Five years ago, CNBC’s Rick Santelli reacted to the possibility of a mortgage bailout with frustration on live television. Quickly, his speech on the trading floor became known as the “rant heard round the world.”
Santelli, an on-air editor who reports live from the Chicago Board of Trade, is frequently interviewed during “Squawk Box” and “Squawk on the Street.” It was during one of those morning discussions on Feb. 19, 2009, that Santelli let loose on a potential bailout of homeowners arguing that “the government is promoting bad behavior” and proposing that capitalists gather in Chicago for a “Tea Party.”
Janet Yellen was confirmed as Federal Reserve Chairman on Jan. 6, but in spite of becoming one of the most powerful bankers in the world, the broadcasts networks continued to ignore her left-wing views.
Instead of discussing Yellen’s support for fiscal stimulus and regulatory efforts, ABC, CBS, and NBC focused exclusively on her gender in recent news reports.
In the first 24 hours following her confirmation, the broadcast networks spent no time describing her political and economic policy views. All of the networks’ morning and evening news shows, except for ABC’s “Good Morning America,” mentioned the confirmation and each highlighted Yellen’s gender and pointed out that she is the first woman to head the Federal Reserve.
It's hard to know what's more ridiculously entertaining when choosing between Jesse A. Myerson's "Five Economic Reforms Millennials Should Be Fighting For," the illogical screed in Rolling Stone which would lead to the enslavement of those about whom he claims to be concerned, or Myerson's tweets as the opprobrium has poured in.
After spending about $2.3 trillion in stimulus since 2008, the Federal Reserve’s controversial quantitative easing (QE) strategy’s days may be numbered. MarketWatch expected a decision on the policy from the Fed on Dec. 18, following their two-day meeting.
The policy has many critics including the former Fed employee who lashed out at it in a “Confessions of a Quantitative Easer” op-ed. Studies also show that QE hasn’t been the economic stimulus the Fed had hoped. Yet, when the broadcast networks have discussed how QE impacts the economy they almost unanimously supported the Fed’s purchase program.
Former Federal Reserve Chairman Alan Greenspan made some rather ominous economic observations Sunday.
Appearing on CNN’s Fareed Zakaria GPS, Greenspan said, “[T]he level of uncertainty about the very long-term future is far greater than at any time I particularly remember.” He blamed it on “government intervention [that] has been so horrendous that businesses cannot basically decide what to do about the future” (video follows with transcript and commentary):
President Obama nominated Janet Yellen, Fed vice chair, to head the Federal Reserve on Oct. 9. If confirmed, she will take on Ben Bernanke’s role as chairman and be the first woman in that role. Networks lauded her nomination that evening, after having paid little attention to her liberal policies in recent months.
Broadcast network evening and morning shows were giddy at the nomination of Yellen. Her economic experience, intelligence and “working class roots” were all praised the night of her nomination and the following morning.
The next Federal Reserve Chairman will be Janet Yellen. President Barack Obama plans to nominate her on Oct. 9. Ahead of the announcement, Yellen, the liberal Fed vice chairman, was considered the most likely candidate to replace Ben Bernanke ever since Larry Summers, her chief rival for the nomination, bowed out of the race on Sept. 16.
She was a frontrunner even before Summers’ withdrawal. But between July 12 and Oct. 8, the networks paid very little attention to Yellen and the Fed candidacy. In fact, they spent more time covering Miss America in one day, than in three months of coverage of the future Fed chairman.
So much for the recovery. Even liberals admit employment is “weak,” that household wealth hasn’t recovered and consumer experts say middle-class retailers are “struggling.” But two of the three broadcast news networks have been much more focused on “proof that the economy is getting stronger,” than on economic worries since the May jobs report was released June 6.
Federal Reserve Chairman Ben Bernanke surprised some on Sept. 18, when he postponed the tapering off of its huge monetary “stimulus” policy called quantitative easing (QE). At the same time, the Fed cut economic growth forecasts. Reuters reported that “the Fed cut its forecast for 2013 economic growth to a 2.0 percent to 2.3 percent range from a June estimate of 2.3 percent to 2.6 percent. The downgrade for 2014 was even sharper.”
Most of America’s media think President Obama's 2009 bailout of General Motors and Chrysler was a huge success.
Former Massachusetts Democratic Congressman Barney Frank threw cold water on this meme on NBC’s Meet the Press Sunday correctly informing viewers that the auto bailout lost money for the federal government. By contrast, we made money from George W. Bush's 2008 bank bailout (video follows with transcript and commentary):
I guess we should acknowledge a tiny improvement when an ordinarily in-the-tank apparatchik like Jim Kuhnhenn at the Associated Press expresses even the slightest bit of skepticism about a White House claim.
