Left-wing proposals to stop climate change are often ridiculous and extreme, but Huffington Post contributor Lance Hosey’s “modest” proposal was downright laughable.
Hosey, an architect and chief sustainability officer, decried the impact that building construction has on carbon dioxide emissions and climate change. In order to limit such pollution, on Nov. 14 Hosey advocated a nationwide moratorium on new buildings for “a few years.”
The Census Bureau reported today that sales of new single-family homes in the U.S. reached an annualized level of 421,000 in August. That was up by almost 8 percent from July, but a whopping 15 percent below the 497,000 the bureau originally reported for June (two subsequent revisions have taken that number down to 454,000). Given the shock decline to below 400,000 in July, August's bounceback was clearly inadequate. Additionally, as Zero Hedge noted this morning, the median new-home sales price fell to its "lowest level since January 2013."
So much for the recovery. Even liberals admit employment is “weak,” that household wealth hasn’t recovered and consumer experts say middle-class retailers are “struggling.” But two of the three broadcast news networks have been much more focused on “proof that the economy is getting stronger,” than on economic worries since the May jobs report was released June 6.
Federal Reserve Chairman Ben Bernanke surprised some on Sept. 18, when he postponed the tapering off of its huge monetary “stimulus” policy called quantitative easing (QE). At the same time, the Fed cut economic growth forecasts. Reuters reported that “the Fed cut its forecast for 2013 economic growth to a 2.0 percent to 2.3 percent range from a June estimate of 2.3 percent to 2.6 percent. The downgrade for 2014 was even sharper.”
I guess we should acknowledge a tiny improvement when an ordinarily in-the-tank apparatchik like Jim Kuhnhenn at the Associated Press expresses even the slightest bit of skepticism about a White House claim.
But let's not take it too far. Kuhnhenn is reporting in a brief "Big Story" item this morning that President Obama "is laying claim to an economic turnaround and warning Republicans not to risk a backslide by threatening a government shutdown or a debt default." Kuhnhenn's skeptical points are that "The economic scorecard is mixed. ... Growth has been tepid and unemployment remains high." His five-paragraph report, reproduced in full for fair use and discussion purposes, follows the jump.
Potentially the most dishonest aspect of the Obama-loving media's reporting since January 20, 2009, pertains to how they've almost totally ignored how poorly the economy is performing.
On Tuesday, Michael T. Snyder, author of the gloom and doom book "The Beginning of the End," wrote a fabulous piece titled "33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became President":
It seems that beat reporters need to be constantly reminded that they have their hands full just discerning the facts, relaying them coherently, and leaving the "analysis" to others (while presenting alternative analytical takes when necessary).
The nagging is really for their own good. If they would stick to their jobs instead of "analyzing," which often is a cover for getting out their own opinions, they wouldn't be suffering the feelings of embarrassment Christopher Rugaber at the Associated Press, aka the Administration's Press, should be feeling right now (I'm not saying he is; I'm saying he should be). You see, yesterday he said that a best-in-years report on existing-home sales meant one thing. Today, thanks to the Census Bureau's disastrous July new-home sales release, he said it meant quite another.
On Friday, Eric Holder's Department of Justice gave the memory-hole treatment to wildly inflated statistics released last October about the number of cases and the amount of money involved in DOJ's mortgage fraud enforcement efforts.
Bloomberg News reporters who had discovered that the original numbers were suspect had been getting stonewalled for months in their efforts to get answers to their queries, and finally got them through the document-dump route. The differences are stark.
I was going to leave this alone because the original item involved goes back to last week. But Christopher Rugaber at the Associated Press brought it up again in his report today on existing home sales, so it's fair game again.
The final sentence of his dispatch refers to last week's Census Bureau data in the new home market, and claims that "In June, they (builders) applied for permits to build single-family homes at the fastest pace in five years." Not really -- in fact, not at all -- as will be seen after the jump.
Continuing the business press's slavish devotion to seasonally adjusted figures in government reports to the exclusion of looking at what actually happened, Martin Crutsinger at the Associated Press, aka the Administration's Press, began his Tuesday dispatch on May's new-home sales report from the Census Bureau as follows: "Sales of new homes rose in May to the fastest pace in five years, a solid gain that added to signs of a steadily improving housing market."
