As has been expected, despite the recently reached debt deal, America's debt got downgraded tonight by credit ratings agency Standard and Poor's.
In an analysis posted on its website, S&P explicitly stated that it "takes no position on the mix of spending and revenue measures," however that is a fact that will likely be glossed over by the self-described mainstream media.
There is much more in the analysis, but since you won't likely see this info in the big media outlets, I am reproducing portions of the report which repeatedly mention excessive spending as a problem:
CNBC's Rick Santelli had to explain the economy to MSNBC contributor Ezra Klein on today's Morning Joe (h/t Hot Air). Klein argued that another recession would "move money around in ways that are unfair."
An exasperated Santelli concisely described what was wrong with Klein's characterization of what recession does to an economy:
On Monday's "Martin Bashir," MSNBC analyst Jonathan Alter proclaimed that America would "be in a depression now if there had been a balanced budget amendment in 2009." Bashir, concurring with the former Newsweek editor, added, "Indeed."
Reacting to Rep. John Boehner's (R-Ohio) press conference about the debt-ceiling deal, Alter and Bashir mocked the speaker's suggestion that a balanced budget amendment is needed to "handcuff" Congress.
The folks at CNN should be really proud of themselves.
In less than 24 hours, one of their current anchors - Fareed Zakaria - flat out lied about deficits, the debt ceiling, and the U.S. credit rating before a former host - Eliot Spitzer - falsely told viewers of HBO's "Real Time" that George W. Bush "gave us the deregulatory craziness that led us over the cliff" (video follows with transcript and commentary):
MSNBC's Chris Matthews Tuesday exposed his own debt ceiling hypocrisy without realizing it.
As he absurdly asked his "Hardball" guests why America isn't having a "big debate" about what the federal government should pay for - like that's not what's happening at the moment! - he relayed how his parents balanced their household budget, but never once said anything about raising revenues. It was all about what they could afford (video follows with transcript and commentary):
Quoting a British politician who claimed "right-wing nutters" pose the most serious threat to the international financial system, MSNBC's Martin Bashir asked his conservative guest on Monday: "He's right, isn't he?"
The MSNBC anchor posed this question at the end of a contentious interview with Tea Party Nation Founder Judson Phillips, after asking Phillips four times whether he wanted the U.S. to default on its debts.
Green Vehicles is no more. The world will somehow have to get by without the lovely vehicle pictured after the jump populating our streets and highways.
Given that its owner put an "I've giving it up" blog post last Tuesday, and even though Drudge just caught it a few hours ago, it's pretty safe to assume that the Green Vehicles debacle won't be a national establishment press story.
It is, however, a fairly hot story in Salinas, California, a city of about 150,000 fifty or so miles south of San Jose.
It is truly fascinating how liberal media members will do anything to protect the reputation of Fannie Mae and Freddie Mac.
On this weekend's "McLaughlin Group," Newsweek's Eleanor Clift revised history to largely absolve the two government-sponsored enterprises for last decade's mortgage collapse while predictably blaming it on Wall Street and of course George W. Bush (video follows with transcript and commentary):
While Associated Press Economics writers like Christopher Rugaber and Paul Wiseman, as seen in a post this morning (at NewBusters; at BizzyBlog), talk of "baffled economists" and a job market that is "defying history," one AP writer, in discussing stocks which have done well in this economy, has revealed what employment prospects really are with quite un-baffling certainty from the point of view of those who have to put their money where their expectations are, i.e., investors.
The wire service's Bernard Condon cited a pawn shop operator, a payday lender, a debt-collection firm, and a rent-to-own outfit as companies which have outperformed the market and are expected to continue doing so. The reason for the expectation is found in the title of this post, which is also seen in the following excerpt from Condon's composition:
The New York Times on Friday once again proved itself to have absolutely no clue how budgets work.
In its editorial "Negotiating the Debt Ceiling on a Knife's Edge," the Times - like so many other math-challenged "news" organizations in America today - blamed the current debt ceiling woes on the Bush tax cuts and Republican refusal to raise revenues:
With a month to go before the next supposedly "drop dead date" regarding the nation's debt ceiling, liberal media members are out in force with hysterical claims about the world ending if Congress isn't free to spend more money it doesn't have.
