, Bruno Waterfield at the UK Telegraph relayed that "Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe." That's "would," not "could." The Associated Press hasn't had the nerve to correctly characterize what Dijsselbloem said, and now Reuters itself has gotten cold feet.

While you were watching Rand Paul's historic filibuster and the debate surrounding budget sequestration, an economic theory battle was waging between two of the nation's foremost liberal economists Paul Krugman and Jeffrey Sachs.

In his most recent salvo published at the Huffington Post Saturday, Sachs spoke heresy to Obama-lovers across the fruited plain including Krugman claiming that following the 2008 financial crisis, "It was the Fed, not the fiscal stimulus, which prevented a fall into depression."

After hyping a "fiscal emergency" that could "vaporize" America, the journalists at Good Morning America seemed slightly puzzled that daily life has continued. GMA anchor George Stephanopoulos on Tuesday talked to reporter Bianna Golodryga and marveled, "...Investors seem to be shrugging off any economic impact from the stalemate in Washington, those across the board spending cuts."

Golodryga lamented the lack of panic, complaining, "Yeah, isn't that kind of sad? It was basically anticipated that we were going to have these spending cuts." [See video below. MP3 audio here.] Isn't that kind of sad? Golodryga admitted, "You're not seeing a huge effect on the economy. Economists are saying that we could have some sort of impact. It could slow growth but not really bring us into another recession." Just last week, on the same program, news reader Josh Elliott opened the show by panicking: "Jobs vaporizing, flights delayed, even criminals walking free."

As NewsBusters reported earlier, New York Times columnist Paul Krugman and MSNBC's Joe Scarborough had quite a heated discussion about the budget, debt, and the economy on PBS's Charlie Rose Monday evening.

Near its conclusion, Scarborough actually scolded Krugman for pompously behaving like a sighing Al Gore (video follows with transcript and commentary):

New York Times columnist Paul Krugman and MSNBC's Joe Scarborough had an at times heated discussion about budget deficits, debt, and the economy on PBS's Charlie Rose Monday evening.

At one point Krugman got so rattled by the facts that he actually said Scarborough quoting what he had said in the past was making an ad hominem attack against him (video follows with transcript and commentary):

"We're all socialists from the day we're born. You know, you don't have to be poor or unemployed to be on Welfare. We're all at the trough. We're all Welfare queens."

So said TIME magazine executive editor Michael Duffy on the syndicated Chris Matthews Show Sunday (video follows with transcript and commentary):

Chris Matthews asked a question Sunday that should truly offend people on both sides of the aisle.

During the syndicated program bearing his name, Matthews asked his panel, "Has President Obama put himself at political risk if the big cuts do not wreak havoc?" (video follows with transcript and commentary):

Did you know that the mortgage interest deduction was a major contributor to families' distressed circumstances leading to the housing bubble? Or that George W. Bush's (really modest) tax cuts in 2001 and 2003, not the Internet bubble of the late-1990s led the nation from fiscal surplus to deficits?

The reason you don't "know" these things is that they're not true. But the Associated Press's Tom Raum thinks they are, and said so as if they are indisputable facts in an AP analysis piece (or at least I hope it was meant to be that) yesterday. In over 850 words, he also failed to note, while barely acknowleding their existence, that Republicans in the House already acquiesced to $620 billion in tax increases in return for a "whopping" $15 billion in spending cuts during the fiscal cliff deal at the end of last year. Excerpts from Raum's risible writeup follow the jump.

The Left and their media minions spent a good part of the past two years claiming the rich don't pay their "fair share" of taxes.

Not according to the Associated Press which shockingly published a piece Sunday titled "Tax Bills For Rich Families Approach 30-Year High":

CNBC's Maria Bartiromo made a statement Sunday about all of the fearmongering concerning the looming budget sequester that people on both sides of the aisle should pay attention to.

Appearing on NBC's Meet the Press, Bartiromo said, "I think Wall Street is seeing this as scare tactics because if the market really believed that the economy was going to be paralyzed on March 1 we would not be trading near record highs" (video follows with transcript and commentary):

It appears not everyone in America is as enthralled with Barack Obama's economic policies as his fans in the media.

