NBC's coverage of a new bill that restricts credit card companies has been riddled with contradictions - first attacking companies for taking advantage of young people, then admitting students need to build credit.

On May 14 "Nightly News" anchor Brian Williams said, "graduates enter the world with awful credit card debt" and then reporter Lisa Myers demonized credit card companies for student debt and praised possible government intervention.

The House passed a bill on May 20 to restrict credit card companies which would make it very difficult for consumers under 21 to obtain a credit card unless they have a parent co-sign the card or prove they can pay.

That will make things difficult for college students who need to establish a line of credit to rent an apartment, buy an airline ticket or purchase a car. That was ignored by NBC "Nightly News" May 19 and CBS "Early Show" on May 20. "Good Morning America" didn't report the credit card story at all on May 20.

Another day with Barack Obama as President of the United States, and another media report on how he is going to save us from ourselves.

On NBC's May 14 "Nightly News," NBC identified a new problem facing society: credit card companies that use marketing gimmicks and low interest rates to lure in young borrowers. The solution, of course, is to continue the evolution toward a government that protects the individual womb-to-tomb.

"It is commencement season, which brings to mind all the joys of college graduation, and these days all the debts," "Nightly News" anchor Brian Williams said. "First, the student loans. But so often now, graduates enter the world with awful credit card debt and a chum - a crummy job market. President Obama talked about the problem today, urging Congress to crack down on companies that make the credit cards so enticing to students in the first place."

On the heels of President Barack Obama's weekend radio address, where he lobbied for so-called credit card reform, "CBS Evening News" chimed in calling the legislation "help" for small business borrowers.

"Evening News" anchor Russ Mitchell referred to Obama's address about the need for new credit card regulation on May 10 and backed up Obama's claim with data from the Center for Responsible Lending, an activist organization that calls for more stringent regulation of all lenders.

"President Obama called, this weekend, for passage of his credit card consumer protection bill by the end of the month," Mitchell said. "According to a recent survey, four out of five Americans are paying lots more since December. The Center for Responsible lending found that an estimated 10 million users were hit by rate increases of at least 10 percent. And, it's not just consumers who are paying the price - nearly half of all small business owners have seen interest rates higher than 15 percent during the past four months."

For whatever reason, CNBC keeps lining up challengers to take on its Chicago Mercantile Exchange floor reporter Rick Santelli over his self-reliance, pro-taxpayer persona - whether it's Steve Liesman, Arianna Huffington or this time, Keith Boykin - editor of The Daily Voice, a CNBC contributor and a BET TV host.

ON CNBC's May 7 "The Call," Santelli took on Boykin in the program's "The Call of the Wild" segment. Boykin was armed with the usual anti-George W. Bush talking points to defend President Barack Obama and his policies.

"Look what he inherited first of all," Boykin said.

"He didn't inherit anything," Santelli said. "He ran for office, it was his choice."

Separating personal feelings from straight-up journalism is something MSNBC anchors have had trouble with in the past, and David Shuster is no exception.

During MSNBC's daytime news coverage on April 24, Shuster interviewed Bill Himpler of the American Financial Services Association. The discussion was nominally about the legislation sponsored by Sens. Chris Dodd (D-Conn.) and Chuck Schumer (D-N.Y.), designed to freeze credit card rates, it became more about Shuster's view that credit card companies are gouging their customers. Throughout the four-minute interview, Shuster threw out anti-business questions and occasional hyperbole.

Shuster asked Himpler, "Why are credit card companies raising interest rates continually?"

Instead of providing any suggestion President Barack Obama's hectoring of credit card company executives, with the not-so-subtle threat of further regulation, is an improper strong-arm tactic, the network evening newscasts on Thursday night hailed Obama's efforts to “protect consumers” -- in stories each complete with a sympathetic victim of jacked-up interest rates, but barely any time, if any, for a view contrary to Obama's.

ABC's Charles Gibson teased: “Tonight, tough talk. A stern warning from the President to credit card executives. If you don't protect the consumers, the government will.” CBS's Katie Couric fretted about the impact of “the credit card fees, penalties, and rising interest rates” which led the President to tell “the credit card companies: enough.” Reporter Anthony Mason began: “Clean up your act. That was President Obama's message to credit card issuers today.” NBC anchor Brian Williams trumpeted how Obama has come to the rescue: “Today the President admonished the credit card companies and came down on the side of consumers.”

It was either an effort to avoid blaming individuals for ill-advised borrowing or an effort to vilify the banking system, but a segment on the April 20 "CBS Evening News" took a very one-sided view of credit-card lending. 

On a day bank stocks struggled and dragged the Dow Jones Industrial Average (DJIA) down nearly 300 points, "Evening News" scrutinized the current state of the banking system's credit-card lending. According to anchor Katie Couric, that sell-off of bank stocks occurred as a result of the realization the institutions would be forced to cover bad loans.

"Wall Street had been on a six-week winning streak, but today it suffered its worst drop in two months as investors rushed to sell bank stocks," Couric said. "[T]he sell-off came after Bank of America reported earnings of more than $2.8 billion last quarter, but that good news was offset by the word that the bank has set aside more than $13 billion to cover its losses from bad loans made in the past."

While Fox News has celebrated the Taxpayer Tea Party rallies and MSNBC has denigrated them, the impetus of the movement - CNBC and specifically Rick Santelli, its inspiration - had been conspicuously quiet about it.

But on CNBC's "Squawk Box" April 15, co-host Joe Kernen asked Santelli what he thought of being a "cultural phenomenon." That was the same show Santelli famously called out President Barack Obama on for the unfairness of his housing bailout proposal on Feb. 19.

"A lot of articles about these tea parties," Kernen said. "They all have your name in them, like you caused it. Are you actually attending any or are you just sort of got the idea going initially? What do you think? I mean, you're like a cultural phenomenon at this point."

Get an abortion.

In her April 1 blog post, Bonnie Erbe, contributing editor to U.S. News and World Report and host of PBS' "To the Contrary," gave that advice to pregnant moms who are wondering how to raise a child on a strained budget.

It wasn't a tasteless April Fool's Day joke. She's serious.

Erbe keyed her argument around the situation of an unwed, pregnant mother of three who walked an hour to a medical center to abort her wanted pregnancy after her boyfriend lost his job. This mother was featured in a March 25 Associated Press article about the increased demand for contraception and abortions in these uncertain economic times. She called the mother's choice "a good decision."

In Erbe's world, it is "sad" the woman had to walk to the center because she didn't have the bus fare, "terrible that her boyfriend lost his job," and "heart-wrenching that she fell to tears in the doctor's office." As for the abortion itself, she wrote:

But in the long run, can we not agree that an unwed couple's decision not to bring a fourth child into the world when they are having trouble feeding themselves and three children is no tragedy? It's actually a fact-based, rational decision that in the end benefits the three children they already have and society as well.

Former President George W. Bush is personally responsible for the current financial crisis and should give every penny of his family fortune to the American people as a result.

So proclaimed financial advisor Suze Orman in an article published Friday at WWD. 

Ironically, the piece also pointed out that Orman didn't foresee the collapse of the financial services industry, and not only continued to recommend people buy real estate as the bubble was being pumped, but also purchased an expensive apartment in New York City close to the peak.

That's probably Bush's fault, too:

Here we go again - another Obama administration/media personality feud in the works.

White House Press Secretary Robert Gibbs has no problem addressing media critics of President Barack Obama - even on an individual basis. Since Obama was sworn in as president, Gibbs has addressed criticism from conservative radio host Rush Limbaugh, CNBC mercantile exchange floor reporter Rick Santelli and now CNBC "Mad Money" host Jim Cramer.

During the March 3 White House press briefing, Tom Costello of NBC News asked Gibbs to respond to remarks from Cramer, who was described as "not a conservative," made on NBC's March 3 "Today" show that he "thought the president's policies, his agenda had contributed to the greatest wealth destruction he's ever seen by a president."

MSNBC’s Keith Olbermann and CNN’s Rick Sanchez both poked fun of Fox News personality Sean Hannity for his on-air commercials for Stanford Coins and Bullion, which is part of the Stanford Financial Group led by Robert Allen Stanford, who has been in the news recently due to charges of fraud. It was the Huffington Post on Wednesday that pointed out the talk show host’s spots for Stanford. Olbermann named Hannity his “Worst Person in the World” on Thursday evening for the radio spots for Stanford.