Ever the faithful shill, New York Times columnist Paul Krugman did his part Friday cautioning that any spending cuts at this time "would destroy hundreds of thousands and quite possibly millions of jobs":
Chris Matthews Tuesday once again showed that his tenuous grasp of reality is getting dangerously weak.
During the final segment of "Hardball," the host unequivocally blamed the 2007 financial crisis and resulting recession on George W. Bush just moments before he said, "Okay, Obama hasn't been able to get us out of it yet, but...there’s no sense blaming one Party or the other" (video follows with transcript and commentary):
My first reaction to this was, "Well, if this became a common practice, at least we'd hear the word 'unexpectedly' a lot less often."
Over at Mediaite on Friday (some R-rated content is at link; HT Doug Powers at Michelle Malkin's place), Josh Feldman ripped CNN business reporter Felicia Taylor, whose background includes stints at the Financial News Network, CNBC, for devoting nearly three minutes to the economic predictions of psychics.
I watched the segment myself, hoping against hope that it would come off as a spoof. It didn't.
Here's some of what Feldman had to say (internal link, bold and italics are in original):
When the Associated Press's Paul Wiseman and Martin Crutsinger team up for a report on the economy, there's no limit to the comic potential.
Today, in covering what the folks at Zero Hedge described as "Ben Bernanke's 'I Have No Idea Why The Economy Will Get Better But It Will' Speech" (transcript is at link), the AP pair may have set a new world record for most unused words one would expect to be employed in a report on the condition of the economy.
Readers will not find the following words, all of which bear at least somewhat on why the economy is currently failing to live up to expectations and to meaningfully rebound nearly two years after the official end of the recession, in the wire service's report:
New York Times business columnist Joe Nocera, now a regular on the paper’s op-ed page, equated congressional oversight with Anthony Weiner’s sexual peccadillos in Saturday’s “Blocking Elizabeth Warren.” Warren, a Harvard law professor, bankruptcy “expert,” and liberal crusader, is special advisor to the White House and a favorite among liberals and the Times for pushing the creation of a federal agency, the Consumer Financial Protection Bureau.
It’s official: Elizabeth Warren will return to the torture chamber known as the House Committee on Oversight and Government Reform on July 14. Earlier this week, Darrell Issa, the California Republican who is chairman of the committee, tweeted the news. Apparently, Democrats aren’t the only ones who use Twitter to harass women.
CNN's Eliot Spitzer arrogantly lectured about the benefits of Keynesian economics Sunday while accusing fellow panelists on "Fareed Zakaria GPS" of not knowing what they were talking about because they weren't business owners.
This led British historian Andrew Roberts to point out that President Obama's administration are mostly academics, and Ann Coulter to ask Spitzer, "What business have you ran? You’re a governor" (video follows with transcript and commentary):
In one of five items they alleged were false statements made by Mitt Romney in his presidential candidacy announcement speech, Associated Press "fact-checkers" Calvin Woodward and Jim Kuhnhenn claimed that the economy has not gotten worse since Barack Obama became president. Part 1 (at NewsBusters; at BizzyBlog) clearly showed that the facts are on Romney's side. The current score is Romney 1, AP 0.
The AP pair's four other allegedly false Romney statements have to do with foreclosures, whether President Obama has "apologized to the world," Obama's economic policies, and whether the candidate raised taxes while he was Governor of Massachusetts from 2003 to 2007.
Here is Romney's foreclosures statement: "Three years later, foreclosures are still at record levels. Three years later the prices of homes continue to fall."
Here's the pathetic response from Woodward and Kuhnhenn:
MSNBC's Chris Matthews on Thursday got a much-needed economics lesson from CNBC's Joe Kernen.
In the midst of a discussion about the economy and how it's going to impact the 2012 elections, the "Hardball" host bragged about having studied economics in grad school leading Kernen to marvelously ask, "You studied economics?" (video follows with transcript and commentary):
Frank dismissed questions about the “potential ethical conflict,” of regulating Fannie Mae while Herb Moses, whom Frank has called his “spouse,” worked there from 1991 through 1998.
