Christina Romer, the former chair of Obama's Council of Economic Advisers on Friday offered a rather strong opinion concerning the announcement by Standard & Poor's that the credit rating agency downgraded America's debt to AA+.
Appearing on HBO's "Real Time," Romer said we're "pretty darn f--ked" (video follows with transcript and commentary):
For the second week in a row, Bloomberg's Margaret Carlson got a much-needed education from Charles Krauthammer on PBS's "Inside Washington."
After Carlson gave the typical Keynesian response to Friday's unemployment report - "We’re cutting spending at a time when we should be adding spending to stimulate the economy and jobs" - Krauthammer without skipping a beat quipped, "The way it worked in ’09 and in ’10" (video follows with transcript and commentary):
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:
Last week, New York Times columnist Paul Krugman said conservative views about the debt ceiling should be censored from news reports.
On Friday's "Morning Joe," Senator John Kerry (D-Mass.) took this a step further calling on media to stop giving "equal time or equal balance" to Tea Party ideas that people like him consider "absurd" and "not factual" (video follows with transcript and commentary):
CNBC's Ron Insana asserted on today's "Andrea Mitchell Reports" that the United States does not have a debt problem. "We need more stimulus. We have a growth crisis in this country, not a deficit crisis," argued Insana. He also insisted that Europe, which also has debt problems, should not pursue austerity measures. "I think people might be looking at Europe and saying listen, they need austerity. They don't need austerity either," said Insana.
If we're to believe Paul Wiseman and David K. Randall at the Associated Press in their Wednesday afternoon report on the economy, all of the alleged solutions which might shake the U.S. economy out of its weakness either aren't available or no one has the will to try them: stimulus, infrastructure projects, jobs programs, or another round of quantitative easing. Oh, and governments are damaging the economy by "cutting at all levels."
There's nothing, they tell us -- nothing! -- besides those supposed tried and true prescriptions which could possibly improve things. To them, everything that happened in the 1980s under Ronald Reagan must be a mirage, a fairy tale that never happened. As a result, they note, our economy is starting to resemble Japan's. The fact that Japan has been in its current malaise since the 1990s because of rampant overstimulation just doesn't compute to them.
If the economy stagnates or falters in the coming months, it seems a metaphysical certitude Obama-loving media will do everything in their power to blame it on Tuesday's debt ceiling agreement rather than any of the other factors already in play.
MSNBC's Chris Matthews gave us a foreshadowing of such deception on "Hardball" when he blamed Tuesday's stock market collapse on the newly-signed legislation rather than the bad economic data announced in the morning (video follows with transcript and commentary):
MSNBC's Joe Scarborough on Tuesday mourned the "absolutely dreadful" behavior of journalists and politicians who have compared Tea Party Republicans to "terrorists," among other things. But as NewsBusters previously reported, the "Morning Joe" co-host repeatedly ignored such transgressions when they occurred on his own show.
While the prevailing argument on Capitol Hill right now is not whether to cut federal spending but rather what programs to cut, CNNMoney is fretting over the very concept of spending cuts. You read that right, while both political parties hash out spending cuts to chip away at the growing deficit, CNN is arguing for more government spending to stimulate the economy. Apparently, President Obama's economic policies weren't carried far enough.
"If the debt ceiling goes up, government spending is most likely going down. And with the economy grinding to a halt, the timing couldn't be worse," CNNMoney's Charles Riley begins his column.
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.
George Will and Paul Krugman had another great debate Sunday about the role of government spending in stimulating the economy.
As the New York Times columnist predictably whined about the need for more federal spending not less, ABC's lone conservative said on "This Week," "It would be good to go to the electorate and have a Krugman election this time, saying: resolved, the government is too frugal - let's vote" (video follows with transcript and commentary):
In a "Fareed Zakaria GPS" segment to be aired on CNN Sunday and posted at the network's website Thursday, the host flat out lies about the current debt ceiling debate as well as when and why credit rating agencies began expressing concern about our nation's finances.
