Scher railed against the Bush tax cuts, and asserted that a 35-45 percent inheritance penalty (the estate tax or death tax) isn't punitive enough to stem the deficit crisis.
"But those massive tax breaks to the superwealthy don't quite have the same juice they used to. Especially, the estate tax - levied on the inheritances of the wealthiest heirs in America," Scher wrote. "This year, because of the Bush tax plan from his first term to gradually phase out the estate tax altogether, the estate tax is literally wiped off the books."
Bloomberg News managed to pen a full obituary of the late Congressman Jack Murtha today, calling him a "Supporter of Troops" in the headline, without once mentioning his incendiary--and unfounded--claims that a group of Marines had murdered 24 Iraqis in cold blood (h/t Washington Examiner's Mark Hemingway).
Murtha, himself a former Marine, said in 2005 after two dozen Iraqis were killed in the city of Haditha, "there was no firefight, there was no IED that killed these innocent people. Our troops overreacted because of the pressure on them, and they killed innocent civilians in cold blood."
Eight Marines were charged in the killings. Charges against six of them have been dropped, one has been found not-guilty, and the case against the remaining Marine is pending. Murtha was unrepentant about the slanderous accusations he leveled against these Marines. He even compared the Haditha incident to the My Lai massacre during the Vietnam War (see video below the fold).
Four recent stories out of Venezuela each give readers brief glimpses at how Hugo Chavez's brand of authoritarian socialism is critically wounding what could be a resource-rich, financially prosperous country:
January 9, AP -- "Venezuela faces risk of devastating power collapse."
Collectively, however, they depict a country in the early stages of a headlong free-fall into Cuban-style financial ruin. No U.S. establishment media enterprise appears interested in making the accelerating decays in financial well-being and personal freedom in that country understandable to the average person.
AP's headline at the first item noted seems designed to avoid attention. This isn't a mere "weakening" of the currency; instead, it's a bizarre bi-level devaluation of up to 50%:
At this point, there should be little doubt that there is a concerted attempt underway to use the war in Afghanistan as a justification for punitively taxing high earners.
Last weekend (noted at NewsBusters; at BizzyBlog), the New York Times discovered that wars cost money. It cited Wisconsin Democratic Congressman David Obey's concern that funding the Afghanistan effort at the level requested months ago by General Stanley A. McChrystal would "devour virtually any other priorities that the president or anyone in Congress had."
Thursday, as reported by AFP (noted last night at NewsBusters; at BizzyBlog), House Democratic heavy-hitters Barney Frank, John Murtha, and (no surprise) Obey announced the "Share The Sacrifice Act of 2010," an income-tax surcharge that overwhelmingly targets high-income earners.
Now Michigan Democratic Senator Carl Levin has weighed in. Bloomberg dutifully carried his water, as seen in this graphic containing the first four paragraphs of the report:
The Hollywood Reporter relayed that CNN founder Ted Turner granted an interview to Bloomberg TV Friday and unsurprisingly, he still aches to run CNN, where he wants to see "less fluffy news and more international news," especially about China. "Less talk, more news," he said. But he also still wants to run Cartoon Network, where he could bombard the children with his old eco-propaganda cartoon, Captain Planet:
As for Cartoon Network, Turner tells anchor Betty Liu, "If I had control of it, I'd put 'Captain Planet' on at a top time period so that kids would see the environmental superhero instead of just Superman."
Turner also believes that newspapers are an outdated pile of solid waste:
"You're chopping all these trees down and making paper out of them and trying to deal with all the waste paper. It's the biggest solid waste problem that we have."
Not everyone on the left is in denial of the town hall protests and propagating the notion that any opposition to ObamaCare is manufactured "Astroturf" from the right.
Former Democratic Senate Majority Leader Tom Daschle, now a Bloomberg TV contributor, said that the issue of public sentiment isn't settled. Some prognosticators have concluded that everyone wants President Barack Obama's brand of health care reform.
"I think it's still a toss-up ball quite frankly," Daschle said on Bloomberg TV Aug. 11. "I think everybody is looking to see who gets to be on the offensive and there is a critical effort on both sides to do that. Whoever is usually on the offensive as you go into the legislative fight is the winner. And so, that's really the key - who can be on the offensive as we go through the next critical weeks."
