A prominent Democrat made news on MSNBC Feb. 11 with his guarantee of new financial industry regulations "comparable" to FDR's New Deal.
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., appeared on MSNBC's "Rachel Maddow Show" Feb. 11 and told the MSNBC and Air America host that things should be done to limit what financial services can do, specifically when it comes to compensation.
"There's no question about it for the future," Frank said. "Look, there's a problem with the American system and we as liberals should be honoring this. The principle that you don't go back and do things retroactively is a very important liberal principle."
Frank "guaranteed" there would be new regulations forthcoming.
Imagine for a moment an American newspaper publishing a column with the following opening sentence:
Has Barack Obama’s presidency already failed?
Not in a million years, right?
Well, on Wednesday, one of the most respected international publications, the Financial Times of London, published such an article written by its associate editor and chief economics commentator Martin Wolf.
In it was an astonishingly frank analysis of what the Obama administration has done and not done to solve the current financial crisis (picture courtesy FT):
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."
CNN's Campbell Brown isn't happy with what Rush Limbaugh said about her colleague Ali Velshi Friday, and has invited the conservative radio host to debate him on her program.
As some background, Velshi was on Brown's "No Bias, No Bull" show Thursday and claimed: "This is not the economy that Ronald Reagan ever saw or anybody with the last name Bush ever saw, or Clinton. We have not seen anything like this in our lifetime."
After the fourth quarter Gross Domestic Product numbers were released Friday showing a much lower-than-expected decline, Limbaugh took issue with what Velshi said the night before:
Mr. Velshi, you are incompetent. You are a disservice to your business, except you fit right in at CNN. Disinformation, character assaults. This economy is nowhere near as bad as it was in 1982.
Brown took issue with this Friday evening (video embedded below the fold with partial transcript, file photo):
Allison cited a "religious belief in affordable housing" that led the government to institute the Community Reinvestment Act of 1977 (CRA) and later, during the Clinton years, to a huge expansion of Fannie and Freddie.
"In my opinion, I'm certain without Freddie Mac and Fannie Mae we could not have had the magnitude of misinvestment - we'd a had misinvestment but nothing like what we've had today," Allison said.
In one of the more insulting comparisons seen in recent memory, Albany Times Union editorial cartoonist John de Rosier does a major disservice to the honorable men who served during the Battle of Iwo Jima, by depicting recent efforts of Democrats to pass a non-stimulating ‘economic stimulus plan' as equally heroic.
The cartoon shows Democrats in the role of the Marines featured in the Iwo Jima Memorial, a sculpture based on the famous photo by Joe Rosenthal entitled Raising the Flag on Iwo Jima. The exception to this replicationlies in the flag being raised - the Dem's are trying to hoist a ‘bailout flag' as opposed to a flag of the United States.
If that weren't insulting enough, the cartoon also shows the Republican Party mascot, the elephant, trying desperately to pull the flag down.
In short, the Democrats are trying to save our nation by heroically raising up the Obama bailout flag, while the villainous Republicans are trying to destroy our nation by stopping their efforts.
Conservative talk radio host Rush Limbaugh wrote an op-ed in Thursday's Wall Street Journal wherein he offered a bipartisan stimulus plan to get the economy going.
As not one Republican voted for President Obama's economic package in the House Wednesday despite his campaign promises to usher in a new era of bipartisanship, given the media's focus on Limbaugh of late one would expect his now-published plan to get oodles of press attention.
Will it, and if it does will Obama-loving media members seriously consider the details or quickly dismiss it because of its origin?
As you ponder, here are some of Limbaugh's suggestions:
Uniquely among Monday’s broadcast evening newscasts, NBC Nightly News anchor Brian Williams read a short item citing a "disheartening" report by the National Oceanic and Atmospheric Administration (NOAA) predicting that the world is in danger of suffering effects of global warming that will take 1,000 years to reverse unless "immediate action is taken to cut greenhouse gases." Williams: "The folks at NOAA ... say that if carbon dioxide continues to build up unchecked in our atmosphere, then the effects of global warming could be irreversible for more than a thousand years. That could mean severe drought in some parts of the world. Researchers conclude things are not hopeless as long as immediate action is taken to cut greenhouse gases."
Below is a complete transcript of the item from the Monday, January 26, NBC Nightly News, as read by Williams:
More proof that America has been delivered from the eight years of hell that were the Bush administration: Environmentalists are happy again. That’s according to CBS Evening News on Jan. 26.