"Please understand that none of these things are happening because the United States is running deficits," Zakaria falsely claims. "We face downgrades and investor panic not because of our deficits" (video follows with transcript and commentary):
A trend is emerging on MSNBC's "Morning Joe," whereby guests make inflammatory statements likening conservatives to terrorists, and none of the co-hosts insist on a more elevated level of dialogue.
Following in the footsteps of Newsweek's Tina Brown and Rep. Steny Hoyer (D-Md.), two MSNBC analysts called conservatives in Congress "economic terrorists" and "crazy" on Friday, yet none of the program's co-hosts questioned the offensive choice of words or called for a more civilized tone.
Disgraced former Obama car czar Steve Rattner went first, framing Tea Partiers as suicide bombers:
After only his third day on the job, Fox News senior White House correspondent Ed Henry was accused by White House Press Secretary Jay Carney of intentionally "creating" a dispute to please his new employer.
"I know you're creating a thing here for Fox," charged Carney toward the end of a testy exchange with the former CNN correspondent during Wednesday's press briefing.
As members of the White House press corps giggled off camera, Henry retorted: "That's not what I'm doing, you know better than that."
MSNBC's Martin Bashir not-so-subtly suggested Wednesday that House Speaker John Boehner (R-Ohio) is a "baby" who should "go the f*** to sleep" and let Democrats deal with the debt ceiling issue.
Anchoring the afternoon program that bears his name, Bashir excoriated Boehner's latest deficit-reduction proposal, which he dubbed a "ludicrous lullaby," blaming the Ohio Republican for "this ridiculously prolonged, tortuous, and confused attempt to raise the debt ceiling."
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):
MSNBC's Joe Scarborough said Tuesday that as a result of how the debt ceiling negotiations are going, the Tea Party freshmen in Congress "may just have proved to be the most cunning and rational of all players in Washington, D.C."
The host of "Morning Joe" told former Democrat Congressman Harold Ford this comes despite media depicting them as radical, reckless extremists (video follows with transcript and commentary):
The New York Times on Tuesday told its readers, "House Republicans have lost sight of the country's welfare."
In an editorial entitled "The Republican Wreckage," the Gray Lady disgracefully claimed, "They have largely succeeded in their campaign to ransom America's economy for the biggest spending cuts in a generation" dimming "the futures of millions of jobless Americans":
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.
MSNBC's Mika Brzezinski asked the co-host of "Morning Joe" Monday if Republicans holding the line on the debt ceiling are "so stuck to their little contract and the Tea Party that they cannot even think outside the box for the good of the country."
Somewhat less surprising, Joe Scarborough gave a pretty good answer (video follows with transcript and commentary):
Staffing shifts continue at the New York Times. The paper’s chief economics writer David Leonhardt will be the paper’s next Washington bureau chief as of Labor Day, a move confirmed by Times’ media reporter Jeremy Peters Friday morning. Leonhardt will replace Dean Baquet, who is moving to New York to be managing editor under Executive Editor-in-waiting Jill Abramson.
Leonhardt’s columns in defense of Obama’s “stimulus” package and Obama-care health “reform” made him a very popular man at the White House and among congressional Democrats, who passed around his pieces via email and Twitter.
CNN's Fareed Zakaria Thursday called the debt ceiling battle a "sideshow" caused by the Tea Party.
Appearing on "In the Arena" as a supposed "astute observer of the economy," Zakaria proceeded to bungle economic and historic facts like a high school dropout (video follows with transcript and commentary):
At least five MSNBC anchors since Tuesday have promoted a cherry-picked House Democratic Caucus video that distorts President Ronald Reagan's position on the debt ceiling, inaccurately asserting that President Barack Obama is more in line with Reagan than the Republicans.
If any of the anchors had played the entirety of Reagan's 1987 radio address, instead of giving free air time to the Democratic Party's deceptively edited spot, they would have heard Reagan articulate a position on the debt ceiling almost identical to House Republicans' and nearly opposite Obama's: "You don't need more taxes to balance the budget. Congress needs the discipline to stop spending more, and that can be done with the passage of a constitutional amendment to balance the budget." Lo and behold, the House passed a plan last night, "cut, cap, and balance," that contained both spending cuts and a balanced budget amendment.
A compilation video of MSNBC anchors misrepresenting Reagan is below the page break: