A "new consensus" has emerged on the success of the economic stimulus package, according to a New York Times headline. In touting the supposed success of the legislation, and hinting at support for another round of spending, the Times neglected to mention the widespread fraud that characterizes the administration's attempt at shoring up the economy.

As reported by P.J. Gladnick on Saturday, the Times made sure to attribute its claims to "dispassionate analysts," and asserted that the stimulus is "helping an economy in free fall a year ago to grow again and shed fewer jobs than it otherwise would." Gladnick thoroughly debunked this claim, and others, in his NB post.

In a further show of bias, the Times article makes no mention of the 76,779 jobs that were not actually "saved or created" by the package, but were added to the number touted by the administration (interactive map embedded below the fold - h/t Examiner's Freddoso, Spiering, and Hemingway). Given that this number is roughly 12 percent of the 640,000 jobs the administration claims to have "saved or created," it might merit a mention in the Times's story.

Citing a Democratic congressman who recently proposed a no whining day, on Friday’s Morning Meeting on MSNBC, host Dylan Ratigan asked: “...unemployment, health care, a couple of wars, Americans got plenty to be frustrated about these days...But some people say stop the whining....Is ‘shut up and deal’ the new American mantra?”

Ratigan made that question the topic of discussion for the ‘Trend or Talker’ segment near the end of 9:00AM ET hour of the show with correspondent Contessa Brewer and Financial Times U.S. managing editor Chrystia Freeland. Ratigan explained: “...the congressman, by the name of Emmanuel Cleaver, wants to declare the day before Thanksgiving complaint-free Wednesday.” He wondered: “Worthy proposition?”

Brewer replied: “Yeah, absolutely. Here you get a two-fer. No complaints on Wednesday and Thursday gives you something to be grateful for.” Freeland enthusiastically agreed with the idea: “I think the no whining day is a fabulous idea....What they say in preschools, you get what you get and don’t get upset.”

It might seem odd, given its content, that I'm about to criticize yesterday's Associated Press report on the deficit.

After all, AP business writers Martin Crutsinger and Daniel Wagner did give us the facts about Uncle Sam's October Monthly Treasury Statement, put them into historical context, and told us that we face $1 trillion-plus shortfalls in fiscal 2010 and 2011.

But the pair missed a couple of receipts-related items that would have hit readers right between the eyes if noted, and would have indicated just how dire the government's financial situation has become.

The first omission: Collections of corporate income taxes were negative, as the government paid out an astonishing $4.5 billion more in refunds to corporations than it collected. The second: In a month mostly unaffected by individual estimated payments (these are normally paid in April, June, September, and January), year-over-year collections of individual income taxes were down by 29%.

Here are the key paragraphs from Crutsinger's and Wagner's coverage:

On her segment of CNN Newsroom this morning, anchor Heidi Collins asked business correspondent Christine Romans about Senate action on extending yet again unemployment benefits:

CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: You're right. And Heidi, all of those things that you mentioned are incredibly important to your money and all of them could affect you very, very near-term here. This extension of the unemployment benefits, it would be the third.

The Senate has passed it. It goes to the House. It's expected to be voted on and passed very, very quickly here. Because, remember, your Congress member and your senator, they are being inundated in their offices with questions from people saying, wait, how am I going to survive when this check runs out? Seven thousand checks running out every week.

It would be a 14-week extension nationwide, 20 weeks of unemployment. More unemployment benefits for the states with 8.5 percent unemployment or more. And this would be paid by a two-year extension of an existing -- existing tax on employers. So this would be paid for by a tax on employers.

It would not come out of your pocket and my pocket. But it would be the third extension here, Heidi. And it's critically important. Like I said, so many people are losing their unemployment benefits right now. Some 200,000 have lost their jobless benefits just as the Senate has been negotiating this.

Laurie Kellman, call your office, check your e-mail, and tap in to your Twitter.

The Associated Press reporter didn't get the memo that recession is supposedly over, and that at a minimum you shouldn't be writing as if it will be with us for a while. She also erred in citing the weak economy as a bad thing for Democrats. The New York Times told us about a week ago that a bad economy is a good thing for Democrats who want to pass state-controlled health care and other freedom-restricting agenda items, because a bad economy increases personal insecurity. They're such pals of the little guy, you see.

Both busts against the conventional media wisdom are in Kellman's brief item from late this morning (bolds are mine):

Health care issues: Hold off for a better economy?

There's a lot of uncertainty with the U.S. economy and a lot of its recovery hinges on some key policy decisions due from the federal government. 

On CNBC's Nov. 2 "The Kudlow Report," CNBC host Maria Bartiromo discussed her interview with former Chairman of the Federal Reserve and Obama adviser Paul Volcker from the Global Financial Leadership Conference in Naples, Fla. One of the topics Bartiromo reported on from the conference was the possibility the Bush tax cuts would be allowed to expire, which she insisted is unlikely.

The White House is taking it upon itself to police the news media. The trend started of course with the Fox News Channel, but the administration has moved on to bash other organizations, most recently the Associated Press and car site Edmunds.com.  It seems to believe that any criticism of its policies is worth attacking.

The White House claims, in the words of Valerie Jarret, that it will go after any organization that "spreads false news." But the attacks suggest that the administration will take on any outlet that challenges claims designed to further its agenda.

Edmunds calculated the number of cars purchased during the Cash for Clunkers program that would have been purchased without the rebates. The site determined that C4C had incentivized the purchases of only 125,000 automobiles, meaning taxpayers paid $24,000 per car purchase under the program.

Does the self-described "Nation's Newspaper" -- er, make that the nation's second newspaper -- have a MoveOn mole as a headline writer?

The paper's headline at its report on Thursday's government announcement that the nation's Gross Domestic Product (GDP) came in at an annualized 3.5% after four consecutive quarters of decline was not only over the top. Its message went directly against an admonishment by an economist quoted in Paul Davidson's underlying report, which was to not "get carried away by the really strong number."

Many commentators, while gratified that GDP growth occurred, have cautioned that the growth was influenced heavily by government programs that either have already run their course with debatable long-term impact (e.g., Cash for Clunkers), or are probably not going to last much longer even if extended (e.g., the first-time homebuyers' credit), simply because the government is running trillion-dollar annual deficits and can't afford them.

Get a load of the story's headline, and how it contrasts with Davidson's generally pretty good reporting (bold is mine):

Now that the Obama administration is attempting to take a victory lap on the U.S. economic recovery, claiming the $787-billion stimulus passed earlier this year was what did the trick, despite a cost of $160,000 per 'stimulus' job, as ABC's Jake Tapper pointed out, it has come at the cost of the U.S. dollar.

Since then, the stock market has rebounded nicely. The Dow Jones Industrial Average (DJIA) is off a March low of 6,547 points, even topping the 10,000-mark recently. But what has caused this nearly 50-percent jump? According to CNBC's Larry Kudlow - loose monetary policy by the Federal Reserve, with low interest rates, has made it possible for the markets to rise, with the 'loose' money going into the market.

"The funny thing is, Steven, it has gone into stocks - I mean the stock market guys ... there's no real multiplier for the economy, right?" Kudlow said on his Oct. 30 CNBC program. "But it has gone into stocks and the stock market crowd wants to see the Fed to keep pouring the money in no matter what happens to the U.S. dollar."

It would appear that the Apparatchik Press -- er, the Associated Press -- thinks that part of its job is to soften the impact of embarrassing admissions made by Obama administration members.

Take the wire service's Thursday afternoon AP report by Jim Kuhnhenn on Council of Economic Advisers' chair Christine Romer's observations about the stimulus package. Romer said (in AP's words) that "the government's economic stimulus spending has already had its biggest impact," and will (in Romer's words) "likely be contributing little to further growth by the middle of next year."

