Personal Finance

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:

In the view of the New York Times, everything that ails our nation is caused by Republicans.

Consider Saturday's editorial disgracefully titled "Magical Unrealism: In the Iowa Debate, Republicans Fled From the Truth About the Damage Caused by Their Party":

As NewsBusters reported, MSNBC's Chris Matthews on Wednesday took some poorly-researched cheap shots at conservative talk radio host Rush Limbaugh.

Limbaugh responded Thursday explaining that this is borne of frustration over the failure of Barack Obama noting, "The Chris Matthewses and the media are very close to the rioters in London in terms of anger, disappointment" (video follows with transcript and commentary):

The primary argument conservatives made against presidential candidate Barack Obama in 2008 was that he lacked the proper experience and qualifications for the most important job on the planet.

On Tuesday, Huffington Post's Howard Fineman, one of the many liberal media members that helped get the woefully lacking junior senator from Illinois into the White House, said on MSNBC's "Hardball," Obama "should have spent more time on the Chicago Board of Aldermen than at the University of Chicago" (video follows with transcript and commentary):

Want to know just how scared of the Tea Party America's media are?

On Sunday, the Chicago Tribune's Clarence Page published a column entitled "Is The Tea Party Over?":

The predictable MSM reaction to Standard & Poor's downgrading of the US government's credit rating? Kill the messenger, of course.  Yesterday, we noted how Jeff Glor at CBS' Early Show parroted the Obama line about the downgrade being "political."

Today it was ABC's turn.  Good Morning America had on Mellody Hobson, a regular ABC "financial contributor" and former host of her own ABC financial-advice show. Hobson hit S&P hard, expressing the view that "everything that they do is suspect."

There's just one little factoid ABC didn't share with viewers. While presented as a presumably objective financial expert, Chicagoan Hobson in fact is an Obama partisan.  Hobson served as a big-time fundraiser during Obama's 2008 presidential campaign and is involved with his 2012 campaign.

View video after the jump.

Ever the dutiful Obama shills, the New York Times on Saturday downplayed the seriousness of the announcement by Standard and Poor's that it had downgraded America's debt rating to AA+.

As you read this, imagine how this front page article would have differed if a Republican was in the White House:

New York Times columnist Joe Nocera took a lot of heat this week for writing an article calling Tea Party members "terrorists" wearing "suicide vests."

On Saturday, he apologized:

If the economy stagnates or falters in the coming months, it seems a metaphysical certitude Obama-loving media will do everything in their power to blame it on Tuesday's debt ceiling agreement rather than any of the other factors already in play.

MSNBC's Chris Matthews gave us a foreshadowing of such deception on "Hardball" when he blamed Tuesday's stock market collapse on the newly-signed legislation rather than the bad economic data announced in the morning (video follows with transcript and commentary):

Barack Obama might give Chris Matthews a thrill up his leg, but the bromance MSNBC's "Hardball" host has with former President Bill Clinton knows no bounds.

On Monday's program, Matthews finished by nominating Clinton as Secretary of the Treasury, "Because in many ways it’s a life saver" (video follows with transcript and commentary):

Reason TV's Nick Gillespie was threatened on HBO's "Real Time" by Mayor John Fetterman (D-Braddock, Pa.).

After Gillespie made a joke about Fetterman being mayor of the poorest town in Pennsylvania, the Mayor responded, "You want to take it outside?" (video follows with transcript and commentary):

While Associated Press Economics writers like Christopher Rugaber and Paul Wiseman, as seen in a post this morning (at NewBusters; at BizzyBlog), talk of "baffled economists" and a job market that is "defying history," one AP writer, in discussing stocks which have done well in this economy, has revealed what employment prospects really are with quite un-baffling certainty from the point of view of those who have to put their money where their expectations are, i.e., investors.

The wire service's Bernard Condon cited a pawn shop operator, a payday lender, a debt-collection firm, and a rent-to-own outfit as companies which have outperformed the market and are expected to continue doing so. The reason for the expectation is found in the title of this post, which is also seen in the following excerpt from Condon's composition:

Chris Matthews Tuesday once again showed that his tenuous grasp of reality is getting dangerously weak.

