Economy

Nightline Attacks ‘Edible Food-Like Substances’ in One-Sided Report

By Nathan Burchfiel | May 9, 2008 - 14:59 ET

Mother knows best?  Or journalist does?

ABC's "Nightline" seems to think so when it comes to nutrition advice. The May 8 broadcast featured health tips from a writer with no scientific background encouraging viewers to only eat food their mother would recognize.

Michael Pollan, a long-time opponent of "agribusiness" - the food industry - was featured in a segment on his new book, "In Defense of Food: And Eater's Manifesto." Pollan advocates a return to an all-organic diet and offers tips for healthy eating.

Pollan praised "the authority of mom" and lamented that "the holders of culture when it comes to food (mothers) have been undermined by both the scientists and the food marketers."

More Fuzzy Gas Math, This Time from the Boston Globe

By Ken Shepherd | May 8, 2008 - 18:16 ET

On April 28 I noted what I argued was a case of fuzzy gas math on the part of a Washington Post reporter who uncritically relayed the gas price woes of a Raleigh, N.C., high school senior. Today blogger William Schaeffer, also a NewsBusters fan, pointed out a recent case of a suspicious gas budget claim, this time as reported in the Boston Globe. Schaeffer blogged about it here.

The May 6 Globe story, by reporter Jenn Abelson, kicked off with the lament of Dodge Ram owner Douglas Chrystall, who, Abelson noted, had just paid "$75 to fill his black Dodge Ram pickup truck for the third time in a week."

But after looking up the average gas price in Boston and the fuel economy of a Dodge Ram, Schaeffer crunched the numbers and estimated that Chrystall would have to be "driving around 961 miles a week" or nearly "50,000 miles a year."

"[B]asically the story from the Boston Globe is that consumers that drive over three times the yearly national average are facing a financial burden," Schaeffer concluded, adding sarcastically, "sounds like NEWS to me."

AP's Crutsinger 'Clings to Recession' Despite Improving Data

By Tom Blumer | May 8, 2008 - 09:58 ET

The Associated Press's business writers just won't let go of their claim (or is it audacious hope?) that we are in a recession -- not heading towards one, but actually in one.

Despite yet another decent economic report, this one on productivity, the AP's Martin Crutsinger downplayed a significant beating of expectations, and continued to invoke the R-word (bolds are mine):

Worker productivity rose by a better-than-expected amount in the first three months of the year while labor cost pressures eased.

The Labor Department reported Wednesday that productivity, the amount of output per hour of work, increased at an annual rate of 2.2 percent in the first quarter. That was slightly higher than the 1.5 percent increase that had been expected.

MRC's 'Worst of the Week': Feeling Barack Obama's Pain

By NB Staff | May 6, 2008 - 14:46 ET

For the rest of the campaign, the Media Research Center will each Tuesday announce its picks for the “Worst of the Week,” meaning the most egregious, horrendous and stupefying liberal bias of Campaign 2008. This week, the spotlight shines on those journalists who rushed to the side of Barack Obama after his minister’s radical comments, and NBC’s ridiculous effort to hype bad economic news [audio/video links below fold]:

Feeling Obama’s Pain. After Barack Obama’s former pastor’s radical remarks at the National Press Club, liberal journalists rallied around the Democratic candidate. Hours after Jeremiah Wright spoke on April 28, NBC’s Brian Williams emphasized those who deemed it a "circus" and a "sideshow," as his NBC Nightly News highlighted the Washington Post’s Jonathan Capehart: "Unfortunately, the victim in all of this is going to be Senator Obama’s campaign."

Another Day, Another Snapshot of Media Pumping Out Gas Price Hype

By Ken Shepherd | May 6, 2008 - 11:06 ET

Screencap of ABCNews.com, AP photo by Marcio Jose Sanchez | NewsBusters.orgThree things in life are certain: death, taxes, and media hype about gasoline prices. On television that third item often takes place not just in your usual standup at a gas station interviewing outraged motorists. In Web-based media, however, the still shot is worth 1,000 barrels.

We've noted how CNN.com has done it. Today, it's ABCNews.com with its front-page teaser headline "Oil: Another Day, Another Record."

The photo accompanying the AP story filed from Vienna -- yes, as in Austria -- by writer George Jahn depicts a gas marquee from an American gas station showing regular unleaded at $4.419-a-gallon. Here's how the caption for the AP photo by Marcio Jose Sanchez that accompanies Jahn's article reads (emphasis mine):

Petition Against Gas Tax Holiday Pushed by Left-Wing Economists

By Dan Gainor | May 5, 2008 - 17:41 ET

cartoon by Yogi Love of RedPlanetCartoons.com | NewsBusters.orgThe debate over a gas tax holiday has caught the attention of all three presidential candidates as well as the media. Last night, CBS "Evening News" said 150 economists had signed a petition against the cut and quoted one saying "it isn't sound economic policy."