As you'll see shortly, AP's headline doesn't reflect what Romer said. Additionally, Kuhnhenn allowed Romer to mischaracterize the economy's performance in the second quarter without challenging it, and saved the big news -- yet another administration official admitting that unemployment will stay near double digit through the end of next year -- for his eighth paragraph.

Here's a graphic capture of Kuhnhenn's first eight paragraphs, posted for fair use and discussion purposes:

As I pointed out Monday night (at NewsBusters; at BizzyBlog), Associated Press reporter Martin Crutsinger, in his Saturday morning report on the federal government's full-year fiscal results, conveniently "forgot" about a major accounting change that enabled President Obama's Treasury Department to report a final "deficit" of "only" $1.417 trillion.

That's hundreds of billion of dollars lower than the $1.75 trillion expected in February. The change, which caused "investments" in financial institutions, General Motors, Chrysler, and other entities to be accounted for on a "net present value" (NPV) basis, had an initial impact of over $175 billion when first implemented. Crutsinger ignored the change, even though its implementation occurred after that February estimate.

Though the end of a fiscal year represents a perfect opportunity to extend readers' understanding of how our government (sort of) works, Crutsinger also did not tell readers that the reported "deficit" is nowhere near the amount of the increase in the national debt that occurred during the fiscal year. As of September 30, the national debt was $11.910 trillion, or $1.885 trillion higher than the national debt a year earlier. That means that the most recent year's "unreported deficit" was $468 billion.

One other area where Crutsinger erred was in his breezy opening paragraph assessment that the precipitous drop in cash receipts during the most recent fiscal year -- officially understated for a reason I will note shortly -- was entirely due to the recession:

A lefty magazine editor has come up with a list of brilliant solutions to the planet's purported climate change problem: make the recession worse, make goods more expensive, and restrict all intercontinental travel to blimps.

So said Emily Douglas, web editor for The Nation, who, when asked Wednesday how we could "reverse our culture of consumerism," replied immediately "make the recession worse."

She later claimed that her response was a bit "tongue-in-cheek," according to CNS News, but admitted that her magazine "never shies away from doomsday scenarios."

How many times have we heard President Barack Obama or high-ranking members of his administration lament the fact that the president "inherited" a recession?

Quite a few, if anyone is keeping track. Now the Dow Jones Industrial Average (DJIA) has broken through the 10,000-point barrier. But that begs the question given the inevitable credit Obama will get from the media and other supporters for this rally, should former President George W. Bush get some of the credit if Obama is so willing to blame him for the collapse?

It's a question Neil Cavuto put to the test on his Oct. 14 Fox News "Your World" program speaking to Macro Portfolio Advisors Vice President Jim Lacamp.

It's an odd natural occurrence when you put MSNBC "Hardball" host Chris Matthews and CNBC "Mad Money" host Jim Cramer together, but when it happens they seem to draw some obvious conclusions - albeit nearly 10 months too late. 

Back in January, Cramer appeared on Matthews' show. They both expressed their concern over the $787-billion stimulus, which eventually passed and asked if it really was stimulative. When the duo appeared together again on Oct. 12, they concluded it wasn't. Cramer was on "Hardball" to promote his new book, "Jim Cramer's Getting Back to Even."

Matthews observed that the stimulus bill passed in January simply wasn't getting the job done.

Here was a chance for Sen. John McCain, R-Ariz. to admit he was wrong, and to conclude publicly that government intervention in the private sector doesn't always result in the best of outcomes.

McCain appeared on CNN's Oct. 11 "State of the Union" in a pre-recorded interview and was asked by host John King if the lackluster recovery of the economy warranted more government intervention.

"The president has said he's considering new initiatives to help job creation," King said. "They passed one stimulus plan and most Republicans, including John McCain, have been pretty critical of this $787-billion stimulus passed early in the year. Should the President do more now through government spending, though tax incentives or should he wait because, as you have said many times, we have so much red ink, we can't afford much more?"