Reporting on the orders President Obama issued yesterday to overturn Bush Administration decisions regarding automotive emissions, Chief White House Correspondent Chip Reid said, “On Capitol Hill critics said the action could set the struggling American automobile industry back even further, but the change in course delighted the president’s audience, long suffering environmental activists.”
Had it been a Republican president undoing the draconian environmental policies of a Democrat president, would Reid have talked of “long suffering manufacturers?” “Hard pressed entrepreneurs?” “Much put-upon businesses?”
The Associated Press's 1:12 p.m. coverage (saved here, as the dynamic link changed during the drafting of this post) of the Senate Finance Committee's hearing on Barack Obama's nomination of Timothy Giethner as Treasury Secretary has plenty of discussion of Geithner's tax "mistakes" (the picture, but not its heading, is from a November 21 New York Times article).
But as has been the case with every AP report I've seen, there is no mention of the fact that the International Monetary Fund, Geithner's 2001-2004 employer, partially reimbursed him for his Social Security and Medicare "self-employment tax" liabilities.
Here are the first eight paragraphs of AP Economics Writer Martin Crutsinger's report:
On Saturday’s CBS Evening News, correspondent Bill Whitaker devoted a full story to an environmental activist in Utah, Tim DeChristopher, who disrupted an oil lease auction by illegally making bids that he knew he could not pay, which slowed down the process making it possible for Barack Obama to block President Bush’s directive allowing the auction. Anchor Russ Mitchell introduced the report: "The Bush administration has less than three days left, but almost to the end, it’s been taking actions that have environmentalists fuming. One young activist used an unorthodox tactic, as we hear from Bill Whitaker."
After recounting that DeChristopher moved to Utah to attend college and became enamored with the beautiful landscape, Whitaker continued: "But where DeChristopher sees beauty, others see bounty. When one of the last-minute acts of the Bush administration was to auction off some of this land for oil drilling, the 27-year-old student said he had to act."
But will it survive being labeled a major source of CO2 "pollution"?
We may soon find out. As reported in the UK Times Online, a Harvard scientist claims to have estimated the so-called carbon footprint of Google searches -- and it's not small. During the course of their article, reporters Jonathan Leake and Richard Woods use language the press usually reserves for conservatives and "evil" businesspersons:
On his program on Monday evening, CNN anchor Lou Dobbs criticized the proponents of the theory of manmade global warming in response to a report by correspondent Ines Ferre about the latest climate data: “[T]hey bring this thing to a personal belief system. It’s almost a religion, without any question...” He went on to criticize the “crowding out of facts and objective assessment of those facts...there’s such selective choices of data as one discusses and tries to understand the reality of the issues that make up global warming.”
Dobbs set the tone early as he introduced Ferre’s report, which began 41 minutes into the 7 pm Eastern hour of the CNN program: “The issue of global warming is, of course, a controversial and divisive topic, and it has been such for some time....Either way, somebody gets offended. Well, tonight, relax, we have another report for you, and all of who you believe in global warming will be challenged, and the facts, if you’re not interested in the facts, you shouldn't pay attention, as Ines Ferre reports.”
To say that President Vaclav Klaus of the Czech Republic is not liked by Euro-elitists is a grand understatement.
European media has generally bent over backwards to give European Union politicians and bureaucrats in Brussels respect and the benefit of the doubt. If there is a voter referendum that enhances EU power, the press is for it, and those in countries like Ireland who reject its advances towards smiley-faced socialism are unenlightened.
Even France's widely disliked Nicolas Sarkozy received favorable treatment from the Europhile press during his 2008 stint as EU President.
That has changed now that Klaus, a fervent advocate of democracy and ardent opponent of statism, whatever its disguises -- including "climate change" -- has taken over that office.
David Charter, Europe correspondent for the UK Times Online, led the charge last Friday (the picture and caption above is from the Times's story page), and reported that things are getting quite testy between Klaus and the Europe uber alles crowd:
Ever since the financial services industry totally melted down in September, anti-free market media have pointed an accusatory finger at deregulation as the primary cause of bank, brokerage firm, and insurance company failures.
Yet, as press outlets across the fruited plain deal with declining revenues and layoffs, some believe a looser anti-trust environment could be the solution.
Even more delicious, one such advocate, Variety's Brian Lowry, used to be a deregulation opponent as evident in his Wednesday column:
Climate realists around the world have contended for years that the real goal of alarmists such as Nobel Laureate Al Gore and his followers is to use the fear of man-made global warming to redistribute wealth.
On Monday, one of Gore's leading scientific resources, Goddard Institute for Space Studies chief James Hansen, sent a letter to Barack and Michelle Obama specifically urging the president-elect to enact a tax on carbon emissions that would take money from higher-income Americans and distribute the proceeds to the less fortunate.
