Anyone who made the easy prediction that the Associated Press would fail to bring up Fannie Mae or Freddie Mac in its fawning tribute to Barney Frank after his retirement announcement yesterday was correct. Anyone making the easy prediction that the AP would lionize him as a "gay pioneer" was also spot-on.
Also predictably, the wire service's Bob Salsberg and David Espo failed to mention that Frank advocated abolishing Fan and Fred as a dishonest survival tactic during his final reelection campaign in 2010, and of course did nothing visible to make that happen this year. What's really odious in this regard is that the AP pair gave him credit (pun intended) for how he "worked to expand affordable housing," when the Community Reinvestment Act-driven subprime crisis Fan and Fred engendered has sent the housing market levels not seen since World War II. What follows are excerpts from the AP. After that I have a few contrary and clear-headed paragraphs from an Investor's Business Daily editorial, and a little reminder of a 1999 "Present" vote which should have generated controversy, but didn't:
In a testy interview on Tuesday's NBC Today, fill-in co-host Savannah Guthrie avoided asking retiring Massachusetts Congressman Barney Frank about his role in the collapse of the housing market and yet the liberal Democrat still complained: "You've managed to ask all sort of negative questions.....you're four for four in managing to find a negative approach."
Guthrie began the segment by fretting that the Democrats could lose Frank's House seat: "...you said that your district has been redrawn in a way that would make it more difficult for you to win re-election. My question is, are you leaving your fellow Democrats in the lurch? It won't be any easier for any other Democrat to win this seat, right?"
“The first line in Barney Frank’s political epitaph,” The Weekly Standard’s Stephen Hayes predicted on Monday’s FNC Special Report upon news the longtime liberal Democratic Congressman won’t seek re-election, will “be the housing crisis.” But that isn’t what those who decide the first draft of history considered relevant.
ABC, CBS and NBC didn’t mention Fannie Mae or Freddie Mac as they instead touted him as “one of the most familiar, powerful and colorful characters on Capitol Hill” (ABC), as “the Congressman who co-authored the overhaul of financial regulations after the crash” (CBS) and all noted his sexual orientation. NBC’s Brian Williams: “Among his legacies – besides his legendary sharp tongue – he was the first Member of Congress to publically acknowledge he was gay back in 1987.”
This morning, the Census Bureau told us that 25,000 new homes were sold in October, which, after seasonal adjustment, works out to an annual rate of 307,000. This was up from a seasonally adjusted and downwardly revised (from 313,000) 303,000 in September. According to the first sentence of Derek Kravitz's related report at the Associated Press, this constitutes a "hopeful sign," even though October's number could easily be revised downward, as September's was.
Kravitz went further downhill in his fifth paragraph, descending into flat-out, undeniable falsehood (bold is mine):
The European Union might completely fall apart any day now as the countries in that region implode under their massive debt.
Despite this, CNN's Fareed Zakaria offered another America-hating love letter to the struggling continent Sunday actually claiming, "The American dream seems to be thriving in Europe not at home" (video follows with transcript and commentary):
If it's Saturday, I must be pointing out more simply stunning stupidity coming from the mouth of Bill Maher.
Never letting me down, the host of HBO's Real Time Friday said the financial crisis was caused by "something new in politics where Wall Street was sort of betting on things to fail as opposed to for things to succeed" (video follows with transcript and commentary):
"We need to re-evaluate what is required in our lives, so that we have a sense of satisfaction. What really counts? One friend of mine has reduced it to this: you should get up in the morning and ask 'what do I need,' not just 'what do I want?'" -- Tom Brokaw, Morning Joe 11-1-11.
"Of course, one of the reasons I bought it was to be able to get away from the frantic life I lead and to have some privacy." -- Tom Brokaw, explaining his purchase of an interest in a 4,000-acre mountain retreat in Montana.
Tom Brokaw: a Michael Moore kind of millionaire? We haven't seen him getting down with the Occupy kids like the documentary-maker recently did. But there was Brokaw--who has amassed a reported $70 million and owns a 4000-acre "mountain retreat" in Montana--on Morning Joe today preaching the virtues of the simple life . . . for others. Video after the jump.
At the top of Monday's NBC Today, co-host Matt Lauer touted a new plan to address the housing crisis: "After a series of foreign policy victories, President Obama is hitting the road to sell his plan to help turn around the struggling economy and today the focus is on the housing market." Lauer later wondered to chief White House correspondent Chuck Todd if the plan would, "help politically?"
Todd declared: "Well, it could....emphasize the fact that they can't get anything done through Congress, right? That Republicans won't do anything....Mitt Romney said of the housing crisis, 'You know what? We're not allowing foreclosures to happen fast enough.' So this is a two-fer, as far as the White House is concerned. They feel like they can talk about housing but also make the Republicans look like they're out of touch on that."