The New York Times reporter Gretchen Morgensen was the first to report Frank’s role in helping Moses get the job at Fannie Mae, according to the Herald. The Boston paper also reported that in a May 24, radio interview on WBUR’s “Fresh Air,” Morgensen said Fannie Mae “rolled out the red carpet” for Moses to “curry favor with Frank and other members of the Financial Services Committee."
I’ve written several articles skewering HBO for producing political projects destined to air immediately prior to the 2012 election, where the vast majority of the cast and crew are passionate Barack Obama supporters, and where the content is aimed at the Democrat’s two favorite Republican villains: Sarah Palin and Dick Cheney. So, when I sat down to watch HBO’s Too Big to Fail, I prepared myself for the worst. What I didn’t expect was the big surprise awaiting me.
Too Big to Fail, which premieres on HBO on May 23, 2011, features a star studded cast recounting the events that led to the financial crisis and bailouts by the U.S. government in 2008. It is a mini-series packed into a 98-minute made-for-television movie where several essential characters are quickly introduced and where finance and economics are casually discussed. It may help if one has a baseline of knowledge about the crisis before watching the movie. If one doesn’t know who Henry Paulson, Ben Bernanke, and Timothy Geithner are or what Lehman Brothers, Goldman Sachs, and AIG are, it may prove slightly difficult to follow.
Although the Director, Curtis Hanson (L.A. Confidential, 8 Mile), was limited to telling a very long and complicated story in a very short amount of time, he was able to skillfully pull it off. Perhaps this is because the screenwriter, Peter Gould (Breaking Bad), deftly adapted Andrew Ross Sorkin’s 2009 prize winning New York Times Bestseller, Too Big to Fail.
In the 10AM ET hour on NBC's Today on Monday, co-host Kathie Lee Gifford applauded the new HBO movie on the 2008 financial crisis, 'Too Big to Fail,' as "not a partisan film at all." However, after asserting that "It didn't take one side or the other," she touted the liberal moral of the story: "that greed is what got us there and lack of regulation."
Left-wing actor Ed Asner, who plays the role of billionaire Warren Buffet, came on to promote the film: "...this movie is practically a study course. You go back and learn each time that you watch it....you become involved and very informed..." He added that the "tragedy" of the crisis "has not been repaired yet." Gifford agreed: "No, it certainly hasn't. Everything's still in place for it to happen again."
When an admittedly liberal Nobel laureate in economics thinks trying to balance the budget is holding America hostage, one has to wonder if there are any adults remaining on the left side of the aisle.
Consider what New York Times columnist Paul Krugman wrote Monday:
New York Times columnist Paul Krugman said Sunday that Democrats should risk a debt default to avoid being blackmailed by Republicans that are holding a bomb "over our head" in the form of serious budget cuts.
This came moments after FDIC chair Sheila Bair told ABC's "This Week" panel, "I think maybe there's a little too much testosterone in this debate. It’s too much about winning and losing and not enough both sides are right, let’s come together and have a solution" (video follows with transcript and commentary):
New York Times columnist Paul Krugman Monday wrote another in a series of factually dishonest pieces about budget deficits and what he likes to call 'the Great Recession."
In his "The Unwisdom of Elites," the unabashed liberal made numerous falsehoods and omissions to blame our current economic and budget woes exclusively on George W. Bush and "small groups of influential people":
Perhaps you hadn't noticed, but in late August 2010 Ben Bernanke took on complete responsibility for everything -- especially everything mediocre or bad -- that occurs in the economy.
I know this because on August 27 and 28 (covered here and here), the Associated Press issued three reports essentially telling readers that it was up to Ben to save us. There wasn't anything Barack Obama, Tim Geithner, Nancy Pelosi, Harry Reid, or then-present Larry Summers could possibly say or do to improve the economic situation, described at the time as "appears to be stalling" in one of those AP items.
Out of this came what has come to be known as "QE2" (the second round of "quantitative easing"), otherwise known as "electronically printing money to buy U.S. debt because possibly no one else will."