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.
On MSNBC's "Daily Rundown" today, Steve Liesman robustly defended raising gasoline taxes as a way to address rising oil prices.
The CNBC senior economics reporter minced no words to show his support for hiking the unpopular consumption tax in the midst of a sluggish economic recovery: "I want to offer that one of the real solutions here is a gas tax."
After positing that the problem with oil prices "is not that they're high, it's how they oscillate," Liesman claimed higher gas taxes "would accomplish two things: one, it would create incentives to use less of it and two, create a little more certainty around the price, which by the way is one of the things making gasoline a bad fuel for the economy."
Interviewing Donald Trump this morning, MSNBC's Chris Jansing put on her Democratic strategist hat to press the Republican real estate mogul with liberal talking points.
After Trump, responding to Jansing's question about what he would do to fix the economy, suggested cutting taxes to spur economic growth, the host of Jansing & Co. groused: "A lot of people sitting out there, with all due respect, saying spoken like a true businessman but not about the little guy. Tax breaks for the rich, not for the middle class."
Not missing a beat, Trump retorted: "But Chris we're the highest-taxed nation in the world, as it stands right now. And that's a pretty bad statement when you think of it."
Ed Schultz on Tuesday spent a great deal of time blaming the crisis in Egypt on rising food prices tying commodity inflation to former President George H.W. Bush and Wall Street speculators.
Not once in over fifteen minutes of air time were the name Bill Clinton or the two bills he signed into law that deregulated the financial services and commodity futures industries mentioned (videos follow with partial transcripts and commentary):
The President that expanded the role, scope, and size of the federal government more than all that came before him or since is unquestionably Franklin Delano Roosevelt.
Yet on Tuesday, moments after calling Congresswoman Michele Bachmann a "balloon head," MSNBC's Chris Matthews actually said FDR "bailed out capitalism in the '30s" (video follows with transcript and commentary):
A few weeks ago, just before GM's initial public offering went to the market (at the Washington Examiner; at BizzyBlog), I noted that Multi-Government/General Motors had spent the past several months shipping more cars than its dealers were selling, to the point where dealer stocks represented an unusually high number of days of dealers' sales.
GM's December 1 press release made that trend even more obvious, as month-end dealer inventory rose to 536,000 units, about 30% higher than May's level.
As seen below, the trend was already pretty obvious in October, and a vigilant press should have been alert enough to notice it and attempt to gauge its financial impact:
When MSNBC’s Chris Matthews starts to rationalize the American electorate’s temperate, get out of the way.
On MSNBC’s Nov. 2 election coverage, “Hardball” host Chris Matthews offered his assessment of how the Democrats and President Barack Obama found themselves in such dire straits. He said it started with the left’s favorite boogeyman of the past, President George W. Bush.
So we’re back to this again? We’re 21 days out of the midterm elections and the media are back looking to capitalize on anti-Wall Street sentiments.
On the Oct. 13 broadcast of NBC’s “Today,” host Matt Lauer referenced an Oct. 12 Wall Street Journal report to his guest, CNBC’s Jim Cramer, about Wall Street pay hitting a record $144 billion. Lauer, of course, just looked at the headline without examining exactly why pay on Wall Street reached that level. (The Journal cites “firms, benefiting from low interest rates and strong international markets” as a reason.) Instead Lauer argued that executives were somehow solely responsible for the financial collapse – not the irresponsible borrowers and asleep-at-the-wheel regulators – and therefore not entitled to such pay.
The more I watch Ed Schultz on MSNBC, the more I realize he may actually be a bigger idiot than recently fired CNN anchor Rick Sanchez.
Helping to prove my point, Schultz on Thursday said companies that buy back their own stock are un-American.
"Large companies have purchased -- here are the numbers -- $273 billion -- billion -- of their own shares this year. And my friends, that is five times as much as compared to this time last year," exclaimed a typically red-faced Schultz.
"This is what they`re doing," he continued. "They`re hogging. The American companies have no sense of economic patriotism" (video follows with transcript and commentary):
“Well you see, bubble’s a complicated term because a bubble to me implies that you’re never going to get your money back,” Cramer said. “People say that there's bubble in bonds – you will get money back just you may not do that well. Bubble in Chinese real estate – entirely possible. The Chinese economy is a growth economy and can sustain a bubble in one area and not others. The gold bubble is what people talk about. They talk about it when gold’s down for a given day but -- I think as our resident gold expert, I mean you could tell us – finding costs have gone up. There’s just not a lot around.”
You would think someone in the U.S. establishment press would be following Uncle Sam's progress or lack thereof in getting out from under its investment in Citigroup, especially since the government promised that it would be fully divested from the bank holding company by the end of this year. From all appearances, you would be wrong.
It looks like the government may not be able to keep that year-end divestiture promise. For a fair number of news followers to learn that, the UK's Financial Times had to take an interest (link may require registration), and Drudge had to link to it:
US Treasury stumbles selling Citi shares
The US government is in danger of missing its deadline of divesting all of its Citigroup shares by the year-end after a fall in stock market trading volumes prompted authorities to slow down sales in July and August.
The lull could prompt the US Treasury, which has a stake of about 17 per cent in Citi, to consider a share offering instead of selling the stock in small quantities in the market, according to bankers and analysts.
An organization once headed by former Obama administration official Van Jones tried it. Other so-called grassroots organizations have given it a shot. Now Rep. Anthony Weiner, D-N.Y., with the power of Congress in tow, has taken his best shot to shut Glenn Beck down. But so far it isn’t really working.
With congressional hearings, you'd expect the media to be all over this, right? Not exactly, at least thus far. The most attention Weiner’s charade could muster was a segment at the end of MSNBC’s bomb-thrower show, “Countdown with Keith Olbermann.” Olbermann asked Weiner on his Sept. 23 broadcast if Goldline was in cahoots with “willing partners like Glenn Beck,” since anyone who suggests gold be a part of someone’s portfolio is up to no good.
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):
As the not-so "recovery summer" draws to an end, many are scratching heads, wondering what it will take for the economy to pull out of this recession.
According to Maria Bartiromo, host of CNBC's "Closing Bell," it will be political change in Washington, D.C. In an appearance on NBC's Sept. 7 "Today," she said the best stimulus would be a Republican-controlled House of Representatives.
"This is probably the single most important catalyst for the stock market right now," Bartiromo said. "I think that the perception of confidence, the perception that perhaps we won't see tremendous change in terms of higher expenses in 2011 if we were to see the Republicans gain control of the House, it will probably be a positive for the stock market.
Can you imagine what would happen to the economy if top wage earners were taxed at 70 to 90 percent?
Former Clinton Labor Secretary Robert Reich can, and he thinks it's a great idea.
To be sure, many Americans were concerned that giving Democrats control of the executive and legislative branches of our government during an economic crisis could usher back in socialist tendencies first seen in this nation during the Depression.
Fears of such a leftward shift sparked a new powerful movement called the Tea Party.
With this in mind, Reich's op-ed "How to End the Great Recession" published in Friday's New York Times validates these concerns: