Print, broadcast or web, the media sure aren’t Nostradamus. In spite of their best attempts, the news media have gotten it wrong prediction after prediction on a wide range of business and economic issues in 2013.
Just in the past year, reporters warned of “economic doomsday,” thought Healthcare.gov was going to be “easy” just like Amazon.com, and warned of melting polar ice, even as a new record was set for ice mass.
The broadcast networks have aired more than a few critical stories about the ObamaCare rollout -- from "glitches" with the HealthCare.gov website to the millions of individuals who are losing their health insurance in spite of the President's oft-repeated promise to the contrary (a lie that NBC's Chuck Todd naively argued was not "intentional.")
But an exchange on Monday night's The Kudlow Report on CNBC included evidence the troubles are much deeper than the pro-Obama media have generally acknowledged.
CNBC’s morning anchors were troubled by the news that their own insurance plans will become more costly under the Affordable Care Act (ACA).
On Oct. 30’s “Squawk Box,” CNBC Senior Correspondent Scott Cohn revealed details of NBC’s open enrollment, brandishing an official fact book outlining the process. He quoted the document, revealing that the ACA would increase employee premiums.
Near the end of the fourth story on Monday's NBC Nightly News, White House correspondent Peter Alexander managed to squeeze in a mention of the network's scoop that the Obama administration knew for years that millions of people would be kicked off of their current health insurance plans because of ObamaCare, despite the President's repeated assurances to the contrary. [Listen to the audio]
Alexander provided a mere twenty-one seconds of air time for the revelation: "That millions will lose or have to change their individual policies is not a surprise to the administration. NBC News senior investigative correspondent Lisa Myers found buried in the 2010 ObamaCare regulations, language predicting, 'A reasonable range for the percentage of individual policies that would terminate is forty percent to sixty-seven percent.'"
Between the government shut down and the debt ceiling limit about to be crossed Oct. 17, the news media is screaming like the house is on fire. The Obama administration has also warned of dangers. Of course, that’s nothing new.
In many cases following the Obama administration’s reports and threats, the networks were hysterical in their coverage of the “fiscal cliff” and the sequester in late 2012 and early 2013. They repeated predictions and made claims that in many cases, simply failed to happen.
The Morning Joe crew, along with much of the liberal media, has lately been ringing the debt-ceiling alarm, saying that a failure to raise the debt ceiling by October 17 would cause a default that would devastate the U.S. economy. But on Friday’s Morning Joe, CNBC’s Michelle Caruso-Cabrera stepped onto the set and took a wrecking ball to the wall of hysteria surrounding a possible default.
With the air of an economics professor, Caruso-Cabrera educated the other panelists, attempting to set right their erroneous impressions: [See video below.]
In an exclusive interview with President Obama on Wednesday, CNBC chief Washington correspondent John Harwood lobbed this softball on the political fallout of the government shutdown: "Before the election last year, you said you thought there was a possibility your re-election would break the fever within the Republican Party. Didn't happen. Do you see this moment as a chance, through this political confrontation, to break the fever now?" [Listen to the audio or watch the video after the jump]
After the President proceeded to blame Republicans in Congress for the shutdown, Harwood actually challenged Obama on his attacks on the GOP: "I wonder about your tone lately. I have heard from you an increasing amount of exasperation, an edge, even mockery sometimes....And it gives the impression that you think that your Republican opponents are either craven or stupid or nuts. Is that what you think? And if you think so, does it help your cause to let people see that out loud?"
On CNBC’s “Squawk Box” on Tuesday, Sun Microsystems founder and Harvard-trained economist Scott Mc Nealy asserted the Federal Reserve has become a "marketing department" for the government and "shouldn't be in any business at all. They shouldn’t be in the business of taxing people by devaluing the dollar, and they shouldn’t be in the business of setting expectations."
He said the Fed should not be able to do "quantitative easing without going through Congress. It's an out of control branch of the U.S. government" that should be abolished:
The August Jobs Report showed 169,000 jobs were added, less than many had predicted and revisions from previous months even included a drop of 74,000 jobs. So the jobs total for the month was really just 95,000.
The stock market continued to rally, but CNBC’s Rick Santelli, who covers the Chicago Board of Trade, said that such a contrast was upsetting. “What are we, a banana republic?” Santelli asked. “I just think it’s absolutely horrible that we’re in a marketplace where we get a lousy report. 35 years since we’ve seen these participation rates, and listen: you can’t hide the spread of four to four-and-a-half percent between the advertised unemployment rate and what it would be if you would go back a few years on that participation rate,” he explained.
Maybe we should cue up the old classic "High Hopes," especially given its ironic title, every time one of these "unintended consequence of Obamacare" stories comes along. Instead of singing "Oops, there goes another rubber tree plant," we can all sing, "Oops, there goes another Obamacare 'quirk.'"
