Conservative opposition to a federal bailout of financial institutions is over campaign donations, not a desire to uphold sound market principles, according to CNBC.
CNBC's chief Washington correspondent John Harwood said Sept. 25 on "Squawk Box" that he had a conversation with "a top Republican member of congress last night" who told him the resistance among conservatives to the $700 billion bailout plan is in part due to Wall Street donations to Democrats.
"‘A lot of our guys have decided that we hate Wall Street ... because they're giving a lot of money to Democrats right now,'" Harwood said he was told by an unnamed source.
"We've talked about how nice the bi-partisan coming together of the far left and the far right to oppose this plan. It was heartwarming, right? That finally brought the fringe elements of both sides together on this," co-host Joe Kernen joked.
Channeling Chris Matthews’ "thrill up my leg" remarks, "View" co-host Joy Behar described acquiring "a little tingle" when former President Bill Clinton appeared on Monday’s show. On the September 22 edition of "Larry King Live" Joy Behar described the former president as "charming," "charismatic," "he touched me a little," and "I got a little tingle."
When questioning why Barack Obama holds the elitist label and Bill Clinton does not, despite a perceptively similar background, Behar concluded that it must be racism. "The View" co-host seemed to forget that the elitist label primarily stems from Obama’s recorded conversation, at a posh San Francisco fundraiser, describing small town Pennsylvanians and midwesterners as "bitter" "clinging to guns and religion."
Hyping Obama’s background Behar declared Obama "has no sleaze." (Has she also forgotten about Obama’s relationship to Tony Rezko?) Echoing a "what’s the matter with Kansas" talking point, Joy hoped those racists voters would "come to their sense" and vote "their needs."
Notes on Friday night coverage of the Wall Street bail out:
On the NBC Nightly News, the always hyperbolic Jim Cramer saw “Great Depression II” avoided by the rescue effort, anchor Brian Williams raised 9/11 as he contended “this was the kind of jittery week in New York a lot of people had to go back to 9/11 to remember how they felt then,” prompting an “oh, wow” from CNBC's Maria Bartiromo, and Williams passed along how “a Democratic politico said to me this week, if the Democrats do their job, they'll make this 'fundamentals of the economy' quote to McCain what 'mission accomplished' was to President Bush.”
ABC's World News brought up Iraq as David Muir referred to how a man in Manhattan “asked today what about the more than $600 billion already spent on Iraq?” Muir also read an e-mail: “Why make the little people bail out these companies?” Of course, the “little people” won't since they barely or don't pay any income tax. One-third of those who file pay nothing or get money back while the bottom 50 percent ($32,000 down), who earn 12 percent of the total income, pay less than 3 percent of taxes collected. The top 25 percent ($65,000 up) pay 86 percent and the top 1 percent ($389,000) pay 40 percent, so maybe the wealthier will get something for all they put in.
In a September 19 "Good Morning America" preview of a report scheduled to appear on the same day's edition of ABC's "20/20," chief investigative reporter Brian Ross took a few jabs at the rich who had fallen.
Ross called it "the end of a shameful chapter of American history," and although top executives on Wall Street had been hit hard in a way "they never thought was possible ... it's hardly the soup kitchen."
There was also much indignation in the report over the assets of Richard S. Fuld Jr., chairman and chief executive officer of now fallen Lehman Brothers Inc., and Alan Schwartz, the CEO of now "busted" Bear Stearns.
Writing Sen. Joe Biden's (D-Del.) recent suggestion that it's "patriotic" to pay higher taxes, Associated Press reporter Douglass K. Daniel provided a bit of cover for the Obama running mate by citing a left-leaning tax group and ignoring Obama's plans to hike capital gains taxes.:
Although Republican John McCain claims that Obama would raise taxes, the independent Tax Policy Center and other groups conclude that four out of five U.S. households would receive tax cuts under Obama's proposals.
"We want to take money and put it back in the pocket of middle-class people," Biden said in an interview on ABC's "Good Morning America."
The Tax Policy Center may be independent of a political party apparatus, but it is decidedly liberal in orientation, a joint venture of two liberal think tanks, the Urban Institute and the Brookings Institution.
ABC reporter David Wright on Tuesday night, forced to summarize the tax plans of John McCain and Barack Obama in 30 seconds, described them through a distorted liberal prism. Though McCain wishes to continue all the income tax rates from the Bush tax cuts, with no hike or decrease for any income level, Wright asserted: “He'd make permanent the Bush tax cuts for the wealthiest Americans.” No, for all Americans.