But that list includes several prominent liberal economists, some who have also opposed the Bush tax cuts and pushed for a higher minimum wage in other petitions. The list featured economists from liberal groups such at the Brookings Institution and the Urban Institute, as well as several former Clinton staffers.

Reporter Priya David didn't mention any political affiliations or leanings for those opposed to the gas tax holiday. "But last week some 150 economists signed a petition saying it's a bad idea," she said.

Jon Stewart Mocks CNN's Ali Velshi and 'Doom and Gloom' Reporting

By Julia A. Seymour | May 5, 2008 - 10:35 ET

When it comes to the economy, "it's not good. Not good," according to Jon Stewart. "But don't take my word for it. Seriously, I'm actually doing very well."

On May 1, "The Daily Show" host was introducing a segment that made light of doom-and-gloom economic reporting on network and cable news. His mash-up highlighted CBS's own "Grim Reaper," Anthony Mason, ABC's Betsy Stark, NBC's Brian Williams and CNN's senior business correspondent Ali Velshi.

Stewart poked hardest at Velshi, whom he called that "Hairless Prophet of Doom."

"Who is that hairless prophet of doom and how can we appease his anger, please?" Stewart pleaded, "If we give you our hair will you give us back our money? Will you do it, sir? I beg of you - Velshi!"

Velshi responded to Stewart's charge on CNN Friday and in a column on CNN.com.

Bozell Blames Media for Public’s Economic Misconceptions

By Nathan Burchfiel | May 5, 2008 - 09:31 ET

The network news broadcasts are to blame for the American people's widely held misconception that the U.S. economy is in a recession, according to Media Research Center founder and President L. Brent Bozell III.

"How in the world is it that 81 percent of the American people believe that we're in a recession?" Bozell asked on CNBC's "Kudlow and Company" May 2. "Maybe it's because the national networks this year, and we've counted it, have talked about a recession over 500 times."

Hedgehog Hillary Hatin' on Oil Companies

By Mark Finkelstein | May 5, 2008 - 08:16 ET

The fox knows many things, but the hedgehog knows one big thing.—Archilochus (7th-century BC)

Mark Penn might not be appearing before the cameras on Hillary's behalf nowadays, but bet that he is beavering away behind the scenes on his polling. And judging from Hillary's dogged [to mix an animal metaphor] performance on this morning's Today, it's obvious the pollster's turned up one big thing: Dem primary voters hate oil companies.

Meredith Vieira gamely tried to get Clinton onto other subjects during her interview. But no matter the question, the answer was almost invariably the same: I Hate Big Oil. Since the questions were irrelevant, let's dispense with them and simply count the ways in which Hillary expressed her wrath at those evil purveyors of oil.

View video here.

NYT's Friedman: Hard Work 'Asian Values,' No Longer American Values

By Warner Todd Huston | May 4, 2008 - 23:08 ET

I always find it amazing when writers in the mainstream press seem to have so little knowledge of America and its history. Of course, I suppose that being blissfully ignorant of US history does help paper over their betrayal, substituting the feeling that they can maintain allegiance to American "ideals" as they attempt to advocate for the sort of socialist/communist vision that they want America to become, quite despite its true character and principles. Heck, if you don't know you are betraying your own country, you can't be ashamed of yourself for it, right? In any case, here we have another prime example of such a betrayal by The New York Times' Thomas Friedman from his May 4 piece where he has decided that America is finished, done, kaput. And guess what? It's all George W. Bush's fault -- shocking, I know.

Freidman imagines that he has found the pulse of the people and he has found that they are aching for nation building. Not nation building in Iraq or Afghanistan, but in the USA. He says we have little to show for our efforts in Iraq, that "we’re just not that strong anymore." He also claims that we have no "leverage" in Iran.

Heck, he should know. After all he and his paper have been attempting to foster these very situations for 8 years. If what Friedman is saying is true, then he and his anti-American paper deserve hearty congratulations for their success at nation destroying -- ours.

Stumped: Hillary Can't Name One Economist Who Supports Her Gas-Tax Holiday

By Mark Finkelstein | May 4, 2008 - 13:15 ET

My two cents say George Stephanopoulos gave Hillary a harder time than Tim Russert did Obama during their respective appearances on This Week and Meet the Press today. Russert never pinned Obama down on exactly what he knew of Rev. Wright's most controversial assertions and when he knew it.

Over on ABC, Stephanopoulos twice challenged Hillary to name a single economist who supported her proposal for a gas-tax holiday, and threw in her face the fact that even her big admirer in economist ranks, Paul Krugman of the NY Times, has criticized her over it. In exposing her inability to name a single practitioner of the dismal science who supported her plan [McCain, who's also called for a gas-tax holiday would presumably be similarly hard-pressed], Stephanopoulos left Clinton looking like a panderer. Stephanopoulos raised the issue right out of the box.

View video here.

Reuters Hypes Hugo's Excellent Adventure in Marxist Farming

By Lynn Davidson | May 3, 2008 - 22:01 ET

Leave it to Reuters in this April 29 article, to express surprise that Hugo Chavez' planned economy, complete with “land reform,” price controls and forced production, is failing. Even worse, reporter Frank Jack Daniels relied on a Marxist outlook and socialist jargon to pretend that those tired policies weren't to blam.