But let's not take it too far. Kuhnhenn is reporting in a brief "Big Story" item this morning that President Obama "is laying claim to an economic turnaround and warning Republicans not to risk a backslide by threatening a government shutdown or a debt default." Kuhnhenn's skeptical points are that "The economic scorecard is mixed. ... Growth has been tepid and unemployment remains high." His five-paragraph report, reproduced in full for fair use and discussion purposes, follows the jump.
If we're to believe Tom Raum's Friday afternoon report at the Associated Press, aka the Administration's Press, the economy is humming along smoothly enough that we really shouldn't think about it that much any more, especially as something to consider when voting. And besides, it's being "eclipsed" by "other pressing events."
I'll stay away from those other "events" in the interest of concentrating on the 3-1/2 paragraphs Raum employed to convince readers that things really are okay, followed by a quote from a reliable leftist apparatchik (bolds and numbered tags are mine):
There are two key words missing from the report Bloomberg's Kasia Klimasinska & Shobhana Chandra published Tuesday morning — a writeup that is so incredibly sunny and over-the-top that is probably would have embarrassed the Old Soviet Union's Pravda in its heyday.
One is "income." The reason is obvious. Real median household income is still way below where it was when the recession ended four long years ago. The other absent word is "deficit." This enables Bloomberg's pathetic pair to glide though a discussion of the national debt-ceiling situation and make Republicans look like the heavies. The final problem is that they act as if we're in the fifth year of unbroken expansion, when we're not. Excerpts follow the jump.
A November 15, 2010 blog post by Michael S. Derby at the Wall Street Journal ("San Francisco Fed Official Says QE2 Is Working") told us that "The Federal Reserve‘s recently announced plan to buy $600 billion in Treasury securities to improve economic growth is having a positive effect on growth." The Fed official involved also predicted "the U.S. gross domestic product to come in at 2.5% this year (2010), and at 3.5% next year and 4.5% the year after that."
Uh, not exactly. Actual GDP results: 2.5% in 2010 (that was a gimme), followed by 1.8% and 2.8% in 2011 and 2012, respectively. Almost three years letter, the San Fran Fed's acknowledged result of that effort at "quantitative easing" — it "added about 0.13 percentage point to real GDP growth in late 2010" — is starkly different, and is only "positive" if you think a football team managing one field goal in four quarters is "positive." Of course, though it should be, the news is getting very little coverage.
As members of America’s news media fail to recognize that Detroit went bankrupt due to decades of Democratic Party rule, they’ll probably execute the same protocol when they cover Illinois’ pension fiasco, which happens to be the worst in the country.
In fact, it’s so bad that the Illinois Comptroller has told legislators that they won’t be paid until this matter is resolved. Democratic Governor Pat Quinn has also nixed his own pay until the issue is addressed. It seems that all is not well in President Obama’s home state, which is probably why the media isn’t giving it the proper attention.
Today, as the wire service AFP reported in a story carried at Yahoo.com, Federal Reserve Chairman Ben Bernanke, in the question and answer exchange after his prepared testimony, told the House Financial Services Committee that "If we were to tighten (monetary) policy, the economy would tank."
That assessment of the economy's fragility qualifies as news, especially given the Obama administration's continued claim that the economy is "continuing to recover at a promising rate." Outlets besides AFP virtually ignored Bernanke's soundbite, which should be considered scary to anyone who realizes that Big Ben can't go on "stimulating" at his current rate forever.
Well, it’s Washington Post official: the sequestration wasn’t all that bad after all. In fact, you could classify it as a dud, according to none other than Ezra Klein, a favored pet pundit of many a liberal MSNBC panel.
In a June 30 item at his Wonkblog, Klein concluded that the experts were “mostly wrong” concerning the impact of the cuts. At the same time, conservatives saw from the beginning that the actual amount of cutbacks, which was only $44 billion, would have a de minimis impact on the economy. However, government spending increased over the past year, just at a lower rate of growth than originally planned, so in real terms, there were no real cuts to speak of in real terms.
On Tuesday June 25, Penny Pritzker became the 38th Secretary of Commerce after the Senate voted to confirm her 97-1. Oddly enough, Pritzker has a Romney-esque business background. The well-connected friend of Obama is worth millions, has previously understated her income, and is not well liked by Big Labor. She also benefited from offshore tax havens. Despite all that, in the end, her confirmation process was a love fest and the media have been completely AWOL, failing to hit the president on the nomination.