When NBC Tonight Show host Jay Leno made a joke about the president not understanding economics, the studio audience cheered, applauded, and whistled (video follows with transcript and commentary):

The left must think Treasury Secretary Tim Geithner is a magician, since they think funds to evade the debt ceiling can be conjured up in the form of a platinum coin.

The left-wing blogosphere has been promoting a loony idea to prevent the GOP from being able to cut spending in debt ceiling negotiations. The idea has gained traction with a Bloomberg News contributor and well-known liberal economist Paul Krugman, and being heavily promoted by sites like Huffington Post. So many people are talking about it that it has a twitter hashtag: #mintthecoin.

Here’s something I bet you thought you’d never see at the perilously liberal Huffington Post.

In a Dean Baker article published Tuesday with the astonishing title “There Is No Santa Claus and Bill Clinton Was Not an Economic Savior,” the second sentence read, “Just as little kids have to come to grips with the fact that there is no Santa Claus, it is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize that President Clinton's policies sent the economy seriously off course.”

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):

Actor and activist Ed Asner is the narrator of a new video called “Tax the Rich: An Animated Fairy Tale.”

It was produced by the California Federation of Teachers (video follows with transcribed highlights and commentary):

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."

On November 14, the Hill reported that "Senate Democrats, feeling confident from their net gain of two seats in last week’s election, say any deficit-reduction package negotiated in the coming weeks must include stimulus measures." Alexander Bolton's writeup quoted Senator Chuck Schumer publicly asserting that "We have to do something because the economy is not growing fast enough in the first year or two." Although Schumer was referring to 2013 and 2014, the "not growing fast enough" characterization fits the U.S. economy under President Barack Obama's and Fed Chairman Ben Bernanke's "stimulus"-oriented policies ever since the recession officially ended in June 2009.

The fact that Democrats insist on more so-called "pump-priming" after four years of trillion dollar-plus deficits accompanied by tepid growth, thereby increasing the chances that the deficit streak will hit five years or more, even with tax hikes, while growth remains anemic, is something one might consider to be, well, news. But apparently not at the Associated Press, aka the Administration's Press, or the Politico.

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):

Yesterday, AFL-CIO head Richard Trumka may have broken a modern record for chutzpah exhibited by a labor leader Friday in criticizing management's decision at bankrupt snack maker Hostess Brands to liquidate in the wake of irreconcilable issues with its unions. In a Friday afternoon report at Politico, Kevin Cirilli not only let Trumka get away with it; he also lent the labor leader's contentions additional misleading support.

Trumka blamed the company's apparently imminent demise on "Bain-style Wall Street vultures." He wants everyone to believe that it's greedy, eeeevil Republican private-equity types who are on the brink of putting yet another company out of business. The "clever" framing of that quoted phrase appears to indicate that Trumka already knew better. It seems very likely that Cirilli also knew better. Three hours before the initial time stamp of Cirilli's report, Zero Hedge re-exposed the heavy involvement of D-D-D-Democrats in Hostess's management and advisors originally documented way back in july at CNNMoney by David Kaplan (additional paragraph breaks added by me; bolds are mine throughout this post):

A congressional investigation into a failed venture capital firm run by a prominent former governor has faulted said governor for the debacle, which famously lost some billions in investor funds which, to this day, have not been accounted for.

No, it wasn’t Mitt Romney – it was former Democratic Governor of New Jersey Jon Corzine.  One mystery that plagues this investigation is Mr. Corzine’s David Copperfield act that wiped $1.6 billion from MF Global’s client fund, which occurred days before the whole firm crumbled.  Dina ElBoghdady of The Washington Post reported in the November 15 paper about this episode in financial malfeasance that cost people their jobs, and their savings – but it wasn’t too important for the paper's editors, who buried the item on page A18.

While President Obama's record-breaking pace to raising a total of $1 billion earlier this month received significant media attention, there was little if any curiosity among the traditional press about how he was on track to achieve such an unprecedented milestone in presidential fundraising. The broadcast networks in particular have not bothered to mention the growing scandal that is being scrupulously pieced together by alternative media outlets.

An independently-owned website Obama.com (redirects to official site here) has been suspected of accepting millions of dollars worth of illegal foreign donations for months now. Despite all the speculation and accusations coming from a nonprofit organization known as the Government Accountability Institute (GAI), no action had been taken until recently.