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):
Democrat strategist and ABC contributor Donna Brazile on Sunday predictably blamed the current debt ceiling impasse on Republicans and their refusal to raise taxes.
This led George Will to state what would be obvious to all media members if they weren't so in the tank for Barack Obama, namely that he and his Party have been kicking the deficit can down the road so long they're guilty of "can abuse" (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:
Friday afternoon, the White House quietly released its annual report to Congress on White House staff salaries. Among the employees is the infamous director of progressive media and online response, Jesse Lee, who is paid $72,500 a year to provide White House sanctioned responses to any negative press it receives.
The position, which was previously part of the privately-funded DNC's rapid response team, is now a taxpayer-funded spin machine to thwart bad press against President Barack Obama. In effect, the position is a pulpit for the White House, through Lee, to ridicule critics and promote a liberal agenda. Lee frequently retweets liberal bloggers and media organizations, but also picks fights with a number of conservative bloggers.
On Friday, at its Political Hotsheet, Corbett B. Daly at CBS News, who joined the network in late May after leaving Reuters, appeared to virtually celebrate what he believes was the latest of Mitt Romney's flip-flops.
Though it's clear that Mr. Romney has flip-flopped in the past on a number of matters, it's hard to see how Daly or any of the other flip-flop scorekeepers has a case -- at least before Romney appeared to give in to the media meme.
Here is how Daly characterized it, complete with the presumption that what Romney has been saying on the campaign trail is "factually inaccurate":
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":
On ABC’s World News on Sunday, a report by correspondent Jim Avila highlighted the complaints of left-wing mayors who expressed wishes that more defense spending would be redirected at projects in their cities.
The NBC correspondent speculated about what other items could be paid for using the money used by the Pentagon in Afghanistan and Iraq, and concluded the report seeming to suggest that spending on the wars had played a role in causing "damage" to the economy of the U.S. Avila: "It's a growing part of this country's war fatigue - a decade of human cost and damage to a struggling economy."
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):
Newsweek's Evan Thomas on Friday tried to float the typical media meme that neither Party is doing anything to solve our nation's budget crisis.
Unfortunately for him, fellow "Inside Washington" panelist Charles Krauthammer accurately noted that the Republicans have offered a proposal to cut $6.6 trillion in the next ten years, "but the Democrats have done nothing except to demagogue the plan and to destroy it" (video follows with transcript and commentary):
On the June 14 edition of NBC's "Today," President Barack Obama ascribed part of the blame for the high unemployment rate to ATMs, yet most media outlets continue to ignore the gaffe.
"There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers," lectured Obama in an interview with NBC's Ann Curry. "You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate."
To say that the statistics concerning new business formation during the past few years haven't been very good would be a major understatement.
USA Today's Scott Patterson deserves some credit for even looking at the topic. It is tailor-made for neglect by the rest of the establishment press. When government policies lean towards lower taxation and regulation, policies left-leaning journalists tend to oppose, net business formations generally grow, and they'd rather not report it. In the high-tax, high-regulation environments they favor, net business formation slows considerably -- and again, they'd rather not report it.
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):
MSNBC's Andrea Mitchell scolded Republican presidential candidate Tim Pawlenty today over the former Minnesota governor's proposed plan to reduce taxes and cut spending, decrying the conservative measures as "counterintuitive."
"What makes you think that a plan to actually increase the deficit by cutting taxes is the right way to go right now?" groused NBC's chief foreign affairs correspondent on "Andrea Mitchell Reports."
As no clear frontrunner emerges in the Republican presidential nomination race, the liberal media are in a full-scale panic over the thought that the former governor of Alaska might eventually enter and challenge their beloved president in November 2012.
On Sunday, "Face the Nation's" Bob Schieffer asked Mississippi Governor Haley Barbour with some incredulity, "Could you ever envision yourself supporting a ticket that had Sarah Palin at the top?" (video follows with transcript and commentary):
I've said for years that some of the worst reporting by the media deals with issues of finance and the economy.
"Real Time" watchers were given a perfect example of this Friday evening when a college professor that contributes to MSNBC as well as Nation magazine actually said, "I’ll put my Obama deficit next to your Reagan deficit any day of the week" (video follows with transcript and commentary):
William F. Buckley Jr. once said his job was to "stand athwart history, yelling stop!" If more liberals took this advice, they wouldn't end up looking like two CNN anchors who just don't know when to say no to unsustainable deficit spending.
On the eve of a disappointing jobs report in which the unemployment rate rose to 9.1 percent, CNN International's Richard Quest plowed ahead like the helmsman of the Titanic in calling for "classic Keynesian economics" to salvage the foundering economy.
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):
It would appear, according to the Associated Press's Christopher Rugaber, that something unusual had to explain why initial unemployment claims as reported by Uncle Sam's Department of Labor rose to a seasonally adjusted 424,000 during the week ended May 21 when they were expected to decline. In previous weeks, poor performances have been explained by DOL spokespersons as due to the unusually late Easter, the weather, Japanese supply interruptions, and Jupiter not being aligned with Mars (okay, I'm kidding about the last one).
Apparently, one thing is for certain in AP-Land: The troubling 400,000-plus plateau in weekly initial claims can't possibly have anything to do with Obama administration's economic policies (or lack thereof).
Today, as Bloomberg noted, the Department of Labor offered up no excuses: "There were no special factors behind last week’s increase, a Labor Department official said as the figures were released."
Rugaber wasn't satisfied with that answer, and decided he would roll out one of his own without any evidence. The AP reporter has also developed a strange obsession with reminding everyone on a weekly basis when initial claims peaked (bolds are mine):
Martin Crutsinger's Wednesday, May 11 coverage of that day's release of Uncle Sam's April 2011 Monthly Treasury Statement was such a train wreck that I had to turn away before I could get through it, hoping against hope that if I came back a few days later it wouldn't seem so bad. Of course I was wrong.
How was Marty Crutisinger's report erroneous, incomplete, misleading, and from all appearances politically-driven? Let me count just some of the ways, as I go through selected segments from his report:
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:
Sunday evening (at NewsBusters; at BizzyBlog), I predicted that the press will ignore the likelihood, based on the Congressional Budget Office's most recent Monthly Budget Review, that officially reported federal spending will top $1 trillion for the first time during a three-month period (i.e., for February through April 2010) when the Tim Geithner's gang issues its Monthly Treasury Statement on Wednesday afternoon.
You can also pretty much count on the fact that the press will greet an uptick in April and year-to-date 2011 collections as something impressive. In historical context, as the graphic after the jump will show, it absolutely is not.
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."