Bloomberg

By Tom Blumer | September 26, 2014 | 10:05 PM EDT

It wasn't that long ago that Obamacare defenders were ridiculing those of us who pointed out that the fully loaded cost of HealthCare.gov would surely top the $1 billion mark.

Well, we were wrong — to be so conservative. The real number is "about" $2.1 billion and counting, according to a Bloomberg report which is mostly being kept out of the non-business press.

By Curtis Houck | August 18, 2014 | 12:50 PM EDT

On Monday’s Morning Joe on MSNBC, MSNBC contributor and managing editor of Bloomberg Politics Mark Halperin slammed the indictment of Texas Governor Rick Perry (R) by an Austin, Texas-area grand jury for threatening to veto funding for a Democratic District Attorney’s public integrity unit after she was convicted of a DUI as “the stupidest thing I’ve seen, I think, in my entire career.

Expanding further on his opinion, Halperin added that: “I hope some judge throws it out right away. It's not just kind of funny and ridiculous, but it’s an infringement on individual liberty. He’s got a First Amendment right just cause he’s governor of Texas and I think it’s – like you said, it's easy to joke about this, but this is a serious thing. It is ridiculous that he was indicted for this. Ridiculous.” [MP3 audio here; Video below]

By Tom Blumer | July 18, 2014 | 8:00 PM EDT

There were two pieces of significant economy-related news today. The first was that the Conference Board's index of leading economic indicators increased for the fifth straight month, this time by 0.3 percent, while May's increase was revised up to 0.7 percent. The second was that the University of Michigan's preliminary June reading on consumer confidence came in at 81.3, a decline from May. Both results trailed expectations.

Predictably, the Associated Press's Martin Crutsinger put a smiley face on the news, believing it shows that "that economic growth should accelerate in the second half of this year," while Bloomberg News's Nina Glinski was more sanguine, interpreting the confidence report as an indication that "Americans’ outlook for the economy dimmed." Excerpts from both efforts follow the jump.

By Tom Blumer | July 17, 2014 | 11:59 PM EDT

Late this afternoon, I went to the Top Business Headlines page at the Associated Press's national web site to get today's new home construction news. Because the AP didn't have a story there (saved here for future reference), I knew it had to be bad, especially because to ignore it, the wire service made room in its Top 10 stories for an item on Toyota experimenting with fuel cells and aircraft orders at an air show in England.

The Census Bureau reported that seasonally adjusted housing starts fell by 9.3 percent in June after declining 7.3 percent in May. Seasonally adjusted applications for new building permits declined by 4.2 percent after a 5.1 percent revised May drop. Reporter Martin Crutsinger, doing his utmost to earn the "Worst Economics Writer" tag the National Review's Kevin Williamson conferred on him last year, blamed the weather, blamed "the South" without telling readers how the Census Bureau defines it, and ignored how, even after a very bad month, that region is still outperforming other regions in new homebuilding. Excerpts follow the jump (bolds and numbered tags are mine):

By Julia A. Seymour | July 9, 2014 | 7:17 PM EDT

Bloomberg’s Eric Roston attempted to keep a straight face while promoting a draft report for the United Nations. It said U.S. emissions would need to be “cut to one-tenth of current levels, per person, in less than 40 years.” Short of societal regression, it is unclear how that could be done.

“It’s perilous to say these things in the U.S., where a mere description of the scale of the climate challenge too often invites ridicule and dismissiveness. Americans are each responsible for about 18 tons of carbon dioxide a year. Taking that down 90 percent would mean a drop in emissions to what they were in about 1901 or 1902. Cue ridicule and dismissiveness,” Roston wrote.

By Tom Blumer | June 18, 2014 | 1:43 AM EDT

At roughly 8 a.m. Eastern Time Tuesday morning, the wire service AFP (Agence France-Presse) had a story entitled "Fighting nears Baghdad as UN warns crisis 'life-threatening.'" AFP reported that "Militants pushed a weeklong offensive that has overrun swathes of Iraq to within 60 kilometres (37 miles) of Baghdad Tuesday." A Skynet video found at Gateway Pundit tells us that "ISIS Terrorists Surround Baghdad From Three Sides."

Meanwhile, as of 12:30 a.m. ET on Wednesday only one of the three Iraq-related stores (here, here and here) at the Associated Press refers — and even then only in a very late paragraph — to how ISIS (or ISIL, using AP's preferred acronym) "overran Mosul then stormed toward Baghdad."