Chavez wants to increase domestic food production; so, of course, the logical solution is to base the recovery on Marxist economics. After watching the failed totalitarian agronomics of Cuba and Russia, you'd think they could have invested a few bucks in a SimCity game so they could practice a little first.

Unbelievably, Reuters said Chavez “sheltered consumers from rising world food costs with subsidies and price controls,” and then in spite of all of that awesome planning, something surprisingly went wrong (all bolded portions mine):

Dire NBC: Seniors Forced to Live in Van as Golden Years 'Tarnished'

By Brent Baker | May 2, 2008 - 21:09 ET

On the day the government reported a tenth of a point drop in the unemployment rate and two days after news of a second straight quarter of 0.6 percent GDP growth proved the nation is not in a recession, Friday's NBC Nightly News delivered a ridiculously shallow story, based on two anecdotes and a couple of advocates, to prove rising prices are forcing the elderly out of their homes and into vans and soup kitchens. Anchor Brian Williams promised “an interesting look...at the toll that rising prices, of things like gas and food, is taking on Americans living on fixed incomes.” [audio available here]

Chris Jansing [that's her by the van] traveled to Northridge, California, just north of Los Angeles, where she found 82-year-old Betty Weinstein, stunned by a water bill, turning to a second reverse mortgage to stay in her home. But she at least still has a home. Jansing then highlighted an even sadder case:

Rising rents forced Scott and Kate Bishop to move out of this blue house and into their van, sleeping on a mattress in the back.
But it got worse: “And now high food costs have meant, for first time in their lives, the Bishops have gone hungry.” Jansing cited no source for her claims as she asserted: “Soup kitchens and food banks are seeing record numbers of seniors asking for help for the first time in their lives,” but “now donations here are down as middle class donors struggle to feed their own families.

'Evening News' Distorts Severity of Food Inflation by Reporting Only Highest of Increases

By Jeff Poor | May 2, 2008 - 16:45 ET

Although the economy is showing only a slow rate of growth, consumer spending actually showed an increase for the month of March. But, don't be fooled - that's a bad sign, according to "CBS Evening News" anchor Katie Couric.

"[T]he government reported today that consumer spending in March shot up twice as much as economists were expecting, and it's not because we're buying more - it's because the prices are so much higher, especially food," Couric said on the May 1 broadcast.

However, crediting consumer spending growth, up 0.4 percent according to the Commerce Department, to food inflation is not accurate, according to economist Dr. John Lott.

BBC: Americans Drive Cars 'Not Much Smaller' Than Big Rigs

By Kristine Lawrence | May 2, 2008 - 12:45 ET

On the April 30 edition of "BBC World," Justin Webb reported on rising fuel costs and how the increase in prices affect the American public. According to Mr. Webb, many Americans drive cars nearly the size of big rigs, and will need to spend their tax rebate on fuel, thereby doing little for the economy at large. After all, if a big rig tank takes over a thousand dollars to fill, many American cars must face similar costs. [Audio available here] Transcript below:

“Many Americans drive private cars not much smaller than this truck, and the risk is that they use their tax rebate simply to buy fuel, boosting the profits of the oil companies but doing little or nothing for the wider American economy.

Oops: Employment Numbers Better Than Expected, Unemployment Drops

By Noel Sheppard | May 2, 2008 - 09:20 ET

Despite all the gloom and doom, the employment picture in April was much better than economists had expected, and, maybe more important, quite different than the Hooveresque, Depression Era picture media members have been painting for months.

Makes you wonder if in press rooms all around America, as well as in Democrat campaign headquarters across the fruited plain, there was a huge sigh of disappointment at 8:30 AM EDT when the Labor Department released the data.

Critical updates at end of post including FAR better-than-expected factory orders report!

As such, without further ado, here's the news most people in the nation actually hoping for a good economy will be glad to hear:

U.S. Receipts Record Broken in April; Media Snooze Continues

By Tom Blumer | May 2, 2008 - 08:10 ET

This updates the "Supply-Side Stunner" post (at NewsBusters; at BizzyBlog) from Tuesday. The business press has not yet noticed this news.

The last Daily Treasury Statement for April published yesterday shows just how impressive what is probably the supply-side tax cuts' last hurrah really was:

Michael Moore: Americans Pay More Taxes Than French, Most of Europe

By D. S. Hube | May 1, 2008 - 18:25 ET

As noted earlier today on Newsbusters by Matthew Balan, Michael Moore appeared on CNN's "Larry King Live" last evening. I caught a good portion of the "interview" (if King's constant agreement and sucking up qualify as an interview) and one little segment in particular got my attention. The subject was taxes:

MOORE: You were asking me a serious question. I'm sorry. Actually, you know what I would do is I would get -- I would try to lower Americans' taxes to the rate that the French pay. The French pay less taxes than we do, less.

KING: Socialist country?