During the final segment of "Hardball," the host unequivocally blamed the 2007 financial crisis and resulting recession on George W. Bush just moments before he said, "Okay, Obama hasn't been able to get us out of it yet, but...there’s no sense blaming one Party or the other" (video follows with transcript and commentary):

Update (11:55 a.m. EDT): MSNBC anchor Thomas Roberts just mentioned the 62% spike in Pelosi's net worth, attributing it mostly to her husband's real estate dealings.

As my colleague Noel Sheppard noted today, the media have largely ignored the fact that House Minority Leader Nancy Pelosi (D-Calif.) has seen an astonishing 62 percent spike in her net worth over last year.

Yet in a June 16 page A3 story on the Wednesday release of congressional financial disclosure statements -- the very documents from which the Pelosi figure was calculated -- Washington Post reporters David Fahrenthold and Karen Yourish instead chose to focus on Republican freshmen congressmen with debt, hinting at hypocrisy for having campaigned on reining in spending in Washington (emphasis mine):

CNN's Eliot Spitzer arrogantly lectured about the benefits of Keynesian economics Sunday while accusing fellow panelists on "Fareed Zakaria GPS" of not knowing what they were talking about because they weren't business owners.

This led British historian Andrew Roberts to point out that President Obama's administration are mostly academics, and Ann Coulter to ask Spitzer, "What business have you ran? You’re a governor" (video follows with transcript and commentary):

As no clear frontrunner emerges in the Republican presidential nomination race, the liberal media are in a full-scale panic over the thought that the former governor of Alaska might eventually enter and challenge their beloved president in November 2012.

On Sunday, "Face the Nation's" Bob Schieffer asked Mississippi Governor Haley Barbour with some incredulity, "Could you ever envision yourself supporting a ticket that had Sarah Palin at the top?" (video follows with transcript and commentary):

Fox News's Greta Van Susteren on Saturday took issue with New York Times columnist Charles Blow's recent piece "False Choice."

In it, the perilously liberal commentator criticized Republicans for wanting to solve the nation's economic woes with a mixture of tax and spending cuts:

For the second night in a row Tuesday, MSNBC's Ed Schultz called Republicans liars.

Also for the second night in a row, he did so moments before lying himself (video follows with transcript and commentary):

Former Clinton labor secretary Robert Reich wrote a truly nonsensical piece for the Huffington Post Tuesday ironically called "The Republicans' Big Lies About Jobs."

MSNBC's Chris Matthews must have loved this tripe and its sophomoric title for he invited the Berkeley professor on Wednesday's "Hardball" so that the pair could put on a clinic in liberal economic fantasy (video follows with partial transcript and oodles of commentary):

Since its inception, NewsBusters has informed readers of the tendency of liberal media members to completely make up economic data when it fits their agenda.

Not surprisingly, this happened on Friday's "Real Time" when host Bill Maher brought up Reaganomics and MSNBC's Rachel Maddow proudly told - she even stood up to tell this whopper! - a 100 percent falsehood about income gains during that era (video follows with transcript and commentary):

Lawrence O'Donnell on Tuesday surprisingly exposed how ignorant liberals are of the tax code.

In a sometimes heated discussion with prominent progressives about President Obama's new compromise tax plan, "The Last Word" host aggressively challenged the knowledge of two of his guests (video follows with transcript and commentary):

The hypocrisy of liberal media members knows no bounds - even on Thanksgiving.

On Thursday, CNN contributor Paul Begala wrote a piece for the Huffington Post extolling the "quintessentially liberal virtue" of generosity despite conservatives giving far more to charity:

CBS reporter Lesley Stahl was very confused on Monday's "Morning Joe". She just couldn't figure out why there are so many women involved with the Tea Party.

Stahl received a basic civics lesson from two unlikely personalities: columnist Mike Barnicle, and Sam Tanenhaus, editor of the New York Times Book Review and author of "The Death of Conservatism".

