It's not often someone in the media challenges the liberal point-of-view - especially on the issue of taxes when they become a means to redistribute income.
CNBC "Squawk Box" fill-in co-host Michelle Caruso-Cabrera wasn't afraid to buck the trend and challenge Democratic presidential nominee Sen. Barack Obama's senior economic adviser Austan Goolsbee.
Goolsbee appeared on the August 14 "Squawk Box" to defend an op-ed he wrote for the August 14 Wall Street Journal outlining Obama's tax plan. Caruso-Cabrera invoked the name of Milton Friedman, an economist who was a primary defender of free markets throughout the 20th century. Ironically, Friedman taught at the University of Chicago, where Goolsbee is a faculty member.
"WWMD, Austin - what would Milton do? Remember that," Caruso-Cabrera said. "Remember your roots - what got you to where you are."
You would think that someone working for the self-described "Essential Global News Network" known as the Associated Press as an Education Writer might go beyond using the Copy and Paste commands in reporting on national college entrance exam test scores.
From all appearances, you would be wrong.
AP Education Writer Justin Pope's report on the 2008 ACT exam results appears to contain nothing that isn't already in ACT, Inc.'s press release. For whatever reason, Pope missed a shocking set of results out of Michigan that should deeply worry anyone concerned about the future competency of our workforce.
Maybe it was a stab by Charles Gibson to provide a national group therapy session for his 8 million viewers, but the ABC "World News" anchor aggressively questioned ExxonMobil CEO Rex Tillerson on the August 14 broadcast for "obscene" profits and asked him to "justify" the company's success.
"As we said earlier, Rex Tillerson - who is the board chair and CEO of ExxonMobil, doesn't talk often to the press," Gibson said. "His company has reported remarkable profits in the first half of this year. The high price of gas brought ExxonMobil close to $22 billion in profit - in profit - for the first half of this year. I asked him how he justifies that amount, that some see as obscene."
But Tillerson explained to Gibson it was the nature of a large business that performs an incredible amount of transactions.
Last month, it was the Associated Press's Jeannine Aversa's turn to mishandle the reporting on Uncle Sam's Monthly Treasury Statement on the government's receipts, spending, and deficit.
Aversa's usual specialty is hallucinating over "blizzards of pink slips" and "jobs vanishing into thin air" when she does her "report," aka her downbeat propaganda piece, on the government's monthly jobs release.
In covering June's Monthly Treasury Statement, Aversa selectively rounded the data she presented (covered at NewsBusters; at BizzyBlog) to make receipts look less impressive and to minimize the true extent of the government's current year spending spree.
If any further evidence was needed to prove that the country is in a recession, the CBS Early Show found it, as co-host Maggie Rodriguez declared: "Coming up this morning, during hard times in some U.S. cities, they're as good as gold. Manhole covers being stolen and sold for scrap." Co-host Harry Smith later introduced the segment on this desperate trend: "Across the country thieves are stealing metal objects like manhole covers because the price of scrap metal has sky rocketed."
Correspondent Priya David reported on the problem: "That's right, thieves are literally stealing the street right out from under you. One area of the nation hardest hit by these thefts is Philadelphia. Typically they'd lose about a hundred manhole covers or grates a year to theft. But in the past year, 2,000 have gone missing." She went to describe how: "When you look at this street, you probably see a manhole cover. But to a thief, this looks like free money." As David later mentioned, that "free money" isn’t much: "Each cover nets a thief a grand total of about $10."
David detailed how the crime wave was starting to take it’s toll: "In Philadelphia, this girl is one of two children who suffered minor injuries from falling into open holes." She then turned to Democratic Mayor of Philadelphia, Michael Nutter: "That can be a very dangerous situation. But, you know, you can never be too surprised at the creativity and the lengths that people will go, you know, when facing, you know, a financial challenge, trying to take care of themselves."
Chris Matthews: Back With an Obamania Vengeance . . .
