Appearing on Wednesday's NBC Today, CNBC Mad Money host Jim Cramer blamed the debt ceiling standoff for stocks falling on Wall Street: "All people can talk about is the whole slow down that Washington triggered, the 'manufactured crisis,' as the President mentioned..." Co-host Ann Curry wondered: "To what degree did the spending cuts called for in this bill have an influence in this perception?"
Cramer argued: "We've seen a trillion dollars lost in the stock market. Much of it is associated with companies that were doing well because of government – some people call it hand outs, I would say spending – and I think that, that is a huge part of the decline." Curry touted an over-the-top prediction: "One advocacy group, the liberal-leaning Economic Policy Institute, says the economy could lose 1.8 million jobs in the next year due to the cuts in this deal."
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):
A trend is emerging on MSNBC's "Morning Joe," whereby guests make inflammatory statements likening conservatives to terrorists, and none of the co-hosts insist on a more elevated level of dialogue.
Following in the footsteps of Newsweek's Tina Brown and Rep. Steny Hoyer (D-Md.), two MSNBC analysts called conservatives in Congress "economic terrorists" and "crazy" on Friday, yet none of the program's co-hosts questioned the offensive choice of words or called for a more civilized tone.
Disgraced former Obama car czar Steve Rattner went first, framing Tea Partiers as suicide bombers:
After only his third day on the job, Fox News senior White House correspondent Ed Henry was accused by White House Press Secretary Jay Carney of intentionally "creating" a dispute to please his new employer.
"I know you're creating a thing here for Fox," charged Carney toward the end of a testy exchange with the former CNN correspondent during Wednesday's press briefing.
As members of the White House press corps giggled off camera, Henry retorted: "That's not what I'm doing, you know better than that."
MSNBC's Martin Bashir not-so-subtly suggested Wednesday that House Speaker John Boehner (R-Ohio) is a "baby" who should "go the f*** to sleep" and let Democrats deal with the debt ceiling issue.
Anchoring the afternoon program that bears his name, Bashir excoriated Boehner's latest deficit-reduction proposal, which he dubbed a "ludicrous lullaby," blaming the Ohio Republican for "this ridiculously prolonged, tortuous, and confused attempt to raise the debt ceiling."
In his White House speech tonight, President Obama renewed his call for a debt-ceiling impasse solution which requires "the wealthiest Americans and biggest corporations to give up some of their breaks in the tax code and special deductions." In other words, he wants tax increases, even though earlier in the day, he backed Senate Majority Leader Harry Reid's "plan" (using the term loosely, as explained here and here) which, according to two separate reports (USAT; ABC), includes no tax increases.
In other words, the President, from all appearances, changed his mind -- again. Calling the President's performance in the debt-ceiling matter during the past several weeks "Jello-like" would appear to be an insult to the referenced food product.
Two items I've seen on President Obama's speech tonight -- David Jackson's "live blog" item at USA Today and David Espo's coverage at the Associated Press -- did not recognize this seemingly clear point.
Quoting a British politician who claimed "right-wing nutters" pose the most serious threat to the international financial system, MSNBC's Martin Bashir asked his conservative guest on Monday: "He's right, isn't he?"
The MSNBC anchor posed this question at the end of a contentious interview with Tea Party Nation Founder Judson Phillips, after asking Phillips four times whether he wanted the U.S. to default on its debts.
On Wednesday evening (at NewsBusters; at BizzyBlog), I noted the absurdity of Associated Press coverage characterizing the 5-page document with 3-1/2 whole pages of text issued by the "Gang of Six" as a "plan" -- 12 times, plus in the item's headline. Though I didn't bring it up then, an obvious point to make about any of these items floating around Washington is that if the Congressional Budget Office can't score it, it can't be a plan. A month ago, CBO Director Doug Elmendorf told a congressional committee, in response to a question about President Obama's April proposal, that "we can't score speeches." By contrast, there's no reason to believe it can't score Cut, Cap & Balance, because it's actual legislation passed by the House.
Last night at Investors Business Daily, Mark Steyn, the self-described "One-Man Global Content Provider," made more generalized comments about the media coverage of the debt ceiling-tax-spending-amending discussions and its identification of anything stated in a semi-coherent sentence as a "plan" (press-related items in bold):
ABC, CBS, and NBC ignored the existence of the Cut, Cap and Balance (CCB) bill until last week, a Nexis search revealed, despite multiple polls demonstrating overwhelming public support.
In addition to the blackout, none of the broadcast networks ever mentioned the positive polls in their coverage of the bill, even though 65 percent of the public backed a constitutional amendment requiring a balanced budget in a Mason-Dixon poll from May and 72 percent approved of such a measure in a Fox News poll from June.