Obama, Wright proceeded to report, “would raise taxes on the wealthy, people who make more than $250,000 a year, but cut them for most households.” The text on screen, however, stated an impossibility: “Cut taxes on most households (95%).” That 95 percent is impossible since one-third of those who file with the IRS are “non-payers,” people who end up paying no tax or get money back which exceeds their payments. Obama plans to expand the Earned Income Tax Credit (EITC) and create other credits. For those for whom the credits surpass their tax obligation, those are not tax cuts, but spending hikes or federal giveaways akin to welfare.
CNN pressed Senators John McCain and Joe Biden about their campaigns’ respective tax plans on Tuesday’s American Morning during back-to-back interviews. Co-host Kiran Chetry questioned McCain from the left, citing the supposedly "non-partisan" Tax Policy Center run by two liberal organizations, the Brookings Institution and the Urban Institute, while her colleague John Roberts asked Biden about the "income redistribution" that is part of the Obama/Biden campaign’s tax proposal.
Chetry interviewed McCain first, starting 24 minutes into the 7 am Eastern hour of the CNN program, and first asked the Arizona senator to explain what he meant by saying that "the fundamentals of the economy are strong" and about regulation of businesses. She then brought up the issue of taxes: "I want to ask you about this, though, when it comes to tax policy -- the non-partisan Tax Policy Center calculated the middle class would actually save significantly more under Barack Obama's tax plan than yours. How will your tax cuts, as it breaks down on income level, benefit the working class and the middle class?"
On day one of "Good Morning America's" five day train trip across America, host Diane Sawyer announced a slate of guests filled almost entirely of liberals. At the top of Monday's program, Sawyer touted a schedule that included Barack Obama on the 15th, Hillary Clinton on Tuesday, John and Cindy McCain together on Wednesday, Joe Biden on Thursday and Michelle Obama on Friday. For those keeping track, that's four liberal guests and one conservative duo. (Notice that Barack and Michelle Obama each get their own day, while the McCains appear jointly.)
The journey on the rails, which GMA has dubbed the "Whistle-Stop Tour '08," began in several towns in Massachusetts. Three segments revolved around Sawyer and fellow co-hosts Chris Cuomo and Robin Roberts talking with either residents or patrons of various restaurants. And while many of the Americans highlighted expressed concerns that no one would disagree, the ABC program also included a number of liberal perspectives and only one that could be called vaguely conservative. (Massachusetts resident Richard Bonito mentioned security and the need for a strong defense.) Resident Frank Algerio called for a "cap" on high gas prices. One Nicky Vaughn hoped the next president would pull troops from Iraq. No anchor or host pointed out the extremely left-wing make-up of the state either.
Speaking of “dishonesty” in McCain's TV ads, on Fox News Sunday Brit Hume pointed out Barack “Obama goes around claiming he's going to cut the taxes of 95 percent of the public, which is literally impossible” since “40 percent of American taxpayers don't pay any income tax,” but that hasn't stopped ABC (directly) and CBS (implicitly) in recent days from advancing that Obama claim as fact. Charles Gibson, in his third interview session with Sarah Palin excerpted on Friday's 20/20 and Nightline (see earlier NB item), stated that Obama will extend the “Bush tax cuts on everything but people who own or earn more than $250,000 a year -- cuts taxes on over 91 percent of the country.”
On Tuesday's CBS Evening News, Anthony Mason looked at how the Obama and McCain tax plans would impact three Ohio families, including Charles and Joi Beacham who earn $32,000. Mason asked them: “In terms of taxes, what do you want from the next President?” Joi, a school teacher with an astounding level of chutzpah, replied: “Relief.” Chutzpah because, as Mason only noted later (and deserves credit for doing so unlike many of his colleagues over the years), the Beachams “paid no taxes in 2007.” Nonetheless, Mason proceeded to report how the Beachams would benefit more from Obama than McCain since they “would see no change in their taxes under McCain, but the Obama plan would help them” because they would get refundable credits and thus “receive a check from the government for more than $2,200.”
In portions of Charles Gibson's third interview with Sarah Palin aired on Friday's 20/20 and Nightline, but not earlier on World News, Gibson demanded to know why she and John McCain “keep saying” Barack Obama will raise taxes when he says he won't, followed up her wish that Roe v Wade be overturned by -- in a question left out of the ABCNews.com transcript -- contending “it's a critical issue for so many women. You believe women should not have that choice?” and after Palin expressed support for gun rights, he asserted “we spend billions of dollars a year every year treating people who are victims of gun violence” and pleaded, as if more gun control is the only solution: “Nothing we can do about that?”