Nineteen hours later, on Friday afternoon’s Newsroom program on CNN, Sanchez gave the misleading impression that Hannity was still doing the live spots even after the news of the investigation into Stanford came out: “Sean Hannity unabashedly endorsed Robert Allen Stanford on the air to millions of potential customers -- the same Fox News host who calls President Obama a socialist.” An on-screen graphic during Sanchez’s segment indicated that his source for the story was the Huffington Post, while another graphic asked, “Who’s Your Friend, Sean?”

Sigh. Here we go again. First it was our capitalist society deemed gone as Newsweek magazine declared, "We're socialists now." This time - it's the death of supply-side economics, according to Newsweek Senior Editor Daniel Gross.

To sum it up, Gross declared tax cuts obsolete, a theory that only works on paper, in a time when employers come and go and institutions aren't stable like they once were. For his "Money Culture" column, in an article headlined "Tax Cuts Won't Work" posted on Feb. 13, Gross made that point using a Harvard professor, thought to have a secure job, as an example.

"Back in the day, and in many of the past episodes of postwar recession, the typical American worker resembled a Harvard professor-not in brains or wit, to be sure, but in the shape of her economic life," Gross wrote. "Many-not all, but a lot-enjoyed long, relatively secure job tenures, steady incomes, and generous employer-provided health and retirement benefits. But the economy has changed significantly in recent decades. And the circumstances that might prod our professor to start spending those tax cuts immediately might not apply to everybody else. The typical worker-white-collar, blue-collar, no-collar-doesn't have anything like tenure or a guaranteed job."

Everything is wonderful and peachy-keen in Obamaland if you rely on the reporting on the front page of The New York Times. Just ask CNBC's Jim Cramer. On his Feb. 12 program the "Mad Money" host dealt with the $789 billion stimulus package.

"Now if you were to believe what's in the papers, holy cow - except for the funny papers - you would think this package was wonderful," Cramer said he said of the reported agreement congressional leaders had reached on ironing out the package's details.

Cramer was referring to a front-page article by Richard W. Stevenson in the Feb. 12 Times, which gave a glowing account of this as a victory in the early stages of the Obama administration.

"Look at the front page of The New York Times today," Cramer said. "I love this one, ‘Measuring a Victory,' by this guy, Stevenson. He's a famous guy, you know? He's not Robert Louis Stevenson, he's Richard W. Stevenson. He writes - it's like a comedy routine - ‘It is a quick sweet victory for the new president and potentially a historic one.' Who edits this B.S.?"

He might be on the Forbes list of billionaires with a net worth of $1.3 billion and he may appear frequently in the financial media, but Pimco's Bill Gross doesn't have a grasp of how much "trillions" are. Gross recently called for a massive government intervention or face certain catastrophe. 

"This economy requires support from the government, a check from the government in some form or fashion in the trillions as opposed to the hundreds of billions," Gross said to Bloomberg TV on February 5. "And I think President Obama was right - there is a potential catastrophe if Washington continues to focus on $100 or $200 billion. We need something in the trillions."

Gross' proposed amount includes a bailout for the banks, in addition to the stimulus to jumpstart the overall economy.

Don't like the notion of Wall Street employees receiving bonuses? Shoot the messenger - as Adam Green at The Huffington Post has done.

In a Feb. 2 post on The Huffington Post, Green said it was bad form for CNBC "Street Signs" host Erin Burnett to even think about considering the other side of the anti-Wall Street bonus argument, since some Wall Street banks received TARP funds, courtesy of the taxpayer.

"There are, though - well, how should we say this - the taxpayer money is not being used to pay the bonuses," Burnett explained on NBC's Feb. 1 "Meet the Press." "I think people could understand if you work for a company - right? If the three of us worked for a company, your guests, and I lost $10 billion but Steve [Forbes] over there, he made a billion dollars. So overall the company actually loses money, but Steve went and did his very darndest for that company and he made money. So should he be paid for his work? That's essentially what we're talking about here."

With all the populist sentiment generated from the economic slowdown by politicians, CNBC "Mad Money" host Jim Cramer is seeing eerie similarities with the comments of President Barack Obama and the words of a communist revolutionary.

Cramer, appearing on MSNBC's Feb. 2 "Morning Joe," drew comparisons between remarks between the first head of the Soviet Union, Vladimir Lenin, and Obama. Obama criticized Wall Street's moneymaking on Jan. 30, when he said there would be a time "for them to make profits, and there will be time for them to get bonuses. Now's not that time. And that's a message that I intend to send directly to them."