Maybe reporters Brian Faler or Nicholas Johnston at Bloomberg asked Barack Obama some really challenging questions when they had a chance to interview the President at the White House. Maybe they even did some basic fact-checking. If so, there's precious little evidence of either in their June 16 report.
They allowed the president to blame most of the current year's deficit on George W. Bush. They let him speak of "robust" growth when the best guesstimates they quoted for the second half of this calendar year and all of next year are anemic -- at least as the press benchmarked growth during the Bush 43 years.
The Bloomberg pair also ignored the alarming deterioration in federal receipts from economic activity that has continued into June, one of the four biggest collections months of the year.
Here are key paragraphs from Faler and Johnston's failed filing (bolds are mine):
You can't make this stuff up. The titled quote comes from a Bloomberg story today about new GM Chairman Ed Whitacre. You also can't make up most of the media's calm acceptance of yet another person heavily involved with running General Motors, aka Government Motors, who knows next to nothing about cars except as a consumer who drives them.
At least it's refreshing that this guy has experience running a business, which is more than you can say about the other two architects of the company as it currently subsists.
On May 31, the New York Times put out a fawning portrayal of the a Mr. Brian Deese, the guy who was the only full-timer on President-elect and then President Obama's car team from Election Night until mid-February.
Fasten your seat belts, this guy's lack of any kind of pedigree will have you death-gripping the steering wheel, as will the smug dismissiveness of a business system that has been the most successful in human history:
Earlier today at my blog, I noted in a post updating the sad situations at bankrupt Chrysler and headling-for-bankruptcy General Motors, that GM is, according to a Wednesday Reuters report, offering secured bondholders a much better deal than the 29 cents on the dollar Chrysler's secured creditors have been offered. Chrysler's "non-TARP secured lenders," after what they allege with much evidential support was a campaign of threats and intimidation by President Obama and the White House, abandoned their efforts to have their first-lien rights recognized in bankruptcy court.
But Indiana pension funds holding some of that secured debt representing teachers, police, and other workers have taken legal action objecting to the terms of the Chrysler bankruptcy that don’t give first-lien lenders their proper and legal due.
It thus appears, despite a chest-thumping May 2 assertion in the New York Times that the White House's Chrysler hardball might have taught GM lenders a "lesson," that Obama and his car guys don't have the stomach for riding roughshod over the rights of GM's secured bondholders and ending up with the possibility of another bankruptcy moving into a regular federal district court (the Indiana situation could be the first).
Now what? Well, if you're Team Obama, you instead try to put the screws to GM's unsecured bondholders -- to the benefit of the United Auto Workers' Voluntary Employee Benefits Association (VEBA) trust.
Yesterday, in the process of passing on news that bloggers such as Ed Morrissey at Hot Air and outfits like the Heritage Foundation were onto earlier, Bloomberg's Kevin Hassett delivered a stinging indictment of the establishment media for being asleep at the switch (the sole exception appears to be a video report at PBS). But while he does a good job identifying the problem and indicting journalists for ignoring the news, his prescription for a solution is badly wanting.
The news? The days of Social Security surpluses are over, six to possibly eight years earlier than was thought to be the case just a year ago.
Here are excerpts from Hassett's commentary ("Recession Bites Into Social Security’s Surplus"). His first word reveals what he thinks of the nation's political elites, and of the media that are supposed to be watching them:
Talk about unintended consequences. All this populist anger ginned up by congressional Democrats, the media and the Obama administration is going to hinder the Treasury Department's strategy to rescue the banking system.
Paul Krugman, the liberal New York Times columnist and winner of the 2008 Nobel Prize in economics explained to Bloomberg News on March 24 that this is just what is happening.
According to Krugman, the backlash caused by bailed-out American International Group (AIG) compensation debacle and efforts by Congress to limit other expenditures - private jets, office redecorations, salaries, etc. - is causing otherwise healthy financial institutions to shy away from accepting and keeping Troubled Asset Relief Program (TARP) money from the federal government.