As the two sat in Palin's Wasilla home, Gibson scolded her and McCain:
Why do you both keep saying that Obama is going to raise people's taxes? It's been pretty clear what he intends. He's talked about middle-class tax cuts, extending Bush tax cuts on everything but people who own or earn more than $250,000 a year -- cuts taxes on over 91 percent of the country. Why do you keep saying he's going to raise people's taxes?
On MSNBC's "Morning Joe" September 8, Jim Cramer took a shot at owner of The Wall Street Journal, Rupert Murdoch, in the midst of talking about the Fannie Mae and Freddie Mac takeover:
I read The Wall Street Journal, sorry, The Fox Street Journal. When is Murdoch going to put his positive right wing implant on left wing journalists? ... When is Murdoch going to broom the Spartacus workers union?
As for Fannie and Freddie, Cramer told the hosts of the September 8 broadcast that "We had a laissez-faire attitude. Now we are going to have the greatest bureaucracy in history created by Republicans. I'm an agent of change," Cramer said sarcastically.
Later in the segment, Cramer joked that the Democratic Party were "Bolsheviks" quipping, "There. How's that for biased media?"
"Good Morning America" on Monday featured liberal New York Times columnist Tom Friedman as an energy expert to "fact check" John McCain's policies on the subject and advocate for higher taxes. GMA co-host Diane Sawyer never referred to Friedman's economic policies as liberal, despite the fact that he repeatedly made assertions such as this: "But, you know, there's really no effective plan to make us energy independent without what I call a price signal, without either a carbon tax or a gasoline tax that's really going to shape the market in a different way."
Sawyer began the segment by noting both candidates have plans for energy independence. She then asked, "Are they going to achieve it? Do they mean it?" However, the ABC host didn't ask Friedman to "fact check" Obama's plan. Instead she simply recited the Democrat's plans for eliminating Mid East Oil. And while Friedman freely attacked McCain's policies, he responded to a clip of Obama talking about investing more money into alternative energy by, again, complaining about a lack of gasoline tax: "Unless we have a floor onto the price of gasoline that really keeps that behavior going, you can't throw enough money at this problem."
On Sunday’s Face the Nation on CBS, host Bob Schieffer interviewed Republican presidential candidate John McCain and wondered why Americans weren’t sacrificing more during a time of war: "But we have one half of one percent of the American people who are making all of the sacrifice in this war. If the rest of us didn't watch television or looked at the newspaper, we might not know there's a war going on. Our taxes didn't go up, there's no rationing. If you didn't look for it, you wouldn't know the war was going on. Shouldn't there be some way, in a democracy, that we share this burden?"
Earlier in the interview, Schieffer asked McCain about the Republican convention and the delegates represented:
Minutes after Republican vice-presidential pick Sarah Palin finished her speech on Wednesday night, CNN’s Roland Martin and Jeffrey Toobin went on the offensive against the Alaska governor. Co-host Anderson Cooper first asked Martin for his reaction. He first stated that "she gave a solid speech" and then focused on Palin’s dig at Barack Obama being a community organizer in Chicago: "...[S]he mocked community organizers, and this audience laughed at them. Don't be surprised if Obama and Biden says, you know what, it's community organizers who are keeping people from losing their homes in [the] subprime crisis.... It's community organizers who are the ones trying to save your job. They're going to say the GOP does not give a flip about community organizers -- it means they don't care about you...."
Two minutes later, co-host Wolf Blitzer went to Toobin for his reaction. The senior legal analyst for CNN first complimented Palin: "Well, let's just start with an obvious point that I don't think anyone has made yet. This speech was a heck of a lot better than Joe Biden's speech. I mean, it just was much more dramatic, much more interesting, much more entertaining." He then continued with a more blunt analysis of the speech: "But it was also, I thought, very smug, very sarcastic, very cutting. And you know what? The Republicans had been trying to portray her as a victim for the last couple days. Well, she's not going to be a victim anymore. She's going to be a target..." As if she hasn’t been a target since John McCain announced her as his running mate?
If you put controversial left-wing filmmaker Michael Moore and MSNBC "Countdown" anchor Keith Olbermann in the same setting - there's bound to be some sort of lunatic remark made. Their latest get-together, neither failed to disappoint.
"I was just thinking, this Gustav is proof that there is a God in heaven," Moore said, laughing. "To have it planned at the same time - that it would actually be on its way to New Orleans for day one of the Republican Convention, up in the Twin Cities - at the top of the Mississippi River."
But on the August 27 "Mad Money," Cramer bucked his that trend and called for higher taxes for top income earners. On his "Mad Mail" segment, a n e-mailer asked Cramer if Democratic presidential candidate Sen. Barack Obama's plan to raise taxes on incomes higher than $250,000 and redistribute the money to lower income earners would be good for the economy.