Cramer said that was similar to Lenin's writings. "Let me tell you something, we heard Lenin," Cramer said. "There was a little snippet last week that was, ‘Now is not the time for profits.' Look - in Lenin's book, ‘What Is to Be Done?' is simple text of what I always though was for the communists, it was remarkable to hear very similar language from ‘What Is to Be Done?' which is we have no place for profits."

The Gross Domestic Product declined by 3.8 percent in the final quarter of 2008.

It was bad, but nowhere near as bad as expected.

Is it possible that all the hysterical gloom and doom emanating from the media is way overdone, and that things are not close to as apocalyptic as we've been told the past five months?

Consider the actual numbers reported Friday morning by MarketWatch:

Sometimes you learn a lot from commenters.

I was going through the comments tonight at my Pajamas Media column about the Geithner nomination that went up earlier today, and came across this at Comment 39 from "Mike M":

The deduction he took for the summer camp as a day care expense is EXPRESSLY PROHIBITED IN THE IRS CODE! That’s out and out tax fraud. Even Leona Helmsly (sic) is jealous in her grave ....

Summer camp!?

It turns out that there is a lot more to the Geithner story. It has been sitting right there in details that were made public last week, but were mostly ignored by the Washington press. While the amounts involved aren't anywhere near as large as those relating to Geithner's self-employment taxes from 2001 through 2004 on his earnings at the International Monetary Fund -- taxes he didn't pay until audited by the IRS (2003 and 2004) or until just before his nomination was announced (2001 and 2002) -- they are nonetheless revealing, infuriating, and disturbing. They make the claims of "honest mistakes" that his defenders up to and including Barack Obama continue to employ look much, much weaker (paragraph image is from Pages 3 and 4 of the relevant report stored here as a PDF; a larger JPEG image is here):

The failure of American media to properly vet the political beliefs of Barack Obama during the just concluded presidential campaign was on full display Sunday when the president-elect made clear just how much of a socialist he really is, and did so with nary a challenge from "Meet the Press" moderator Tom Brokaw.

Makes you wonder what the results might have been on November 4 if the press had done its job in exposing Obama's radical economic beliefs rather than attacking Joe the Plumber for suggesting he had them, and how much differently his appearance on "Meet the Press" would have gone Sunday if the moderator wasn't completely on board with these left-leaning philosophies.

Such is important when considering Obama's comments previously reported by NewsBusters here and here as well as a truly telling statement by the president-elect that working for your own financial benefit is "not good for anybody" (video available here):

It's a good thing Barack Obama was elected.  Otherwise, the nation's glum Thanksgiving mood might have been downright funereal.  At least, that's the impression the New York Times gives in its decidedly downbeat article about the holiday.

"In Lean Times, Comfort in a Bountiful Meal" tells the story of people from coast to coast virtually weeping into their turkey and cranberry sauce.  Whether it's a Los Angeles illustrator whose work has fallen 50%, a youngish Ohio husband and wife who've both lost their jobs, or even an equities trader on the Upper West Side who can't bear to open his personal investment statements, the prevailing mood is blue.

With one bright exception: at least we have Obama.

Neil Cavuto and Ben Stein had quite an argument about bailouts on FNC's "Cavuto on Business" Saturday morning that nicely covered the issues people on both sides of this contentious debate will likely be discussing around dinner tables this Thanksgiving, though hopefully with less screaming:

In today's "You've Got to be Kidding Me" moment, the San Francisco Chronicle advocated that folks who owe more on their mortgages than their homes are worth should stop making payments so they can qualify for a government bailout.

I'm not kidding.

Disgustingly titled "Are You an Idiot to Keep Paying Your Mortgage," the article actually instructed readers upside-down in their real estate the ins and outs of how they can transfer responsibility for their own investment mistakes to others (emphasis added throughout, picture courtesy The Economist):

In the name of gender equality, the Today show plumped this morning for government regulation forcing health care insurers to charge men and women the same for individual policies even though women cost insurers more because of greater use of services.  Hasn't the financial crisis taught the MSM anything about the danger of government meddling in markets? No.