Anyone who has followed the decline of General Motors and Chrysler since the two companies received a combined $17-plus billion in bailout money in December won't be surprised at the news that they need more -- or at the government's convenient weekend timing of the news.
The financial cliff on which Chrysler stands was a given by the time its first bailout installment arrived. But, as shown in early March in a post by yours truly at BizzyBlog (mostly mirrored at NewsBusters), GM's sales non-performance has deteriorated to the point where it has become worse than Chrysler's during the two months following the George W. Bush-decided, Barack Obama-supported bailout decision:
A consistent media meme since Election Day has been that Barack Obama was inheriting a recession that some believe began as far back as December 2007.
Since then, despite various rescue plans from his Administration, and the passage of a $787 billion stimulus package, the stock market has continued to plummet while employers shed payrolls in a fashion rarely seen in history.
This all raises an important question: will media ever blame current economic conditions on Obama, or will they continue to point fingers at George W. Bush despite his residence being in Texas?
Consider that as was reported by Bloomberg Friday, Obama now does indeed have his own bear market (image by Martin Kozlowski courtesy Wall Street Journal):
During a segment on the “Reliable Sources” hour of CNN’s State of the Union on Sunday, PBS’s Gwen Ifill and Bloomberg’s Margaret Carlson agreed that it was fine for President Obama to call on Sam Stein of the Huffington Post at his first press conference, and that the correspondent’s left-wing question on a proposed “truth committee” investigation into the Bush administration was “perfectly reasonable.” Carlson also agreed with host Howard Kurtz’s assessment that the “White House press corps not exactly rolling over for the new president.” Her response: “Never do, do they?”
Ifill and Carlson participated in a panel discussion with The Washington Times’ White House correspondent Christina Bellantoni at the beginning of the 10 am Eastern hour of the CNN program. Kurtz brought up the topic of the first presidential news conference, and specifically, how Stein was one of the reporters who asked a question: “So is this a new era for bloggers, in terms of the White House recognition?”
A health policy expert who Keith Olbermann eviscerated during Thursday's "Countdown" (video embedded below the fold) has officially challenged the disgraceful MSNBC personality to a debate concerning provisions in the soon to be enacted stimulus plan.
If Keith Olbermann of MSNBCcould defend the health provisions slipped into the stimulus bill on their merits, he wouldn't be resorting to personal attacks on me. Olbermann calls me a shill funded by the drug industry (2-12-2009). That's not true...If Keith Olbermann has the courage, I invite him to debate me on his program...Mr. Olbermann, do you have the backbone (and the facts) to debate me?
Our story began last Monday when McCaughey published the following at Bloomberg:
While the Obama administration and its media minions castigate financial industry executives for their so-called greedy ways, a couple of inconvenient truths are going largely un- or under-reported: one bank being criticized for a lavish convention in Las Vegas was forced to take TARP money in October, while another is trying to pay back the funds to regain its autonomy.
As the press had a field day with Tuesday's revelation that Wells Fargo was going to hold its annual sales conference in Las Vegas despite having received $25 billion from TARP last October, the fact the bank was FORCED to accept these funds seemed completely irrelevant to those looking to point fingers.
This was how the Associated Press first reported the story:
"This economy requires support from the government, a check from the government in some form or fashion in the trillions as opposed to the hundreds of billions," Gross said to Bloomberg TV on February 5. "And I think President Obama was right - there is a potential catastrophe if Washington continues to focus on $100 or $200 billion. We need something in the trillions."
Gross' proposed amount includes a bailout for the banks, in addition to the stimulus to jumpstart the overall economy.
The newspaper that appears to be on a mission to become Manhattan's quaint little alternative daily is considering a move that would cheer those who prefer fair and balanced reporting accompanied by intellectually honest editorials and op-eds.
That publication, the New York Times, is considering a return to fee-based content -- and this time, it might go for the whole enchilada.
Times Executive Editor Bill Keller dangled the possibility yesterday in an online Q&A.
Common sense says that the chart's results after adjusting for inflation are more important (identified as "Chained  dollars") than those in current dollars. Consmers' disposable income went up 1.0% in real (after-inflation) terms in November after a 0.7% increase in October.