If Barack Obama makes it to the White House, perhaps he should appoint Chris Matthews Commissar of Gosplan, the Commission charged with developing the economy's Five Year Plans. The Hardball host, back from vacation, displayed the enthusiasm of a dutiful apparatchik in praising an Obama ad that in turn amounted to a pitch for central planning.
During the "ad wars" segment on this evening's Hardball, Matthews first played a McCain ad that hit Obama over his plans to raise taxes and his lack of readiness to lead. After Andrea Mitchell suggested that the ad is "the wrong tone for the [NBC] Olympics," during which it's playing, Matthews wondered whether McCain is "the Grinch that stole the Olympics," and suggested a "taste test," comparing Obama's ad. Here's the ad's text:
VOICEOVER: The hands that built this nation can build a new economy. The hands that harvest crops can also harvest the wind [images of electricity-generating wind turbines.] The hands that install roofs can also install solar panels. The hands that build today's cars can also build the next generation of fuel-efficient vehicles. Barack Obama: a new vision for our economy. Fast-track alternative fuels. Create five million jobs developing home-grown energy technologies. Because America's future is in our hands.
On Monday’s CBS Early Show, co-host Julie Chen introduced a segment on China hosting the Olympics: "Well, the Olympic games are more than a chance for the world's athletes to excel, they also give the host nation an opportunity to shine. For China and it's 1.3 billion people, the Beijing games are feeding a groundswell of pride." Chen then went to correspondent Barry Petersen who declared: "From designer clothes to new cars, China is getting rich. Democracies once bragged that theirs was the only way to economic success. China is doing it the communist way."
Petersen began his report by observing: "Well, China wants to throw a successful Olympics party and so far they're doing just fine. With plenty of enthusiasm spreading from Beijing pretty much around the world." Of course that ignored the heavy pollution in Beijing, constant protests, President Bush’s criticism of China’s human rights record, and the fatal stabbing of the father-in-law of a U.S. coach. Petersen went on to describe how: "Beijing has the welcome banners out to a half million visitors. More foreigners at one time than the country has seen since the Mongol invasion a thousand years ago." So Olympic visitors are like barbarian hordes?
Just one paragraph tucked toward the end of a column. But Judith Warner's words offer a revealing insight into how liberals view economics and the world at large. In the lefty mindset, making it isn't a matter of doing or making something of value. It comes down instead to contriving to get a piece of the action, a share of the wealth that some undefined other has created in some undescribed way.
The gist of Warner's column, Compassion Deficit Disorder, is that Americans have become increasingly cranky and suspicious of how others are gaming the system. She cites Michael Savage's accusations that the reported outbreaks of autism, asthma ADHD are false epidemics, the result of doctors and parents conniving to produce false diagnoses that yield increased services or welfare. Warner also points to high school students applying to college who dream up minority status of one sort or other to work affirmative-action levers to their benefit.
CBS's "The Early Show," reported August 7 that a new stronger strain of the West Nile virus could spread across the country with help from the neglected pools found in foreclosed homes in California.
"Apparently ... as more and more homes are passing into foreclosure and there are many, and many of those homes have backdoor pools, these are being neglected," Dr. Alton Baron of Roosevelt Hospital Center told co-host Maggie Rodriguez. "They're not being maintained and this can become a ripe feeding ground and breeding ground for these mosquito populations."
Baron added that the new strain of the virus "invades the brain and spinal cord" and listed other horrific symptoms including nausea, vomiting, fever, chills, rashes, disorientation, severe muscle weakness, fatigue or even paralysis.
Mosquitoes, which breed in stagnant water, pass on West Nile to animals and humans when they feed off fowl that have the virus in their blood.
Foreclosures in the state of California may have hit a record high, but there are signs of a change-signs "The Early Show" ignored.
If you believe that there's a 50-50 chance that your take-home pay will be cut by almost one-fifth beginning in as little as five months from now, would that belief affect your current spending habits?