Tanenhaus noted that economic issues are of particular importance to women, and therefore that women are going to be more active when their economic livelihood is threatened. Barnicle suggested that since women generally handle household finances, the illogic of deficit spending is especially clear to them (video and transcript below the fold - h/t Caroline May).

Ed Schultz must have had the shock of his life Thursday when a jobless advocate told him, "It was the Democrats that caused us to be in the situation that we're in."

Mignon Veasley-Fields is a 61-year-old Los Angeles grandmother who has been out of work since June 2008. Her unemployment benefits ran out over three months ago.

Since then, she has been bringing attention to the long-term unemployed in this nation referred to as "99ers" signifying the number of weeks they received benefits before they stopped.

In recent weeks, a new group has emerged called the 99er NOVOs: they are so angered by Washington that they are refusing to vote in the upcoming elections.

On Thursday's "Ed Show," Schultz did his darnedest to get Veasley-Fields to encourage the NOVOs to cast ballots for Democrats in November despite their economic woes (video follows with partial transcript and commentary):

A recurring theme from liberal media members as we approach the midterm elections is that Americans have to vote for Democrats in November so the nation doesn't go back to the way things were when Republicans ran everything.

A perfect example is New York Times columnist Paul Krugman who on Friday penned a piece called "Downhill With the G.O.P.":

Never mind the war on terror, the party's main concern seems to be the war on arithmetic. And this party has a better than even chance of retaking at least one house of Congress this November.

Banana republic, here we come.

In the midst of all this "Do you really want to go back to those days" talk is a staggering ignorance concerning how "those days" compare to now:

As NewsBusters has previously reported, liberal Internet publisher Arianna Huffington is breathtakingly ignorant when it comes to basic economic theory.

On Sunday, she proved it again by making an absolute fool of herself on ABC's "This Week."

With the "Roundtable" segment beginning on the subject of the economy, Huffington noted how the failure of the banking bailout to stimulate growth was "proof that the government does not work."

In a stunning display of both idiocy and hypocrisy, she moments later demanded more financial regulations, including a reinstatement of the Depression Era Glass-Steagall Act, to - wait for it! - stimulate the economy.

Adding insult to injury, George Will was available to really make clear what an absolute imbecile Huffington is (video follows with partial transcript and commentary):  

National Review's Rich Lowry on Sunday had a classic debate with Washington Post columnist E.J. Dionne about whether or not the tax cuts implemented by former President George W. Bush should be allowed to expire.

Dionne agrees with President Obama that they should only be extended for folks making less than $250,000 a year; Lowry thinks that raising anyone's taxes right now could send the country back into recession.

With this in mind, NBC's David Gregory opened the panel segment of "Meet the Press" with a discussion about the current state of the economy and how this issue might impact the upcoming midterm elections.

As he tossed the baton to Lowry and Dionne, one got the feeling Gregory was intentionally lighting a fuse he knew would result in some entertaining fireworks (videos follow with transcripts and commentary): 

To the surprise of CNNMoney.com’s Tami Luhby, the market is doing something more efficiently than a government program. While this isn’t news to many, at CNN, it’s a revelation.

It seems “banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP,” Luhbi wrote in her Aug. 30 article. Banks made 644,000 “proprietary permanent modifications” in the first half of 2010, almost twice the 332,000 under HAMP.

Loan modifications are an alternative to foreclosures, in which the debtors usually receive “interest rate and principal reductions.” The HAMP program, according to Luhby, “lowers monthly payments to 31% of pre-tax income.”

Luhby’s surprise stems from her assertion that:

George Will on Sunday gave Robert Reich a much-needed history lesson about deficit spending and liberal myths concerning Franklin Delano Roosevelt and Herbert Hoover.

As the Roundtable segment on ABC's "This Week" moved to the current state of the economy, Reich predictably called for another stimulus package. 

"You can't even talk about stimulus because people say, 'Oh, that would create a deficit and that would generate inflation,'" declared one of the Left's favorite economists.

Fortunately for those actually interested in facts, Will was there to offer viewers the truth (video follows with partial transcript and commentary):