Except for two "little" things: Fewer homes were actually sold in May than were sold in April, and May's reported increase in seasonally adjusted annualized sales only came about because of a tax break which ended in April 2010:
It was only two days ago that one of Charlie Rose’s guests, Politico’s Jim VandeHei, celebrated the disappearance of many outspoken Republicans from the political scene. On last night’s show, Rose invited on a pair of brash Democrats who vanished from Congress recently: former Sen. Chris Dodd and former Rep. Barney Frank.
The former lawmakers were there to discuss the 2010 financial regulatory reform law that bears their names. Rose’s third guest, Robert Kaiser of The Washington Post, recently wrote a book about the Dodd-Frank Act’s journey from conception to passage. Wouldn't you know it, Kaiser was there to sing the praises of the Democrats appearing on the program, hailing the Dodd-Frank Act as a sort of congressional triumph over partisan politics. [Video below. MP3 audio here.]
Two years ago, Jimmy McMillan ran for New York governor and became a viral sensation, with more than 7 million Youtube views. Now the creator of The Rent is Too Damn High party is running for New York City mayor and has expanded his platform is his new rap anthem video.
In the first 30 seconds of his video, the news reporter declared that rent in New York is at an all time high. “Critics say Bloomberg has failed.” McMillan pointed out that mayor’s economic record is one of failure.
It's no surprise that the liberal media are ignoring poll after poll showing widespread discontent, even among Democrats, with ObamaCare. But what's utterly inexcusable is the man-bites-dog story coming out of a labor union this week, which is now calling for ObamaCare's repeal.
Janet Adamy of the Wall Street Journal noted on April 16 that the United Union of Roofers, Waterproofers, and Allied Workers is the first union to call for the repeal of Obamacare. Why? Because it could lead to members losing their existing coverage:
To his credit, the Washington Post's Zachary A. Goldfarb reported yesterday that the Obama administration is possibly repeating the same policy mistakes that sank the housing market. To get to the heart of the matter, our national housing bubble quickly inflated as a result of too many people with poor credit buying homes that they couldn’t afford. As that number multiplied, banks created more unstable mortgages to keep up with demand until eventually the bubble burst
Well, it seems that Mr. Obama is pushing banks to restart this self-destructive economic policy. Goldfarb wrote:
New York Times columnist Paul Krugman and MSNBC's Joe Scarborough had an at times heated discussion about budget deficits, debt, and the economy on PBS's Charlie Rose Monday evening.
At one point Krugman got so rattled by the facts that he actually said Scarborough quoting what he had said in the past was making an ad hominem attack against him (video follows with transcript and commentary):
Here’s something I bet you thought you’d never see at the perilously liberal Huffington Post.
In a Dean Baker article published Tuesday with the astonishing title “There Is No Santa Claus and Bill Clinton Was Not an Economic Savior,” the second sentence read, “Just as little kids have to come to grips with the fact that there is no Santa Claus, it is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize that President Clinton's policies sent the economy seriously off course.”
The real news in today's new-home sales information published by the Census Bureau is that September's previously reported 389,000 in seasonally adjusted annual sales was written down by over 5 percent to 369,000. Hmm -- The higher figure, aggressively touted as the highest in 2-1/2 years by the Associated Press and other establishment media outlets, was reported on October 24, just 13 days before Election Day on November 6. Now we learn that it was a mirage, and that the revised figure was merely the same as the number turned in four months earlier and barely above February. In fact, the new home market, portrayed throughout the summer and early fall as recovering somewhat nicely, merely treaded water. That trend continued in October, as annualized sales came in at 368,000. Imagine that.
To his credit, the Associated Press's Martin Crutsinger at least acknowledged the major prior-month revision in each of his first two paragraphs; however, the AP's headline writers ignored it. To Crutsinger's detriment, it's clear that he tried very hard to find someone who would pin a major portion of the blame for October's 0.3 percent drop on Superstorm Sandy. When he couldn't, he decided to take it on himself to make the point (bolds are mine):
It was almost a month ago that the New York and New Jersey coastlines were mercilessly pummeled by Hurricane Sandy. Immediately following the storm, the liberal media spin went into overdrive commending the leadership and compassion Obama displayed in the aftermath. But reports have been surfacing since the election, revealing how conditions in the afflicted regions are still not much improved and the majority of the broadcast media's acknowledgement of their prolonged trials and tribulations has been minimal at best.