Insurers wind up paying out more in claims under women's policies than men's.  Under the circumstances, charging women the same as men would make as much sense as FedEx charging a flat shipping fee no matter how big the box.  But that didn't stop NBC medical editor Nancy Snyderman and Today weekend co-host Amy Robach from decrying the unfairness of it all this morning.  Their solution? More government, of course.  They want legislation to force insurers to charge the sexes the same.

View video here.

I'm guessing that Paul Krugman and David Brooks don't hang out that much together.  So when both turn up on the New York Times op-ed page this morning with columns calling for massive government spending, I'm assuming they came to their conclusions independently.  My working hypothesis: if Krugman and Brooks agree on something this important, they must be wrong.

Here's Krugman's prescription, which comes in response to news that consumer spending has dropped sharply [emphasis added throughout]:

[W]hat the economy needs now is something to take the place of retrenching consumers. That means a major fiscal stimulus. And this time the stimulus should take the form of actual government spending rather than rebate checks that consumers probably wouldn’t spend.

Let’s hope, then, that Congress gets to work on a package to rescue the economy as soon as the election is behind us.

From Brooks:

Sometimes former CEOs have a reason to be downbeat when they make predictions.

Former Chairman and CEO of Citigroup Sanford Weill told CBS's "The Early Show" Oct. 28 that unemployment would hit 9 percent and that Wall Street CEOs "didn't deserve bonuses this year." It went something like this:

Well, I think we've set in motion a whole series of events that is going to make the economy really, really bad over the short term. I think we are going to see the biggest drop that we've seen in GDP. I think we are going to see unemployment go up to about 9 percent.

Weill said that a year from now things would be a lot better, but still was critical of the Federal Reserve for not acting sooner:

Imagine that a week before a presidential election, a radio interview surfaced in which the Republican candidate had called for, say, the abolition of Social Security. Now imagine the broadcast networks' reaction to that nugget: "We interrupt regularly-scheduled programming for this Breaking News," followed by 24/7 coverage with talking heads pondering the devastating impact on America's seniors, the overall economy, the future of Western civilization, etc. Nobel laureate Paul Krugman would be booked from now till election day, offering his pained pronouncements.

But how do those same networks react when a radio interview [YouTube after the jump] surfaces of Barack Obama in a call for the redistribution of wealth, in which he laments the Supreme Court's insufficient radicalism in pursuing redistribution and refers to the civil rights movement's failure to develop a better strategy to bring about wealth redistribution as a "tragedy?

Insert cricket-chirp soundtrack here.

I suppose that mocking Republican candidates is an essential element of a Washington Post editorial writer's job description.  Even so, it was jarring to hear the snide comments of WaPo editorialist Jonathan Capehart [seen right in file photo] about Sarah Palin read on the air today.  Not merely did he mock her shopping habits, Capehart came very close to accusing Palin of . . . "child abuse."

Mika Brzezinski, at the Morning Joe helm with Joe Scarborough off on assignment today, led the show with the Politico report that the Republican National Committee has spent more than $150 thousand on clothes and accessories for Sarah Palin and family.  Also aired was a clip of Palin describing the duties of the vice-president to a third-grader, the accuracy of which has been questioned.

View video here.

It may not have been "huge" when CNBC's Joe Kernen said it but the dude has been on practically every news station by now.

Kernen told chief Washington correspondent John Harwood that the "Joe the plumber" story "would be huge" and even a "bombshell," in any other election year. Kernen said voters "don't care" because they are buying into Sen. Obama's assertion that the Bush tax policies have led to the financial crisis.

"Obviously not everyone out there knows how to connect the dots between the [financial crisis] and tax policy. For some reason the Bush tax policies are being cited by Obama as the reason that we're in this position right now, again and again and again," said "Squawk Box" co-host Kernen Oct. 16.

But Kernen didn't stop there:

Who you gonna call to fix the economy? Kids.

The Dow dropped 5,585 points since its high a year ago, banks have been afraid to lend and the government bought billions in toxic mortgage-backed securities. So CBS's "The Early Show" went to some top finance experts to explain what was happening to viewers, right? Nope, they went to kids, Oct. 10.

Weatherman Dave Price talked to fifth graders in Arlington, Va., about the credit crisis, exclaiming, "You wouldn't believe how much they know, sometimes we ought to listen to them and their solutions."

"What one thing does your mom waste money on?" Price asked one student.

"Mmm, smokes, I guess," a fifth grade girl from Glebe Elementary School replied.