The eco-socialism cat was let out of the bag on page five of a PDF Hansen published at Columbia University's website on December 29 (emphasis added, h/t Britain's Guardian, file photo):
The roundtable on Monday night's Special Report with Brit Hume on FNC was not kind to the New York Times's hit piece on Sunday's front page that blamed President Bush and only Bush for the mortgage meltdown, ignoring the Democrats in Congress who protected the irresponsible push for more "affordable housing" by Fannie Mae and Freddie Mac (as Times Watch noted yesterday).
Nina Easton, Washington bureau chief of Fortune magazine, pronounced herself "flabbergasted when I read this story, flabbergasted....You cannot write a story about affordable housing policies and blame it on George Bush instead of the Democrats. I mean, it’s just, it’s outrageous."
From the Monday night Special Report with Brit Hume:
And what was this heinous, catastrophic philosophy that caused all our nation's problems? "Americans do best when they own their own home."
Oh the humanity.
Sadly, much as the Times and its liberal colleagues conveniently forgot and/or ignored all American history prior to March 2003 in order to blame the nation's problems on Bush and the invasion of Iraq, the authors of this disgrace omitted and/or skirted over virtually all the relevant pieces of legislation and issues that led to our current financial crisis -- as well as articles on the subject published by their very paper!!! -- instead focusing readers' attention on the following (emphasis added throughout, photo courtesy NYT):
In an article outlining the ridiculousness of New York State Governor David Paterson's budget proposal tax hikes, CNN misleadingly led with the following statement (emphasis mine throughout):
A budget plan by Gov. David Paterson that would plug budget shortfalls by slashing spending and raising taxes on items from sugary soft drinks to iTunes downloads is drawing criticism in New York.
Paterson may have proposed lower spending comparatively with year's past, he may have reduced spending, but he most certainly is not ‘slashing spending.'
A majority of today's politicians have completely abandoned the concept of slashing spending, Democrats and Republicans alike. Out of control spending is the very crux of our current economic crisis. So, how a mistake like that, while seemingly innocuous, could pass the proofreading staff at CNN is a mystery.
CBS's "The Early Show" included a statement in its Dec. 18 report on the Big 3 bailout from "auto industry analyst," Dan McGinn. Letting the massive car companies fail "would be like 10 Katrinas hitting America at the same time," McGinn asserted. "The American public understands that."
What the report didn't say is that McGinn is also an adviser to General Motors. Furthermore, TMG Strategies the public relations firm McGinn heads, lists GM as a client. McGinn has been making the case for an auto bailout in many news stories and issuing some compelling statements on behalf of his client.
On MSNBC's "Hardball with Chris Matthews," McGinn was labeled as an "auto industry consultant," Dec. 4. There was no mention of his link to GM.
"You can see that even in Europe, some of the climate concerns, given this, this once in a lifetime recession, John - to put someone that, an advocate of such strong measures," Kernen said on "Squawk Box" Dec. 11. "Really I've seen her called Brownies or Brownistas. Um. That's a little scary with what's happening right now."
Earlier Kernen was discussing cabinet appoints with CNBC Washington correspondent John Harwood and pointed to new regulations Browner could institute:
During an interview on CNN’s “No Bias, No Bull” program on Tuesday, New York Times columnist Thomas Friedman expressed his confidence in President-Elect Obama’s “vision” for environmental policy and urged that the future executive be given “means...that are as radical as its ends” to carry out this policy: “...[I]t’s great to say we’re going to have green jobs and green homes and green-collared jobs to re-insulate people’s homes, install solar panels. Those jobs won’t get taken up unless you change building codes around the country. So...I think, the challenge for President-elect Obama will be to have the standards, regulations, the means that are as radical as its ends so we can really achieve those ends.”
Host Campbell Brown devoted two segments to her interview of Friedman. During the second segment, Brown brought up “Obama’s attempt to take on the enormous environmental challenges facing the country and the world.” She first asked the Pulitzer Prize-winning journalist if the president-elect’s plan for creating green jobs was “visionary” enough and if he has “the leadership ability to get this done.”
On Friday, Newsweek.com's Conventional Wisdom gave an approving up-arrow to Congress for brow-beating Detroit auto executives. The magazine lauded the Democratic Congress for having "rediscovered what oversight means."