"If Obama puts more money in the hands of the majority of the consumers in this country (who make less than $250,000), won't that be a big push for the economy, and in turn for stocks?" the viewer, "Laurence in Iowa," asked.
Former New York City Mayor and Republican presidential candidate Rudy Giuliani was interviewed on Wednesday's "American Morning" by co-host Kiran Chetry about Senator Hillary Clinton's Tuesday night speech to the Democratic National Convention. After Giuliani argued that Clinton never answered the "big question" surrounding Senator Barack Obama of whether he is ready to be Commander-in-Chief, Chetry asked: "Well, what I'm wondering though, you know, is the GOP trying to paint her into a no-win situation? If she started bringing up some of Barack Obama's weaknesses that she talked about in the primary, she would have been panned for that."
Giuliani responded by saying that Clinton wouldn't have to actually bring up anything she's said about Obama's readiness to lead during the Democratic primary, she could have simply "talked about how she's gotten to know him, how much she believes in him, his character, his strength."
Chetry then brought up the Democratic talking point that Senator John McCain's term as president would continue the last eight years of President George Bush's presidency. She mentioned that some McCain supporters claim the senator is a maverick on issues such as campaign finance reform. However, the co-host was not convinced. She asked: "But really, how will McCain show besides those things that he is different from the Bush administration?"
Reuters thinks that tax breaks and loopholes "costs" government its tax receipts. This is a perfect example of class hatred ginned up by the media to further class warfare between Americans. The absolute truth is that if people use the tax code to limit their tax burden they are not costing the government anything, but are using legal means to avoid a higher tax burden. Further, our money is NOT the government's property in the first place so a lower tax take is in no way "costing" the government anything. Yet, Reuters still uses this class warfare rhetoric to report its story revealing its attack-the-rich agenda.
The Reuters headline employs the class warfare rhetoric right off the top screaming, Tax loopholes seen costing billions annually. "Costing"? No, if tax receipts are lower it isn't because people are depriving government of due receipts. Again, it is because taxpayers are obeying the law and properly using the tax code as crated by Congress. If there are loopholes in the tax code they were placed there by Congress, whether wittingly or unwittingly, but still it’s the fault of Congress not “the rich.”
It seems like a no-brainer: Raising taxes is bad. It's a shame that Barron's is one of the few outlets to pick up on it.
An economic plan floated out by Democratic presidential hopeful Sen. Barack Obama, Ill., would raise taxes on incomes above $250,000 - with the highest rate at 39.6 percent - and redistribute the wealth to the poor and middle-class. But that would be a big mistake, according to an article by Jim McTague in the August 25 issue of Barron's.
"It's almost as if Obama wants to repeat the mistakes of Herbert Hoover," McTague wrote. "During the Great Depression, Hoover raised the top marginal rate to 63% from 25% and hiked corporate taxes, too, says Michael Aronstein, chief investment strategist at Oscar Gruss & Son in New York. The moves siphoned needed investment capital out of the markets and into the hands of bureaucrats, delaying the turnaround."
To find "experts" on a particular issue, ABC’s Chris Cuomo, first profiled a left leaning organization, but only cited them as "non-partisan." Beginning a series of in depth segments examining Obama’s stance on the issues, Cuomo offered what appeared to be a fair assessment of Barack Obama’s plan.
Although, the "Good Morning America" host featured some criticism of Obama’s plan and offered challenging questions to Obama’s economic adviser, Cuomo identified the Tax Policy Center (a division of the liberal Brookings Institution) as "non-partisan"only featuring them for expertise.
Cuomo featured a family earning $70,000 a year and cited the Tax Policy Center to claim they will receive an almost 50 percent reduction in taxes. That runs counter to the more conservative American Enterprise Institute which found Obama "would raise marginal tax rates for many middle-income tax payers."
Everybody see the Saddleback Civil Forum last Saturday night? Well, we all know the candidates went separate for their interviews with Pastor Rick Warren. And even better, Pastor Warren asked them identical questions. But, we didn't really get a good comparison of answers to the same question because we had to wait 45 more minutes after Obama's answer to hear McCain's answer. Well, here's some good news for you!
If Barack Obama is looking for an elder statesman with national security credentials as his running mate, my two cents say he should pick Sam Nunn. The conventional wisdom, though, has Obama leaning toward Joe Biden. If the senior senator from Delaware is indeed tapped, we can expect that mere milliseconds will elapse before some MSM outlet labels Biden a "moderate" or a "centrist."