In a USA Today email I received 20 minutes after Tuesday's closing bell, I was informed that the exceptionally good day occurred because the stock markets were "buoyed by strong earnings reports by IBM, Coke and others." A visit to the email's linked article also partially attributed the rise to "renewed hopes that U.S. lawmakers would be able to break their stalemate and strike a deficit-reduction deal in time to avert a catastrophic government default."
That's strange, because the CNN Headline email I had received 20 minutes earlier struck a totally different and completely absurd pose, as seen after the jump:
As NewsBusters previously reported, Chris Matthews had quite a heated debate with Rep. Joe Walsh (R-Ill.) on Tuesday's "Hardball."
Amidst a series of ridiculous questions asked of the Congressman, possibly the most absurd was, "If we have a crisis in August [as a result of not raising the debt ceiling], will you resign?" (video follows with transcript and commentary):
With a month to go before the next supposedly "drop dead date" regarding the nation's debt ceiling, liberal media members are out in force with hysterical claims about the world ending if Congress isn't free to spend more money it doesn't have.
Ever the faithful shill, New York Times columnist Paul Krugman did his part Friday cautioning that any spending cuts at this time "would destroy hundreds of thousands and quite possibly millions of jobs":
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):
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):
An hour before the disastrous June jobs report was released yesterday morning, NewsBusters publisher Brent Bozell chatted with "Fox & Friends" anchor Brian Kilmeade about the media's spin job on the Obama economy.
[See video of the segment embedded below the page break]
William F. Buckley Jr. once said his job was to "stand athwart history, yelling stop!" If more liberals took this advice, they wouldn't end up looking like two CNN anchors who just don't know when to say no to unsustainable deficit spending.
On the eve of a disappointing jobs report in which the unemployment rate rose to 9.1 percent, CNN International's Richard Quest plowed ahead like the helmsman of the Titanic in calling for "classic Keynesian economics" to salvage the foundering economy.
MSNBC's Chris Matthews on Thursday got a much-needed economics lesson from CNBC's Joe Kernen.
In the midst of a discussion about the economy and how it's going to impact the 2012 elections, the "Hardball" host bragged about having studied economics in grad school leading Kernen to marvelously ask, "You studied economics?" (video follows with transcript and commentary):
NBC's David Gregory must have thought he had performed another gotcha on a prominent Republican Sunday when he cited a poll to his "Meet the Press" guest Congressman Paul Ryan (R-Wisc.) finding people aren't interested in reducing Medicare spending in order to balance the budget.
Without skipping a beat, Ryan marvelously educated his host saying, "I don't consult polls to tell me what my principles are or what our policies should be. Leaders change the polls" (video follows with transcript and commentary):
If you had any questions as to why Dylan Ratigan belongs on MSNBC rather than CNBC they were all answered Friday night.
Appearing on HBO's "Real Time," Ratigan presented himself as a far-left commentator telling the audience of devout liberals, "This entire rhetoric machine from the Republican Party is predicated on an abandonment of arithmetic and fact" (video follows with transcript and commentary):
When an admittedly liberal Nobel laureate in economics thinks trying to balance the budget is holding America hostage, one has to wonder if there are any adults remaining on the left side of the aisle.
Consider what New York Times columnist Paul Krugman wrote Monday:
If you had any questions about just how far to the left New York Times columnist Paul Krugman is, they were answered Monday when he expressed enthusiastic support for the Congressional Progressive Caucus's radical tax-hiking "People's Budget."
In his "Let's Take a Hike," the Nobel laureate left no doubt about his desire to swiftly redistribute America's wealth with little regard for the economic consequences:
When Democrat presidential candidate Walter Mondale announced in his October 1984 debate with former President Reagan that he would raise taxes if elected, his campaign was over, and he ended up losing one of the biggest election routs in American history.
As Barack Obama prepares to offer the nation his deficit reduction plan Wednesday, it is widely believed he is going to recommend tax hikes on at least the upper wage earners in this nation.
If this is true, is he repeating Mondale's mistake less than nineteen months before Election Day? Are Americans hungrier for tax increases now than they were 27 years ago?
As debate rages across the country about whether it is reasonable to reduce federal spending in light of the fact that the federal government is spending more than eight times what it takes in, the same publications willing to defend that spending often simultaneously criticize spending by businesses that make a profit. One such story ran in publications nationwide this week, including the Chicago Tribune.
In a story blaringly entitled "Eight Outrageous Executive Perks" circulated by Tribune Media Services, author Kathy Kristoff laments the compensation packages offered by varied companies to their founders and/or CEOs.
For example, Qwest CEO Ed Mueller’s family was permitted use of the company jet, an expense totaling $281,182 for the year. Occidental Petroleum served as another example; the company's CEO moved from Texas to California to do his job. Texas has no state income tax; California had a 9% state income tax at the time. Occidental agreed to pay the tax for him.