As if the Fannie Mae and Freddie Mac (Fan and Fred) crackups weren't bad enough, IBDeditorials.com noted on Thursday evening that another bad-mortgage shoe is about to drop. This time it's at the Federal Housing Authority (FHA).

First, let's revisit Fan and Fred to remind readers just how complete the disaster has been at these decades in the making Democratic crony-controlled entities.

A little-noticed CNNMoney.com item by Chris Isidore in late July told us what the original announced loss estimate had been a year earlier (bolds are mine throughout this post):

When Congress was debating the bailout of Fannie and Freddie last July (of 2008), the official estimate from the Congressional Budget Office was that a bailout would most likely cost taxpayers $25 billion, with only a 5% chance of the price tag reaching $100 billion between them.

Isidiore then noted that just one year later the loss estimate had doubled:

It isn't often that one can see two decades of history re-written in under ten minutes.  But such was the occasion on this morning's episode of Morning Joe. Max Blumenthal, author of "Republican Gomorrah: Inside the Movement that Shattered the Party," spent his time on the show demonstrating the combined power of cognitive dissonance, wanton ignorance, and a willingness to re-write historical fact.

Let's take it in chronological order, shall we?

First, Blumenthal is asked to present the major thesis of his book:

Reviewing September's detailed sales results in the car business carried at the Wall Street Journal, three things stick out immediately:

• The awful performance at General Motors -- down 45% from September 2008.
• Chrysler's even worse performance -- down "only" 42% from September 2008, but a mind-boggling 61% from September 2007 (62,197 in 2009, 156,799 in 2007)
• Ford's tiny decline of only 6% from a year ago, despite the end of the Cash For Clunkers program in August.

No other major maker had a year-over-year September decline that was even half of that seen at GM or Chrysler.

Yet the press, while beginning to acknowledge serious problems at the companies, both of which were first bailed out by the government and then taken through government-orchestrated, contract law-violating, UAW-favoring bankruptcies (GM discussed here, Chrysler here), still will not entertain the possibility, despite the evidence, that consumers are shunning them because of their bailed-out status and their heavy-handed tactics in bankruptcy.

What follows are excerpts from three reports that covered September's industry results.

As the Business & Media Institute's Julia Seymour previously reported, the September unemployment data just released by the Bureau of Labor Statistics revealed a larger than expected decline in non-farm payrolls.

Yet, as employers shed another 263,000 workers, the healthcare industry ADDED -- yes, ADDED!!! -- 19,000 employees.

As NewsBusters reported last month, the healthcare industry, despite dire warnings from Democrats and their media minions that it's in a crisis, continues to add to payrolls month after month during this recession.

As the BLS noted in Friday's Employment Situation Summary:

Millionaire Michael Moore says capitalism is evil and that the entire system should be thrown out for one that is "democratic" and "fair."

That's the overarching message of Moore's new documentary, "Capitalism: A Love Story," which will be widely released Oct. 2. The film won two prizes at the Venice Film Festival and was lauded by critics there and at the Toronto Film Festival. Now Moore is being warmly greeting in softball interviews by television anchors and reporters - particularly on ABC.

ABC's "Nightline" ran an 8-minute long segment Sept. 22 interviewing Moore and showing clips of his film, an it received an additional five minutes on "Good Morning America" Sept. 23. ABC didn't include a single critic of Moore in those 13 minutes, and neither segment rebuked Moore for past lies in his movies.

The film has generated uncritical buzz among many other news outlets including MSNBC, The New York Times, Associated Press and "The Jay Leno Show." He is also scheduled to be a guest of "Larry King Live," "The Situation Room," and "The View" Sept. 23 and 24. Four networks, a wire service and three out of five major newspapers will have covered the movie in the span of a week.