Of course it would. But that idea apparently never occurred to the Associated Press's Mark Jewell.
In the course of a 950-word article Monday about how the rich are getting more stingy, he focused on how "the economic slump" and "downturn" are affecting their spending, while ignoring the massive tax hits high-income earners will likely be forced to absorb (illustrated in detail below the fold) if Barack Obama wins the presidency and Democrats retain control of Congress.
Joe Scarborough has estimated that 95% of the elite media will pull the lever for Barack Obama. Even so, evidence continues to mount that the MSM is beginning to view the Dem candidate with a more discerning eye. The latest example comes from an unexpected corner, that occupied by NBC correspondent Martin Savidge. As NewsBusters has reported, on everything from climate change to Jesse Helms to the Jena Six, Savidge has consistently toed the liberal media line.
But on MSNBC this afternoon, interviewing an Obama supporter, Savidge surprisingly suggested that Obama was "a bit of a liar" on the subject of oil industry donations that he and John McCain have accepted.
ABC’s “Good Morning America” hosted Fox Business anchor/managing editor Neil Cavuto on Wednesday morning — by himself with no liberal counterpart! While co-host Diane Sawyer peppered Cavuto with questions based on the idea that the economy was a disaster and Barack Obama was being unfairly attacked by John McCain, Cavuto offered a healthy alternative not typically seen on ABC.
Sawyer suggested Obama’s claim that motorists inflating their tires could create an oil savings equal to the amount that might be obtained by offshore drilling was “factually true” while McCain’s mocking of Obama was a “stunt,” and dourly observed that consumer confidence was at “almost a 22-year low.” But Cavuto rejected Sawyer’s pessimism:
If people have a feeling that things are so miserable, why are they buying $300, $400 IPhones with very expensive contracts. Why are they spending so much at the movie theaters? Why are they still going out in record numbers to restaurants?...When people are surveyed Diane on this stuff, it's very important to distinguish between someone saying we think things are lousy but when they're asked about how are you doing, they say, well, you know, not that bad, not that bad. There is a difference.
As we'll detail below, David Shuster literally laughed in the face of a senior Republican today, and earlier on MSNBC Andrea Mitchell blithely dismissed the McCain energy plan as unrealistic. But there was one point of light, you might say, during the network's afternoon coverage. When Shuster briefly held a Dem congresswoman's feet to the fire on the question of Obama's vote for the 2005 Bush energy bill, what ensued was one of the more hapless—and ergo entertaining—dodges of the political season. Shuster's guest was Allyson Schwartz, a Dem congresswoman from Pennsylvania.
DAVID SHUSTER: Congresswoman, during the event in Ohio today, Barack Obama attacked the Bush-Cheney energy policy. But didn't Barack Obama vote for the 2005 Bush-Cheney energy bill?
Schwartz's first foray was the old politician's standby: ignore the embarrassing question and give your canned spiel on something you want to discuss.
UPDATE, Aug. 6 -- The media fact-checker overview begins here, and continues below the fold:
"..... all the oil that they’re talking about getting off drilling" Obama refers to is NOT just the 200,000 additional barrels obtainable from the "Pacific, Atlantic and eastern Gulf regions." Republican proposals also include Alaska, shale oil, and tar sands.
Just including Alaska coastal at very conservative extraction assumptions leads to a potential of almost 1 million barrels of oil a day instead of only 200,000.
Fully ramped-up production from shale oil and tar sands at very conservative extraction assumptions would lead to a potential of another 27 million (you read that right) barrels a day.
Now that the government has signed off on a $25-billion bailout of home mortgage giants Fannie Mae and Freddie Mac, the obvious question is: What next?
Steve Forbes, editor-in-chief of Forbes magazine, thinks breaking up is hard to do, but necessary. "The Bush Administration should vigorously push to have Fannie and Freddie recapitalized and broken up into 10 to 12 companies, with their ties to the government completely severed," as he explained in the August 11 edition.