One of the latest "quirks," also described as a "weird" result of the progressive movement's March 2010 legislative handiwork gleefully signed by President Obama, arrived via CNBC Health Care Reporter Dan Mangan on Tuesday. As predicted by many center-right analysts several years ago, it will make financial sense for quite a few employees to turn down their employers' health care coverage and move to the subsidized, government-run Obamacare exchanges. If enough employees start doing that — given the financial consequences, thousands if not millions will — many employers will have even more incentive than they already have to jettison their plans completely. Imagine that (bolds are mine):
A November 15, 2010 blog post by Michael S. Derby at the Wall Street Journal ("San Francisco Fed Official Says QE2 Is Working") told us that "The Federal Reserve‘s recently announced plan to buy $600 billion in Treasury securities to improve economic growth is having a positive effect on growth." The Fed official involved also predicted "the U.S. gross domestic product to come in at 2.5% this year (2010), and at 3.5% next year and 4.5% the year after that."
Uh, not exactly. Actual GDP results: 2.5% in 2010 (that was a gimme), followed by 1.8% and 2.8% in 2011 and 2012, respectively. Almost three years letter, the San Fran Fed's acknowledged result of that effort at "quantitative easing" — it "added about 0.13 percentage point to real GDP growth in late 2010" — is starkly different, and is only "positive" if you think a football team managing one field goal in four quarters is "positive." Of course, though it should be, the news is getting very little coverage.
NBA Hall of Famer Charles Barkley made some stunning comments concerning the George Zimmerman trial Thursday.
Appearing on CNBC’s Closing Bell, Barkley not only said that he agreed with the verdict, but also that when it comes to race, “I don’t think the media has a pure heart…A lot of these people have a hidden agenda” (video follows with transcript and commentary):
UPDATED: [May 21; 5:15 p.m. EDT | see portion in brackets below the page break] || The liberal media continue their effort to spin the Obama administration right out of trouble. On Saturday’s Today, NBC brought on John Harwood, CNBC’s chief Washington correspondent, to provide some analysis of the three scandals that rocked the administration last week. Harwood, with help from co-anchor Erica Hill, attempted to make the discussion about the Republicans and their shortcomings rather than the White House’s failings.
Hill brought up the fact that some senior Republicans, such as Newt Gingrich, have cautioned the party about not going after Obama too aggressively over the scandals. Harwood agreed, adding that the party does not have a wide enough base. He then chastised Republicans: [Video below. MP3 audio here.]
It says something about the seriousness of the rest of the news during the past several days when a story about unethical spying by reporters working for a company founded and built by the current mayor of New York City barely makes a ripple.
It has been alleged, and now admitted, that Bloomberg reporters monitored terminal login activity to develop stories about possible Wall Street executive departures before anyone else outside the entities involved knew and for other news-gathering purposes. The practice appears to go back to when Gotham Mayor Michael Bloomberg was still at the helm of Bloomberg LP, as seen in the bolded sections in the excerpt from a Saturday CNBC news story which follows the jump:
CNBC’s Jim Cramer made a statement on NBC’s Meet the Press Sunday that likely shocked the host as well as the other liberal media members involved in the discussion.
After David Gregory mentioned Friday’s lousy unemployment report, Cramer said, “This is stunning. Stunning. And I think a lot of it had to do with fearmongering” (video follows with transcribed highlights and commentary):
Let’s all be thankful for CNBC. On this morning’s Squawk Box, co-host Joe Kernen raised a question that the Big Three broadcast networks have been afraid or unwilling to touch thus far.
While Kernen was chatting with CNBC Chief Washington Correspondent John Harwood about the sequester, Harwood brought up the FAA’s announcement that it will close 149 air traffic control towers next month. It was a story that ABC, CBS, and NBC each covered on their Saturday morning shows this week. Of course, what the broadcast networks failed to mention, but which Kernen raised, was Kansas Republican Senator Jerry Moran's amendment that proposed cutting $50 million in unspent FAA research money rather than closing the towers, $50 million being the approximate amount that would be saved by closing the 149 towers. Senate Majority Leader Harry Reid (D-Nev.) refused to bring the amendment up for a vote. [Video below. MP3 audio here.]
There's practically nothing as delicious as watching liberals eat their own, especially in the current post-election environment when the Obama-loving media are revelling in Republicans going after one another.
With this in mind, grab some popcorn and your favorite beverage as you watch MSNBC regular Donny Deutsch ask CNN's Piers Morgan Monday, "When did you become such a crazy liberal?" (video follows with transcript and commentary):
CNBC's Maria Bartiromo made a statement Sunday about all of the fearmongering concerning the looming budget sequester that people on both sides of the aisle should pay attention to.
