In an interview with Republican Pennsylvania Senator Pat Toomey on her Tuesday MSNBC show, host Andrea Mitchell attempted to use a new Federal Reserve report showing massive wealth loss for the American middle class to promote President Obama's agenda: "Does that, in fact, justify what the President has been saying...about the need for more help and the need for more stimulus?"
Toomey dismantled that argument: "The problem is the President's program has been making it worse. The President got the big stimulus bill that he wanted.... the economic growth is so feeble that we're not even creating enough jobs to meet the demands of the new entrants in the work force....Unfortunately, the President wants to double down on all the failed policies that he's been pursuing."
A new economic report from the Federal Reserve doesn't offer much hope. On the front page of The Washington Post, Ylan Q. Mui underlined "the Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992."
Furthermore, "the data represent[s] one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross." What's more interesting is that Mui's article doesn't mention Obama once -- in a front page piece during an election year -- right after he told reporters the private sector is "doing fine."
President Obama made quite a gaffe Friday when just one week after the Labor Department announced horrid jobs numbers for May, he claimed "the private sector is doing fine."
Appearing on CBS's This Morning Monday, New York Times columnist and unashamed Obama shill Paul Krugman covered for the current White House resident saying, "He screwed up the line" (video follows with transcribed highlights and commentary):
MSNBC's Chris Matthews is clearly worried the President that once gave him a thrill up his leg is not going to get reelected.
Appearing on Jansing and Company moments before Barack Obama's press conference Friday, the Hardball host said the President has "got to be aggressive. He’s got to be big time. Stop this nickel and dime, a couple of bucks for the teachers, a couple of bucks for the firefighters. 'I'm going to reduce the payroll tax.' This is pissant" (video follows with transcript and commentary):
Appearing as a guest on Thursday's Late Night with Jimmy Fallon on NBC, comedian Chris Rock alluded to the Mormon Church's controversial history on race from several decades ago as he asserted that "Mitt Romney's crew" had "believed black people were the devil until 1978." Rock:
Peter Goodman, the business editor for the perilously liberal Huffington Post, has come up with a new highly-derogatory term for people on the right that believe there isn't an unlimited amount of money at the government's disposal.
Readers are strongly advised to remove food, fluids, and flammables from proximity to their computers prior to reading any further. You've been warned!
New York Times columnist Paul Krugman said on ABC's This Week Sunday, "It's terribly unfair that [President Obama is] being judged on the failure of the economy to respond to policies that had been largely dictated by a hostile Congress" (video follows with transcript and commentary):
As we approach Election Day, it's becoming more and more important for the Obama-loving media to give credit to the President for the economies of swing states governed by Republicans that are doing better economically than the rest of the country.
Candy Crowley did her part on CNN's State of the Union Sunday by asking Governor Bob McDonnell (R-Va.), "Don’t you credit President Obama at all for the good fortune that Virginia has?" (video follows with transcript and commentary):
On Wednesday, appearing on a broadcast of BBC's Newsnight, Krugman got a much-needed education from a conservative member of the British parliament who said she found his view of governments spending their way out of deficits "reckless" (video follows with transcribed highlights and commentary):
After the jump is a graphic from Investor's Business Daily comparing post-recession consumer confidence readings from the Conference Board during the Reagan and Obama administrations. See it there or see it below, because you probably won't see it at any establishment press web site or in any of their publications.
What's remarkable about the graphic is how confidence was able to stay at or above 100 (a reading of 90 is considered the "healthy economy" benchmark) in the face of a virtually non-stop media onslaught which alternatively tried to deny the existence of the ongoing prosperity, constantly warned that another recession was just around the corner, or whined about how supposedly unfair the economy was becoming (Keep in mind that the Media Research Center didn't appear on the scene until 1987) -- which is quite different from the current establishment media cheerleading which occurs seemingly any time there's the least little sign that things might be getting better.
NewsBusters reported Friday that the Washington Post fact-checker Glenn Kessler gave a MarketWatch piece claiming President Obama's "spending binge never happened" three pinocchios for its utter falsehoods.
On Monday, the Post's Pulitzer Prize-winning columnist and former assistant managing editor Eugene Robinson actually misrepresented his own paper's findings to hype the thoroughly debunked MarketWatch piece and bash Mitt Romney:
Last year New York Times columnist and Nobel laureate Paul Krugman called for space aliens to invade earth so that the government would spend money to mount a defense thereby stimulating the economy.
As aliens have yet to comply with Krugman's wishes, he advocated on HBO's Real Time Friday that scientists should get together and lie about an imminent attack to boost federal spending (video follows with transcript and commentary):
To be fair, the full text of what Martin Crutsinger at the Associated Press wrote in the first sentence of what I believe was the final version of his report today on the Census Bureau's new-home sales release was that "Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover." The other "evidence" he cited related to a small bump reported earlier this week in existing home sales and one homebuilder's improved financial results.
That's pretty thin gruel from which to paint a "could be starting to recover" scenario, especially when it's expressed by someone who isn't a housing expert, i.e., an AP reporter. The only expert Crutsinger cited told him that "Housing could be a pleasant surprise this year." Wow. How profound. Let's take a look at some quotes from experts Thomson Reuters was able to find. Readers will note that the variations on word "bottom" occur quite frequently (quotes are not in the same order as they appeared at the link):
New York Times columnist Paul Krugman on Sunday continued his campaign to get Barack Obama reelected by misinforming the public about the economy.
Appearing on CNN's FareedZakaria GPS, the Nobel laureate falsely claimed Republican presidential candidate Mitt Romney wants to enact Greece's failed economic policies here in America (video follows with transcript and commentary):
I have a serious question for MSNBC's Chris Matthews: How many lies are you willing to tell on national television to get Barack Obama reelected?
On Friday's Hardball, the host gave viewers a plethora of falsehoods and half-truths to giving us an idea of just how far he's prepared to go this election cycle to make sure the objection of his affection remains in the White House (video follows with transcript and commentary):
There's been a lot of bad economic news lately, but the folks at the Associated Press don't care.
In their view - or at least in the opinion of those they surveyed - "[h]iring through the rest of 2012...will be strong enough to push the unemployment rate below 8 percent by Election Day" boosting "Obama's prospects in November":
New York Times columnist Paul Krugman is doing a television tour for his book "End This Depression Now!" Charlie Rose interviewed him twice, once on CBS This Morning Monday, then that night for the full hour of Rose's PBS talk show. Krugman appeared on Bloomberg TV Tuesday debating Ron Paul, and the friendlier confines of MSNBC's Rachel Maddow show that night.
Krugman's economic recovery plan, no surprise, involves lots of government jobs, a smear of Rep. Paul Ryan's budget, and a cavalier attitude toward America's massive debt load: "Britain had debt that was well over 100% of for most of the 20th century. It's not a crisis level problem....you can live with 100% for decades on end." On Rachel Maddow he said Wall Street guys have "destroyed the world."
On Monday, CBS This Morning gave leftist New York Times columnist Paul Krugman a platform to promote his new book and to spout his usual prescription of massive government spending. Krugman also bashed Mitt Romney: "He's going to make Herbert Hoover look good by comparison." Anchor Gayle King boosted her guest by twice citing President Obama's praise for the author as "one of the smartest economic reporters."
Krugman briefly acknowledged the "long-term budget problem," but quickly added that "now is not the time to be slashing....Now is the time to be doing public works, to be rehiring those school teachers, to get this economy moving again." He also ripped the austerity measures taken by several European countries: "You look at what's happening in Europe and...we just learned that austerity is not the answer...the big problem now is not to have a new stimulus, but simply to reverse those cuts at the state level."
Google Chairman Eric Schmidt gave a much-needed economics lesson to New York Times columnist and Nobel laureate Paul Krugman on ABC's This Week Sunday.
During a lengthy discussion about liberal and conservative views on how to stimulate the currently soft recovery, Schmidt - a known Barack Obama supporter - marvelously said to his left-leaning co-panelist, "Surely you're not arguing that the government should hire all the unemployed people" (video follows with transcript and commentary):
A truly shocking thing happened on CNN's Fareed Zakaria GPS Sunday.
The perilously liberal host - with journalistically corrupt ties to the current White House - came out against the millionaires' tax known as the Buffett Rule calling it "bad politics in the long run for Obama" (video follows with transcript and commentary):
At Bloomberg Business Week, the distortion of what the Social Security system's trustees told the public on Monday began with its headline and opening sentence.
The headline: "Social Security Fund to Run Out in '35: Trustees." Any reader would assume that the reference is to the situation with the retirement and disability programs combined, as both are collectively referred to as "Social Security." Reporter Brian Faler doubled down on the headline error in his opening sentence:
It has become clear what the Obama campaign's strategy for trying to win states like Michigan and Ohio is and will continue to be. In three steps, it's as follows: 1) Pretend that the states' Republican governors, John Kasich in Ohio and Rick Snyder in Michigan, who both succeeded free-spending Democrats who presided over stagnant economies, have had nothing to do with their increased employment, lower unemployment rates, and improved business climates (as well as balanced budgets in fiscal 2012 involving no tax increases, though Snyder may ruin that in Michigan this year); 2) Instead give the credit for all of these favorable developments to Obama and the governments' bailouts of Chrysler and General Motors; 3) Don't say anything about how other states run by Dems, particularly Illinois, North Carolina, and Connecticut, are lagging because they have instead tried to apply Washington's tax-and-spend model to their states' fiscal situations.
Of course the AP, aka the Adminisitration's Press, is all too willing to make the administration's laughable claims appear credible. It did so in two separate items this week, one giving basic details about the job-market situations in Ohio, Michigan, and North Carolina, and the other covering Obama allegedly improving chances of winning Ohio, Michigan, and a dozen other "swing" states. There was no mention of the Buckeye State's or Wolverine State's chief executives in either article.
It's difficult to be a good economist and simultaneously be perceived as compassionate. To be a good economist, one has to deal with reality. To appear compassionate, often one has to avoid unpleasant questions, use "caring" terminology and view reality as optional.
Affordable housing and health care costs are terms with considerable emotional appeal that politicians exploit but have absolutely no useful meaning or analytical worth. For example, can anyone tell me in actual dollars and cents the price of an affordable car, house or myomectomy? It's probably more pleasant to pretend that there is universal agreement about what is or is not affordable.