The headline and opening sentence in Derek Kravitz's Associated Press report this morning on the Census Bureau's homebulding industry data release gives readers the impression that industry activity increased impressively during September. It increased a tiny bit, but certainly not by the percentage indicated.
The headline ignorantly assumes that a double-digit increase in housing starts is the same as an increase in "home building." It isn't. That headline, the first four paragraphs from Kravitz's report, and some other indicators of housing market progress -- and the stunning lack thereof, three full years after the politicians promised that the Troubled Asset Relief Program would right the ship -- follow the jump (bolds are mine):
A number of Democratic members of Congress came out Wednesday throwing their support behind the protest known as Occupy Wall Street.
Fox News's Neil Cavuto interviewed one of them on Your World marvelously asking Rep. Dennis Kucinich (D-Oh.), "So why didn’t you celebrate when Tea Partiers were running around the country and protesting all the spending and protesting the budget and the debt getting out of control? I don’t remember you glomming on to that one" (video follows with transcript and commentary):
President Harry Truman signed the Housing Act in 1949, giving unprecedented power to federal, state, and local governments to reshape entire communities through the abuse of eminent domain. One method of doing so was called urban renewal, which permitted governments to destroy communities they deemed as slums, destroying approximately 2000 communities through the 1950s and '60s, and forcing 300,000 families out of their homes, often most affecting blacks.
One of the first examples of urban renewal was the destruction of six blocks of "slum" on the Upper West Side of New York. The valuable land was then contracted to private developers hand-picked by the city: members of Democratic political clubs, given as political favors, to build middle-class housing developments. With little financial incentive to build quickly, though, the buildings often sat vacant for years.
ReasonTV put together a video telling the story of the destruction of this New York City neighborhood. Check out the video after the break, and let us know your thoughts in the comments.
George Will and Donna Brazile had a telling exchange on ABC's "This Week" Sunday.
After Will listed all the excuses President Obama makes for the poor economy, Brazile said, "I thought you were going to mention media" leading Will to smartly retort, "They're not his problem" (video follows with transcript and commentary):
As NewsBustersreported, America's media last week gushed and fawned over billionaire Warren Buffett's call for higher taxes on the rich.
On Monday, Harvey Golub, the former CEO of American Express, responded to the Oracle of Omaha in a Wall Street Journal op-ed that reveals a side of this tax story media refuse to share with the American people:
As NewsBusters has been reporting, the Obama-loving media have largely been gushing and fawning over the current White House resident taking a vacation on Martha's Vineyard as the economy appears to be heading into a double-dip recession.
Giving an interesting insight into the President's decision to not call Congress back from its summer break to tackle the problems facing the nation was New York Times columnist Maureen Dowd who wrote Sunday:
As NewsBusters has been reporting, the Obama-loving media are working overtime examining the records of every GOP candidate for president.
"The bright side though is," conservative author Ann Coulter told Fox News's Sean Hannity Wednesday, "we don't end up with a Republican president who is suddenly having an affair with an intern, or a Republican president who votes present for his entire term as the economy falls into the toilet" (video follows with transcript and commentary):
At first blush, it might seem hard to imagine how one can contend that a press report describing an industry sector as operating "at depressed levels" and at volumes that are one-half of what "economists consider to be healthy" isn't telling the whole truth. But that's exactly how I would describe Tuesday's writeup by the Associated Press's Derek Kravitz after July's Census Bureau release on housing starts, building permits, homes under construction, and completions.
The problem is, as I separately noted earlier today, that of the sixteen key metrics the Bureau reported, eleven of them were record lows, either for any July on record, or any individual month on record. The other five were either the second-worst or third worst Julys on record. This isn't a depressed market; it's a despondent one. Kravitz only disclosed one of those eleven records, and in a misleading manner.
The recent decision by Standard & Poor's to downgrade the U.S. credit rating to AA+ from AAA upset many on the left, especially those within the Obama administration. The White House lashed out at S&P and some in the news media did too. So Business & Media Institute decided to look back at six years of network (ABC,CBS and NBC) coverage of S&P.
BMI found out that bulk of network criticism of the ratings agency came AFTER the Obama administration went on the attack and that the networks relied on S&P experts three times more than they criticized them.
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):
The folks at CNN should be really proud of themselves.
In less than 24 hours, one of their current anchors - Fareed Zakaria - flat out lied about deficits, the debt ceiling, and the U.S. credit rating before a former host - Eliot Spitzer - falsely told viewers of HBO's "Real Time" that George W. Bush "gave us the deregulatory craziness that led us over the cliff" (video follows with transcript and commentary):
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):
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":
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):