Appearing on NBC's Meet the Press, Bartiromo said, "I think Wall Street is seeing this as scare tactics because if the market really believed that the economy was going to be paralyzed on March 1 we would not be trading near record highs" (video follows with transcript and commentary):
While they told their readers of the number of jobs supposedly added in total (157,000) and in other sectors, the fact remains that in the real world, before seasonal adjustment, the government told us, as is the case every January, that employment declined steeply. In January 2013, the government estimates that 2.84 million jobs were lost.
The Bureau of Labor Statistics on Friday reported upside revisions to the number of jobs that were created in last year's fourth quarter.
Appearing on CNBC's Squawk Box, Austan Goolsbee, the former Chairman of the Council of Economic Advisers under Barack Obama, joked, "It’s an elaborate left-wing plot to make the numbers much better several months after the election so that nobody thinks that there was a conspiracy just before the election."
That was not the cry of a dyed-in-the-wool conservative politician. Rather it was Jim Cramer, CNBC’s own host of “Mad Money,” speaking to the upcoming fight in Washington over the debt ceiling. [See video after the jump]
CNBC host Maria Bartiromo went after Maryland Senator Ben Cardin on the air on Thursday (HT PJ Tatler; original here) after it became clear that Cardin and his fellow Democrats won't support any measure to prevent the fiscal cliff from arriving as currently scheduled on Janaury 1 which does not include increases in the highest marginal income-tax rates. At the end of her tirade, she got applause and cheers from those around her.
I'll give her one cheer for clearly exposing Democrats' "my way of the highway" approach. She missed the opportunity to get to three cheers because it seems that she's just now recognizing after all these months that Democrats, including President Obama, won't accept any kind of a solution that doesn't involve raising the top rates -- even though they've been saying that very thing all along. Far more important: Even if you believe that the tax hikes discussed will actually increase government collections by $1.2 trillion over ten years, that amount is a tiny percentage of the trillion-dollar deficits the government will continue to run as long as the economy putters along at its current mediocre to poor pace.
Right-to-work legislation has passed in Michigan, despite the vociferous protests of bused-in union protesters in Lansing and sympathetic coverage from the liberal media, who have portrayed right-to-work as a blow to "union rights" as well as a "politically unnecessary" and "divisive" move by Republicans who control the state legislature and governor's mansion in a state that went strongly for Obama last month.
But there is another side of the story, which the liberal media outlets are seemingly ignoring. The Michigan-based conservative think tank called the Mackinac Center for Public Policy has not only published persuasive and thoroughly-researched reports advocating for the right-to-work policy, they are doing their best to inform the public with the facts and figures that the majority of the media refuses to acknowledge, much less verify.
During the panel discussion on Sunday's NBC Meet the Press, CNBC Mad Money host Jim Cramer launched an assault against Americans for Tax Reform president Grover Norquist for holding Republicans to a pledge not to raise taxes: "What this is about is avoiding a recession which is going to happen....You're going to sacrifice that on the cross of two percent. Is that what you want?" [Listen to the audio or watch the video after the jump]
Norquist, a fellow panelist, shot back: "I'm supportive of the Republican position, which is we need to have economic growth, not higher taxes. If we grew at four percent a year instead of two percent a year, Reagan levels instead of Obama levels, for one decade we'd net five trillion in additional revenue. That would pay down the debt that Obama has run up with the Solyndra stimulus stuff."
NewsBusters publisher Brent Bozell appeared on the November 28 edition of CNBC's Kudlow Report, in his capacity as chairman of For America.
Kudlow brought the Media Research Center founder on to discuss the fiscal cliff and the need for Republicans to stand firm on opposing tax hikes, especially in light of the liberal media's tag-teaming with Democrats. "I can't hardly pick up a newspaper or website and not see anybody blaming [anti-tax-hike activist] Grover [Norquist]," Kudlow observed. You can watch that full segment below the page break. You can also find a transcript courtesy of Media Research Center intern Ryan Robertson below ( MP3 audio here):
On the Nov. 5 edition of CNBCs “Squawk Box,” former CEO of GE Jack Welch guest hosted and did not shy away from his opinions of the current administration. Welch emphasized the great opportunity America has with natural gas and how some of Obama’s proposed green energy bills pose a great threat to the economy.
One of those big threats, according to Welch, is the Ozone regulations bill, which was pushed back to be enacted in early 2013. “Ozone is a trillion dollar bill to the U.S. economy,” Welch stated. “If they put the ozone restrictions in that they want and take them down to sixty parts per billion, take them down there, it’s a trillion dollar bill.”
On the Nov. 2 edition of CNBCs “Squawk on the Street,” former chief economic advisor to George W. Bush and Hoover Fellow Ed Lazear commented that today’s jobs report may not be as good as the Obama administration and media make it out to be. “You have to think about how much do you need to keep employment constant as a proportion of the population,” he stated.