We thought it might be useful to do a little prophylactic exploration of the Biden record. Given his long tenure in the Senate, he's earned literally hundreds of interest-group ratings over the years. But here is a representative sample, as culled from the invaluable Project Vote Smart. Although his "grades" have of course varied from year to year, overall we find—surprise!—that Biden is a garden-variety liberal.
Perhaps the media's Obama lovefest isn't as infectious as previously thought - at least in some corners of the financial media. For the second day in a row CNBC's Michelle Caruso-Cabrera noted low taxes - a conservative economic ideal - trumps those of the left, both economically and politically.
"You know what I just love, Doug?" Caruso-Cabrera asked. "Everybody and their mother, whenever they want to endorse their tax plan - they want to cite the almighty Ronald Reagan, right? I mean, everybody wants to dump all over the Republicans, but when they want to tout their economic and their tax plan, who do they go back to? The guy who cut taxes and cut taxes."
It's not often someone in the media challenges the liberal point-of-view - especially on the issue of taxes when they become a means to redistribute income.
CNBC "Squawk Box" fill-in co-host Michelle Caruso-Cabrera wasn't afraid to buck the trend and challenge Democratic presidential nominee Sen. Barack Obama's senior economic adviser Austan Goolsbee.
Goolsbee appeared on the August 14 "Squawk Box" to defend an op-ed he wrote for the August 14 Wall Street Journal outlining Obama's tax plan. Caruso-Cabrera invoked the name of Milton Friedman, an economist who was a primary defender of free markets throughout the 20th century. Ironically, Friedman taught at the University of Chicago, where Goolsbee is a faculty member.
"WWMD, Austin - what would Milton do? Remember that," Caruso-Cabrera said. "Remember your roots - what got you to where you are."
Here's something you don't see every day: a major American press outlet speaking ill of a campaign proposal from presumptive Democrat presidential nominee Barack Obama.
Yet, there it was moments ago in an Associated Press piece amazingly titled "Obama's 'No income Taxes On Seniors' Draws Critics."
Maybe even more surprising than the AP actually reporting critical assessments of the junior senator's plan to exempt from federal income taxes seniors who make less than $50,000 a year was the authors not citing anyone that supports Obama's proposal...not one single person.
Now, I know what you're thinking: this was either a Wall Street Journal or Investor's Business Daily article. Think again (emphasis added, photo courtesy AP):
If you believe that there's a 50-50 chance that your take-home pay will be cut by almost one-fifth beginning in as little as five months from now, would that belief affect your current spending habits?
Of course it would. But that idea apparently never occurred to the Associated Press's Mark Jewell.
In the course of a 950-word article Monday about how the rich are getting more stingy, he focused on how "the economic slump" and "downturn" are affecting their spending, while ignoring the massive tax hits high-income earners will likely be forced to absorb (illustrated in detail below the fold) if Barack Obama wins the presidency and Democrats retain control of Congress.
Washington Post business columnist Steven Pearlstein, who won the 2008 Pulitzer Prize for commentary, on Friday contended “it is not the protectionists of the AFL-CIO or CNN who are primarily to blame for the erosion of public support” for free trade, instead:
The blame lies squarely with a business community that continues to support Republican politicians who refuse to raise the taxes and spend the money necessary to provide the economic safety net for American workers that a free-market economy has not, and will not, provide.
In his column bannered across the top Friday's “Business” section, “Wave Goodbye to the Invisible Hand” Pearlstein argued that “just as the Gilded Age gave way to the Progressive Era and the New Deal gave way to the post-war era of big government, big business and big labor, the current era of free-market capitalism seems to be giving way to something else” as “the larger truth may be that the social and economic costs of the next increment of globalization probably outweigh the benefits for many people, and that reality has now been reflected in the political marketplace.”
Appearing as a guest on Thursday's Countdown on MSNBC, liberal New York Times columnist Paul Krugman, also a Princeton University professor of economics, informed viewers of what he believes is "the reason to hate Exxon," which is because "it has not done anything to address the energy problem, and it's actually spent heavily on, you know, financing climate skeptics, on basically blocking intelligent policy, on muddying the waters of our debate." He also lamented that America did not follow Jimmy Carter's advice on energy policy: "If Jimmy Carter had actually managed to sell us on energy conservation 30 years ago, we would be in a lot better shape than we are right now."
As he and host Keith Olbermann dismissed the legitimacy of John McCain's plan to drill for more oil domestically to reduce gas prices, Krugman complained that Barack Obama is not being aggressive enough in attacking McCain, and recommended that Obama charge that McCain's plan is an "outrage," and that the Arizona Senator is "insulting your intelligence, he's really doing bad stuff." (Transcript follows)