According to Forbes, getting 10 to 12 smaller private companies involved in mortgages "will help revive and reinvigorate that sector."
Is reporter Michael Powell at the New York Times auditioning for Comic Relief?
At next year's event, Powell's headline at his August 2 story (HT Weapons of Mass Discussion) about Obama's repeated hypocritical invocations and charges relating to race (of course, that's not how he sees it), along with his report's first 10 words, would bring the house down:
With Genie Out of Bottle, Obama Is Careful on Race
Senator Barack Obama is a man of few rhetorical stumbles .....
Only someone locked inside the Old Media bubble could possibly believe that Obama hasn't "stumbled" repeatedly, to the point where he's making Bush 41 Vice President Dan Quayle look like a certified genius.
Washington Post business columnist Steven Pearlstein, who won the 2008 Pulitzer Prize for commentary, on Friday contended “it is not the protectionists of the AFL-CIO or CNN who are primarily to blame for the erosion of public support” for free trade, instead:
The blame lies squarely with a business community that continues to support Republican politicians who refuse to raise the taxes and spend the money necessary to provide the economic safety net for American workers that a free-market economy has not, and will not, provide.
In his column bannered across the top Friday's “Business” section, “Wave Goodbye to the Invisible Hand” Pearlstein argued that “just as the Gilded Age gave way to the Progressive Era and the New Deal gave way to the post-war era of big government, big business and big labor, the current era of free-market capitalism seems to be giving way to something else” as “the larger truth may be that the social and economic costs of the next increment of globalization probably outweigh the benefits for many people, and that reality has now been reflected in the political marketplace.”
A night after ABC's World News and the NBC Nightly News didn't air a word about the Gross Domestic Product (GDP) doubling to 1.9 percent in the second quarter, up from 0.9 percent in the first, the two evening newscasts found newsworthy a rise in the unemployment rate, with NBC using the increase to segue to a story on how “a growing number of Americans are...being downsized from full-time work to part-time.” Fill-in ABC anchor David Muir announced:
We're going to turn this evening now to the unemployment report out today which shows a new flurry of pink slips in July. Employers cut 51,000 jobs last month, as the unemployment rate rose to 5.7 percent. This marks the seventh month in a row with job losses.
NBC anchor Brian Williams, with “Hard Times” on screen, reported:
On the jobs front, the employers cut their payrolls for the seventh straight month in July, total of 51,000 jobs were shed just last month, bringing the total for the year so far to almost half a million. Unemployment rate jumped two-tenths of a percent to 5.7, that's now a four-year high. A growing number of Americans are struggling on the job front even though they're not unemployed. Instead, they're being downsized from full-time work to part-time. That report from NBC's Rehema Ellis.
"This blog is one of the places we'll tell these stories," BusinessWeek.com reporter Tim Catts wrote on the blog's first post on May 2. "Here, we'll jump into the conversation about where the economy is and where it's going. Yes, sometimes we'll look at the latest data. Sometimes we'll share observations from the road. The goal is to give readers real stories about how the downturn is affecting individuals, businesses, and communities."
However, activity on the blog has been scarce of late. Nearly three months later, there are just 22 posts. Meanwhile, the nation's Gross Domestic Product grew at a 1.9 percent pace for the second quarter of 2008, according to government estimates announced July 31.
Second quarter Gross Domestic Product (GDP) doubled to 1.9 percent, up from 0.9 percent in the first quarter, the Commerce Department announced Thursday morning as consumer spending rose 1.5 percent in the quarter ending June 30, up from 0.9 percent in the first quarter, and U.S. exports soared 9.2 percent, way up from 5.1 percent in the first three months of 2008.
Yet the CBS Evening News centered a story around “disappointing” news about the supposedly “struggling economy” (with that on screen) -- while ABC and NBC, which on April 30 led with full stories on the news of a 0.6 percent (since revised to 0.9) first quarter GDP, didn't utter a syllable Thursday night about the big GDP jump. On the last day of April, ABC's Betsy Stark declared the economy had “flat lined” and NBC anchor Brian Williams warned “it's getting rough out there” as the new GDP number “stops just short of the official declaration of a recession.” Thursday night, however, ABC's World News and NBC Nightly News made time for full stories on outrage over ExxonMobil earning “the largest profit ever made by a U.S. company.” The “oil industry says it is not out of line, but some motorists feel otherwise.”
CBS anchor Katie Couric, picking up on the 4th quarter 2007 GDP revision from 0.6 percent to a minus 0.2, stressed how “the government now says the economy was receding, not growing, in the final quarter of last year” though “it picked up a bit in the first quarter of this year.” She then twisted the fresh news of a 1.9 percent jump into a negative:
But look at this: In the second quarter, when all those rebate checks were supposed to stimulate the economy, it grew less than two percent. Jeff Glor has more about the disappointing numbers.
On Thursday’s "Early Show," correspondent Priya David reported on homeowners in Philadelphia trying to avoid foreclosure: "Yajaira Cruz-Rivera thought she was choosing a responsible mortgage plan. But dreams of remodeling crumbled just days after her family moved in...Yajaira fought with her loan company, saying her new mortgage was unfair and unaffordable." However, David then introduced the hero of the story: "That's when she saw an ad on TV for ACORN, a community organization committed to helping homeowners fight foreclosures. Together they rallied the city for change."
ACORN, or the Association of Community Organizations for Reform Now, in reality, is a left-wing activist organization that seeks to implement radical socialist policies. According to an August 6, 2006 article in the Wall Street Journal by Steven Malanga:
While ACORN now operates in more than 100 cities with a national budget of $37 million, it never truly left behind the welfare-rights mentality. One is hard-pressed to find in the organization's many antipoverty initiatives any programs that address social dysfunctions like illegitimacy and single parenthood. Instead, as ACORN's executive director, Steven Kest, said several years ago, "We are more focused on irresponsible behavior in the corporate sector. I don't think [illegitimacy] comes anywhere close to the irresponsible behavior of people running the largest businesses in this country."
In addition, Stanley Kurtz outlined Barack Obama’s involvement in ACORN in a May 29 article on National Review Online.
"There are things you can do individually, though, to save energy," Obama said. "Making sure your tires are properly inflated - simple thing. But we could save all the oil that they're talking about getting off drilling - if everybody was just inflating their tires? And getting regular tune-ups? You'd actually save just as much!"
Yes, Sen. Barack Obama (D-Ill.) actually suggested on the campaign trail that inflating your tires will save as much oil as can be procured by expanding domestic oil drilling, a suggestion that is downright laughable and mathematically impossible (see below the page break for more on that).
The broadcast networks exhibited gross mismanagement in their coverage of Fannie Mae and Freddie Mac, the government-sponsored mortgage powerhouses now in need of a $25-billion government rescue.
"It's partially a bias and partially just sort of gross mismanagement on their part," Business & Media Institute Vice President Dan Gainor said on CBN's "Newswatch" July 30. "All they had to do was pick up a Wall Street Journal. You know people at the network news shows read the Wall Street Journal at least sometimes. The Journal's been on this case since February 2002 when they had a piece headline, ‘Fannie Mae Enron?'"
The networks - ABC, CBS and NBC - ignored six years of concerns about the two companies' management, Gainor wrote July 28.
"The combination of stock losses, government fines and proposed bailout comes close to $150 billion," he wrote. "It's a huge story largely ignored by network news until a taxpayer bailout was almost guaranteed."
But the networks were more interested in attacking private companies with Enron comparisons than likening Fannie and Freddie to the infamous corporate debacle.
Disclaimer: Yes, Joe and Chris. We know Jim was joking.
Money maven Jim Cramer is a self-described Democrat, one who idolized Lenin back in his Harvard days [Cramer's, not Lenin's] and was on the verge of tears over the downfall of his old college buddy Eliot Spitzer. But one Dem not high on Cramer's list is Jimmy Carter, so much so that Cramer feigned dismay to be informed that—contrary to his [tongue-in-cheek] belief—the former president is still among the living.
The host of CNBC's "Mad Money," a guest on today's Morning Joe, was buoyant about the economy, saying the surge in oil prices is over and that happier, if not downright happy, days are ahead. It was when he cautioned people about being sure not to exceed FDIC insurance limits on their bank deposits that Carter came up . . .
Keeping with the tone of the political campaign, the media are in full Britney Spears mode. To quote the pop tart, "Oops, they did it again." It, this time, is the economy. The mainstream media continue to be wrong about the U.S. economy.
The 2nd Quarter Gross Domestic Product numbers came out Thursday morning and the economy continued to grow, this time at a stronger pace than last quarter - 1.9 percent.
As many pundits point out, the economy has to actually recess for there to be a recession. That hasn't stopped the media, who have in many ways never stopped talking recession since we escaped the last one.
This year it has been worse, with regular references to "recession" or even "depression." These days, "depression" may be how journalists feel about their own industry. But they continue to be wrong about the economy.
The American Heritage Dictionary defines "several" as "being of a number more than two or three but not many." Nevertheless, the Times used the term instead of the more accurate "two," subtly exaggerating the image of restaurant closure.
Two chains - Bennigan's and Steak & Ale - owned by the Metromedia Restaurant Group were closed across the country July 29 after the company filed for bankruptcy. The Times blamed the economy for the shutdowns.
Chuck Todd has some advice for John McCain: embrace Ted Stevens' demise. The NBC News political director made his suggestion in the course of kibitzing McCain campaign strategy with Joe Scarborough on today's Morning Joe.
CHUCK TODD: Joe, why isn't McCain jumping on this Ted Stevens thing? He hated Ted Stevens.
JOE SCARBOROUGH: He did!
TODD: He should be dancing on this guy's political grave today. This is the John McCain Republican party versus the Ted Stevens Republican party. And he ought to be, he ought to be gloating today. And he's not touched it.
Following a segment on Monday’s CBS "Evening News," on Tuesday’s CBS "Early Show," correspondent Chip Reid again touted Obama economic advisor Warren Buffett calling for more taxes on the rich: "Barack Obama met with his team of economic advisers Monday...But there's one who couldn't make it and had to put in his two cents by phone...Warren Buffett, the richest man in the world. Despite his billions, he says the rich are under-taxed."
Reid went on to outline Obama’s plan to remedy that under-taxing: "Obama wants to end the Bush tax cuts for people making more than $250,000 a year and use the money for a tax cut for the middle class." Reid also mentioned John McCain’s economic team: " John McCain is also tapping the minds of business leaders, including Carly Fiorina, former CEO of Hewlett-Packard and Meg Whitman, former head of ebay. They briefed reporters Monday on the importance of tax cuts for business."
"Good Morning America" correspondent Claire Shipman on Tuesday actually suggested that Americans "pitch in" $2000 to help pay off the deficit or even give up their lattes. Reporting on the news that the U.S. federal deficit is projected to rise to $482 billion in 2009, Shipman seriously proposed: "Now, we came up with a few GMA solutions to try to put this in perspective. If every American were to pitch in $2,000, we could pay off this year's deficit."
Continuing the absurd "solutions," Shipman elaborated, "Or, if we handed over, each of us, 500 gallons of gasoline or, in terms we could all really understand, if every American gave up 666 lattes for a year, we could pay off this year's deficit." Leaving aside the slightly demonic 666 suggestion, there was one piece of advice left out of the ABC reporter's piece: At no point did she talk about wasteful government spending or the possibility of cutting back on entitlement programs. Shipman also took a shot at President Bush, calling the deficit "a parting gift from one president to the next of the most unwelcome sort." Conservatives may have complained about some of Bush's spending, but he certainly didn't act without the help of many Democrats in Congress.