It took a month for real consumer spending ("Personal consumption expenditures") to catch up to the increased disposable income, but it did so in a big way in November. The 0.6% real increase is the highest in over three years. Both improvements are objectively good news, and are largely due to sharply declining gas prices.
This is pretty fundamental Econ 101 stuff, isn't it? As you can see from the headlines and the treatment of the real spending increase that follow, the business press mostly flunked, and badly:
"Five pages into Goldman's earnings report this week, Bloomberg News noticed Goldman's very subtle announcement that the firm's effective tax rate this year was 1 percent," Maddow said. "One percent - they paid 1 percent in taxes. Even though they were down this last quarter, they made $2.3 billion in profit this year."
Those who thought that President-elect Obama's pre-Thanksgiving promise to "create or save jobs," appropriately satirized by Mark Finkelstein at NewsBusters on November 24, might have been another one of the Oh-So-(in)Articulate One's "inartful" statements should know that it has become standard fare in Obama speeches.
In related news, Uncle Sam told us Friday that over 136 million seasonally adjusted jobs were "saved"in November (go here to replicate):
Never mind the 533,000 seasonally adjusted jobs lost -- which illustrates just how risible Obama's promise shift from the presidential campaign really is. Old Media's failure to note this shift is journalistic malpractice that would never occur during a Republican presidency.
"Well, we're not yet in anything remotely resembling the crisis, the scale of crisis of the Great Depression." When Franklin Roosevelt took office in 1933, 13 million Americans were unemployed. "That was 25 percent of the work force," Kennedy told Bloomberg host Tom Keene.
The professor laid out exactly what has changed since the troubled 1930s:
One can picture Queen Victoria huffily declaring, "We are not amused," when reading this Margaret Carlson column about Joe the Barber in Bloomberg. Carlson appears to be upset that a "mere" plumber is steering the campaign away from the direction she wants it to follow (emphasis mine):
The most dispiriting thing to come out of the debate was the morning after. I woke to see Joe Wurzelbacher's street in Holland, Ohio, lit up like Times Square with network and cable satellite trucks clogging the place.
I thought the press was beyond 23 mentions of Joe the Plumber by one candidate and three by the other, while Asian markets were dropping 10 percent and the Dow has been diving.
Unless he starts making courtesy calls to fix the running toilets of the journalists making him famous, let's relegate Joe the Plumber back to the playroom with Bob the Builder or the 15- minute hall of fame with Harry and Louise and Ross Perot's crazy aunt in the attic.
With 15minutesoffame comes 15 hours of “gotcha” scrutiny -- especially if you’re a voter who has daredto criticize Barack Obama, the liberal media’s Chosen One for president.
Ohio plumber Joe Wurzelbacher has had his 15 minutes of fame, capping it off with an unplanned appearance as the poster boy of populist tax policy in last night’s presidential debate. So now it’s time for the press to turn its sights on him not as a human-interest story but as an investigative subject.
Jonathan Martin of The Politico was among the first out of the gate, with blog posts noting that Wurzelbacher, affectionately known by most of America as “Joe The Plumber,” has a tax lien against him and doesn’t have a plumber’s license. Martin conveniently forgot to mention that the law doesn’t require one.) Bloomberg also has a story on the tax lien, and AP and The Washington Post did their part to make a story out of the “unlicensed” non-story.
Poor Karl Ritter and Matt Moore of the Associated Press must have a lot of time to kill, a dearth of ideas, and a studied disinterest in accuracy as they await the awarding of the Nobel Prize for Economics in Stockholm, Sweden on Monday. A list of past winners is here.
Besides lamenting that no woman has ever won the Economics Prize (so?), the AP pair felt the need to relate the financial bailout passed by Congress and signed by the President a week ago, and the current steep stock market decline that followed it (or, as yours truly and Investors Business Daily would argue, occurred because of it), to who might win the award.
Along the way, they, as AP reporters are wont to do, erred, and quite seriously.
Here's how their report, weirdly entitled "Amid the meltdown, economics Nobel no easy pick," began (bold is mine):