Where was the outrage? That’s what, to it's credit, Politico has asked concerning this nomination. After all,the $80 million which Pritzker didn’t declare in income is much less than the $34,000 that Tom Daschle forgot to declare back in 2009 when he was nominated by the president to be HHS secretary.
Apparently, three movies attacking Wall Street wasn’t enough. Hollywood’s made another anti-capitalist film to be released November 15. The biopic of former Wall Street stockbroker, Jordan Belfort, who is also a conman, stars known liberal actor Leonardo DiCaprio. The “Titanic” star is a well-known environmental activist and has donated more than $40,000 to Obama’s two presidential campaigns.
“The Wolf of Wall Street” is based on a memoir of the same name. In the book, Jordan Belfort described his life as a stockbroker who worked the system to lead a lavish lifestyle filled with sex, drugs and partying before he was jailed for fraud and money laundering. The dark comedy by Martin Scorsese, stars DiCaprio as the sleazy Belfort. The trailer portrays his daily life as glamorous and exciting while at the same time, poking fun at Belfort for his over-the-top lifestyle.
This isn’t anything new. The Obama administration pays its female staff thousands of dollars less than their male ones. So, why hasn’t the press called him out on it? Save for a few publications, like the Daily Mail out of London, there has yet to be a concerted effort on behalf of the news media to ask Obama about this overt hypocrisy.
All of the White House salaries are released to the public, and this disparity should be even more blaring with the president’s remarks celebrating the 50th anniversary of the passage of the Equal Pay Act:
Banks are bad because they make a profit on things requested by their customers, according to both NBC and CBS. The two networks highlighted a study released June 11 by the Consumer Financial Protection Bureau [CFPB] that said banks made $12.6 billion in overdraft fees and non-sufficient funds from bounced checks in 2011. Though only 20 percent of customers actually opt-in for overdraft protection, NBC called these fees “one of the most common financial mistakes Americans make.”
Anchor Lester Holt opened the segment with alarmist, accusatory language: “A government report out today makes it clear just how much this country’s banks are profiting from your mistakes. We’re talking about those hefty overdraft charges when checking accounts are overdrawn. Well it turns out the banks are now making most of their fees from these penalties.”
It was only two days ago that one of Charlie Rose’s guests, Politico’s Jim VandeHei, celebrated the disappearance of many outspoken Republicans from the political scene. On last night’s show, Rose invited on a pair of brash Democrats who vanished from Congress recently: former Sen. Chris Dodd and former Rep. Barney Frank.
The former lawmakers were there to discuss the 2010 financial regulatory reform law that bears their names. Rose’s third guest, Robert Kaiser of The Washington Post, recently wrote a book about the Dodd-Frank Act’s journey from conception to passage. Wouldn't you know it, Kaiser was there to sing the praises of the Democrats appearing on the program, hailing the Dodd-Frank Act as a sort of congressional triumph over partisan politics. [Video below. MP3 audio here.]
On Tuesday's CBS This Morning, John Dickerson spun a front page scoop from the Washington Post that spotlighted the several private meetings that a top Obama health care adviser had with investment firms on the future implementation of ObamaCare: "It's a little hard to see what those investment firms got that wasn't already publicly available."
The liberal CBS political director brushed aside concerns that "some traders are gaining access to information that is not available to investors in general or the wider public", as Post writer Tom Hamburger outlined in his Sunday article. Dickerson asserted, "There's a lot of information exchange that wouldn't necessarily have to be sinister."
Appearing as a guest on Monday's The Daily Show on Comedy Central, Canadian actress Ellen Page criticized Fox News for negatively portraying Canadian health care as she defended her home country's national health care system. Page:
“Assault on Wall Street,” directed by Uwe Boll and starring Dominic Purcell, takes the liberal agenda to a whole new level. Every possible liberal ideal – anti-gun, anti-capitalism, the evils of health insurance companies, crazy gun supporters – is depicted in this 1 hour and 39 minute movie, which was released on May 10 in limited theaters and on Amazon instant video.
Within the first ten minutes, viewers were introduced to evil Wall Street executive Jeremy Stancroft (John Heard) saying, “Our responsibility begins and ends with our partners and shareholders and that is it.”
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.
To his credit, the Washington Post's Zachary A. Goldfarb reported yesterday that the Obama administration is possibly repeating the same policy mistakes that sank the housing market. To get to the heart of the matter, our national housing bubble quickly inflated as a result of too many people with poor credit buying homes that they couldn’t afford. As that number multiplied, banks created more unstable mortgages to keep up with demand until eventually the bubble burst
Well, it seems that Mr. Obama is pushing banks to restart this self-destructive economic policy. Goldfarb wrote:
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.
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.