For their part however, Fox & Friends welcomed Donna Vanzant on Tuesday morning's program. She just so happened to be the woman President Obama was photographed consoling during his official visit to survey the damage in New Jersey. To say the least, she has not been pleased with FEMA's fickle response. [ video below the page break ]
Nuns on the Bus tour leader Sister Simone Campbell appeared on MSNBC's The Cycle on Thursday afternoon to discuss her ministry, which predictably led to her left-wing agenda becoming the focal point of the conversation. The only host to take issue with her talking points was token conservative S.E. Cupp, who was armed with facts and figures that the good sister could not rebut except by adamantly insisting they were "really wrong." That's when it started getting a little tense. [ video below, MP3 audio here ]
The Associated Press, Bloomberg and Reuters all eagerly told readers today that the seasonally adjusted annualized level of single-family home sales in September of 389,000 was the highest in 2-1/2 years and really, really good news for the housing market, the economy as a whole, or both. What they all "somehow" failed to mention was the fact that sales are still far below where they were during the 12-month recession in 2008 and 2009 (defining "recession" properly), when the market was screeching to a halt after overbuilding driven by subprime lending frauds by design Fannie Mae and Freddie Mac.
The numbers reported by the Census Bureau since January of 2008, first expressed at seasonally adjusted annual rates, then as raw number of homes sold, follow the jump.
One really wonders if there is any adult supervision in the department where CNNMoney's business headline emails originate.
There certainly isn't much knowledge of the general business environment or of the recent history of the housing market present, because if there were, the following email would almost certainly never have been published -- or if the message had somehow escaped by accident, it wouldn't have taken more than a half-hour to "correct" it. The original and the "correction" follow the jump:
Once again, a reporter from the Associated Press, aka the Administration's Press, has told a major fib about the situation in the new-home construction industry, thereby vastly exaggerating its degree of improvement -- claiming a 60% surge during the past nearly 3-1/2 years when it has been 15% at most.
Today's figures from the Census Bureau on housing starts weren't terrible, but they surely weren't cause for major optimism -- except at the AP, where Martin Crutsinger cited "steady progress in the housing recovery" and committed the same serious mistake other AP writers have made (examples here, here, and here), namely pretending that the term "housing starts" has the same meaning as "home construction."
The Associated Press's Anne D'Innocenzio is clearly mystified and possibly even upset that consumer confidence as reported by the Conference Board on Wednesday fell sharply to its lowest level since November of last year.
Get a load of the second paragraph's first sentence in the version D'Innocenzio posted late yesterday morning shortly after the report's release, followed by asinine assertions which in effect say that Americans don't understand that things are getting better -- and, as usual, it's all about Dear Leader's reelection (bolds are mine):
In what has become an all too predictable ritual, an AP reporter has tried to make the situation in the economy look like it's on the upswing when it's not.
Today, the AP's Christopher Rugaber read the press release on existing home sales from the National Association of Realtors. As a trade group, NAR will tend to put a good (or at least not as ugly face) on even a rough situation. So it's hard to blame them for saying that "Sales of existing homes rose in July even with constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases." The first half of NAR's statement is selectively incomplete, but Rugaber compounded the problem in the first sentence of his report this morning:
USA Today's Web site features an Associated Press report with the headline "Housing starts, jobless claims in good shape." For the many readers who just scan headlines, that sounds encouraging. Yet by the second paragraph the article notes "that construction of single-family homes and apartments dipped 1.1% in July compared with June. . ." And by the third paragraph:
Housing has been making a modest comeback this year. But even with the gains, the rate of construction and the level of permits remain only about half the 1.5 million annual rate considered healthy.
For the past two weeks Barack Obama's media minions have been working overtime trying to convince the American people the President was taken out of context during his now infamous "You Didn't Build That" speech in Roanoke, Virginia.
CNN's Donna Brazile and the Washington Post's Ruth Marcus tried making that pathetic claim on ABC's This Week Sunday only to receive a much-needed education from George Will and Breitbart.com's Dana Loesch (video follows with transcript and commentary):