By Tom Blumer | June 17, 2014 | 10:48 PM EDT

There must have been a double delivery of Obama administration koolaid over at Bloomberg News this morning.

The business wire service, which ordinarily is slightly less imbalanced in its business and economics reporting than the Associated Press, somehow interpreted a 6.5 percent seasonally adjusted decline in housing starts during May and a nearly identical percentage drop in building permits — with both figures lower than May 2013 — as evidence that "the homebuilding industry stabilized after a first-quarter swoon." That's ridiculous. The first quarter was supposedly as bad as it was because of bad winter weather; so there should have been an overcompensating bounceback. It hasn't happened. Meanwhile, that second Bloomberg koolaid delivery must have been the one meant for AP, whose Josh Boak turned in a report noteworthy for its unusual sobriety (bolds are mine throughout this post):

By Kyle Drennen | June 5, 2014 | 3:57 PM EDT

Appearing on Thursday's MSNBC Andrea Mitchell Reports, Bloomberg News reporter Jeanne Cummings asserted that the highly controversial Bowe Bergdahl prisoner exchange – which an overwhelming majority of Americans feel has endangered the lives of U.S. soldiers – would have no negative political impact on Democrats in November's midterm elections. [Listen to the audio or watch the video after the jump]

Asked if the deal with the Taliban would affect the elections, Cummings declared: "Generally, no. It's a bipartisan reaction....I don't think this is going to last very long unless Congress comes up with better arguments than, 'We really hated the Rose Garden ceremony.' That compared to bringing a soldier back, for the American public, I don't think they weight together."

By Tom Blumer | June 4, 2014 | 12:29 PM EDT

Far too many journalists in the Washington-Gotham axis believe that any criticism of President Barack Obama must have its roots in cynical right-wing political opportunism and nothing else. At Bloomberg News, in a dispatch time-stamped June 4 at midnight, reporters David Lerman and Kathleen Hunter regaled readers with how the "Taliban Release Gives Republicans Fuel Beyond Benghazi." Some Democrats' concerns about Obama's actions in the freeing of Bowe Bergdahl were already known, including substantive issues of national security. But the Bloomberg pair limited the scope of Obama's problem with Dems to notification, while contending that "the demands for more information have come mostly from Republicans, some of whom already have declared their opposition to a deal whose details have yet to be fully disclosed." 

The left-leaning New York Daily News also didn't get the memo that any criticism of Obama can only come from the right.

By Seton Motley | May 19, 2014 | 8:44 AM EDT

What at times is worse than the Jurassic Press not covering something?  The Jurassic Press covering something.

The all-encompassing government-Internet-power-grab that is Network Neutrality rarely gets outside-the-Tech-World media attention.  But Thursday the Federal Communications Commission (FCC) voted in Democrat Party-line fashion to begin its process of imposing it.  This was a big enough deal that it garnered over-the-weekend Big Media coverage from ABC (with a Bloomberg assist) and PBS (with a Washington Post assist). 

By Tim Graham | May 11, 2014 | 9:18 AM EDT

Francis Wilkinson at Bloomberg View used to write on politics for Rolling Stone, and it shows. He went on the warpath against Sen. Tim Scott in a column titled “Do Republicans Lower the Bar for Blacks?”

This is not a serious question from the Democrats who wouldn’t call it “lowering the bar” to give race-baiting huckster Al Sharpton an hour each night on MSNBC to mangle the English language. He’s angry Sen. Scott has no challenger since he’s “so far to the right” that he’s upset the NAACP:

By Tom Blumer | May 4, 2014 | 9:56 AM EDT

In a Friday afternoon dispatch issued in the wake of the government's jobs report earlier that day, Christopher Rugaber and Josh Boak at the Associated Press wrote that "most economists ... forecast a strong rebound in economic growth - to a 3.5 percent annual rate in the current April-June quarter. And growth should reach nearly 3 percent for the full year, up from 1.9 percent in 2013, they expect."

There are two problems with that prediction. The first lies in how strong the third and fourth quarters will have to be for the economy to get "nearly 3 percent" for the full year, given the tiny first-quarter annualized growth of 0.1 percent reported on Wednesday. The second and perhaps more crucial issue is that the full-year estimate significantly exceeds the "altered assessment" at the Fed concerning how fast it thinks the economy can grow without running the risk of igniting inflation.