The Washington Post is directing a December 8 plea to the incoming Obama administration. The Post wants to raise the federal gas tax so high that it will stop people from driving. The Post thinks this will serve our national security purposes and add more money to rebuild our nation's roads. Apparently, the Washington Post has the foolishly mistaken notion that federal gas tax receipts actually go where our Congress initially claimed it was going to go; our nation's roads. In fact, nearly half of the federal gas tax receipts goes to pork instead of roads and infrastructure.
But, despite the waste by government, here is the Washington Post trying to soak America's drivers even more by suggesting Congress raise the federal gas tax by 46 cents a gallon. The Post thinks that recently falling gas prices offers a "golden opportunity" for the government to emulate Europe and pile taxes high on each gallon purchased. The Post is obviously unaware that the US did not become the greatest nation on earth by emulating Europe!
Democrats, including president-elect Barack Obama and Senate Banking Committee Chairman Christopher Dodd, received more money in campaign contributions from Fannie Mae and Freddie Mac than any other members of Congress.
You couldn't tell that from an Associated Press article published Sunday which completely blamed Republicans for the lack of regulation and oversight of Freddie Mac.
"Talk about too big to fail," said managing editor of Time Richard Stengel on MSNBC's "Morning Joe" Dec. 4, who was on the program promoting the latest cover story for the magazine entitled, "The Case for Saving Detroit." Stengel:
"I find the fact that so many Americans are unsympathetic to Detroit to be kind of amazing," Stengel said:
We make the case that in fact the, you know, the Big Three have adapted in a lot of ways ... They haven't managed things well, they have too much capacity, but I mean, talk about being too big to fail in a way, right?
The fact is Americans don't understand what collateralized debt obligations are, yet they sort of said, ‘Okay, let's bailout all of these banks and AIG' and yet people feel like, ‘Hmm what about the big car manufacturers?
That was the warning from the mayor of Lansing, Mich., on CBS's "The Early Show" Dec. 2. "You know this is a sure prescription to go from recession to depression if you allow this auto industry, our manufacturing prowess, to fall by the wayside," Virg Bernero warned:
This industry is too important, not just to Lansing, Mich., but to the whole country. This is our manufacturing base. You know we were the arsenal of democracy. We've talked a lot about economic security, and that's number one, but what about national security? You know, we were the arsenal of democracy in World War II; it was the auto industry that helped turn us around. Can you imagine a country, I would ask, can you imagine America losing our manufacturing edge, not having that manufacturing prowess? That hurts our national security.
ABC correspondent Claire Shipman lauded President-Elect Barack Obama’s Treasury Secretary-Designate Tim Geithner on Tuesday’s Good Morning America: “It might not be immediately obvious, but insiders say the President-Elect and his pick for the top economic spot could have been separated at birth.” She later quoted The Economist’s line about the future top bureaucrat, that both Obama and Geithner “have a hipster, wonky cool about them,” and that both “like to relax by shooting hoops.” Shipman even played up the “hipster” label by stating how “[t]he new Treasury Secretary is also known to surf and skateboard.”
Shipman began her report by describing what Obama admired about Geithner, along with a personal anecdote about the federal bureaucrat: “Well, his smarts and his style -- that's what aides say appeal to Barack Obama, and here’s another clue about his character -- he’s an avid amateur photographer, and friends say that very much explains the way he likes to work. He likes to watch, observe, and then act.” She then gave her “separated at birth” line.
Later, the ABC correspondent played three clips of a close friend of Geithner, Professor Justin Rudelson of Dartmouth, who unsurprisingly spoke well of the Treasury Secretary-designate. Then, as Shipman gave some details about how Geithner “married his college sweetheart” and how “his father was his best man,” sweet piano music played in the background, as you might expect in a gushy biography.
The Associated Press can't even get it right in a three-paragraph item about a White House ceremonial event.
In a story Monday afternoon about President Bush's meeting with two Nobel Prize-winning scientists and Nobel Economics winner Paul Krugman, the unbylined AP writer claimed that Krugman opposed the government's financial bailout. Evidence abounds that this is not only not the case, but that Krugman wants the bailouts to be bigger, and to involve more direct government ownership.
Here are the first and third paragraphs from the story (link probably will not work after about a week):
Three 2008 Nobel laureates from the United States lined up with President George W. Bush on Monday for an Oval Office photograph to mark their achievements.
..... The third laureate at the White House was Paul Krugman of New York, who won the Nobel Memorial Prize in Economic Sciences for his work on international trade patterns. Krugman, a frequent critic of the Bush administration who opposed the recent $700 billion financial bailout, is a Princeton University professor and New York Times columnist.
Since Krugman's supposed opposition may become folklore shortly, it's best to take a cruise through Krugman's blog posts to show that the claim is terribly outdated and currently flat-out wrong: