If you're a believer in the Larry Kudlow creed, that "free-market capitalism is the best path to prosperity," then look out, because George Soros is going to make you cringe.

A May 13 USA Today article by David J. Lynch profiled the Hungarian billionaire who said he sees traditional free market theory as "flawed."

"Of course, real life never matches up exactly with the theory's assumptions. But they represent, economists say, a useful way of making sense of a complex world," Lynch wrote.

"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors," Lynch wrote. "Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive' ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

The network news broadcasts are to blame for the American people's widely held misconception that the U.S. economy is in a recession, according to Media Research Center founder and President L. Brent Bozell III.

"How in the world is it that 81 percent of the American people believe that we're in a recession?" Bozell asked on CNBC's "Kudlow and Company" May 2. "Maybe it's because the national networks this year, and we've counted it, have talked about a recession over 500 times."

You've probably heard about the French trader who has managed to stash away $7 billion before going on the lam. What's the big deal with sticking it to some French bank for $7 billion?

This $7-billion loss by the French bank Societe Generale (SocGen) (EPA:GLE) might have caused the sharp plunge in some European stock markets on January 21 - which spurred the Federal Reserve to make an unprecedented emergency 75-basis-point rate cut on January 22.

One economist drew a correlation between the SocGen scandal and the Fed's decision to make the emergency rate cut.

Got some hot stock plays for 2008? CNBC's David Faber thinks you should factor in the recession that hasn't yet happened when you adjust your portfolio for this New Year.

CNBC "Squawk Box" contributor Faber warned investors on the January 7 "Squawk on the Street" that stocks reliant on business spending could hurt since a recession, he said, is imminent.

"Business spending, concerns about business spending overall. I think Anne Mulcahy [CEO] at Xerox (NYSE:XRX) may have said something about business spending," Faber said. "I'm hearing business spending slowing. That's the concern - what happens to the stock market in a recession because we're heading into one it looks like."

It wasn't good news by any means, but it also wasn't the end of the world.

The Bureau of Labor Statistics of the U.S. Department of Labor reported January 4 the unemployment rate rose to 5 percent in December, but if you're paying attention to the media coverage, you would think it's time to whip up some shoe leather stew and play "Brother Can You Spare a Dime."

A January 4 Associated Press story by Jeannine Aversa pointed to the job data as one of the "problems in the economy" that has "elevated fears about a recession." But even with all these "problems" - housing woes, the credit crunch, high oil prices, weak job numbers - the criteria of the economy being in a recession still haven't been close to being met.

CBS Correspondent Anthony Mason would probably call it the not-so-almighty dollar, and he’d be correct if U.S. economic health was viewed only through the narrow lens of currency exchanges.

“[T]he weak dollar is really wreaking havoc on investor confidence and in many ways, the impact is just beginning to be felt,” Mason said on CBS’s November 12 “The Early Show.” “The dollar, once the gold standard of currencies, is falling hard and fast around the world. At $1.46, the euro is up nearly 12 percent against the greenback. The yen traded at 110.38 per dollar, an 18-month high. And for the first time since 1976, the Canadian dollar has risen over 20 percent in value against the U.S. dollar at $1.06.” (Click here to see video.)

But while the dollar is lagging, some experts think the dollar is undervalued.

Story after story about Rupert Murdoch’s purchase offer for Dow Jones & Company, which owns The Wall Street Journal, has criticized the prospect as a threat to journalism, questioned the media mogul’s “editorial integrity” and attacked his character.

Journalists, media critics and the union representing the Journal were up in arms.

“[P]robably not quite as frightening as the day we learned Kim Jong Il has the bomb, but close … very close. It could be worse. We might have discovered, for example, that Saddam Hussein had stashed all those missing weapons of mass destruction in a Pasadena storage locker rented to Osama bin Laden,” said a Los Angeles Times column.

On April 25, 2007 the Dow soared to another record close, this time above 13,000. As Newsbusters reported here, here and here, the networks did anything but cheer. In fact, network broadcast reporting of the Dow's recovery since 2003 has been marked by pessimism.

Katie Couric introduced the April 25, 2007 CBS "Evening News" report with this dismal statement:

"Even as investors are making money in the market, Anthony Mason reports there are concerns tonight about the rest of the U.S. economy."

Mason made good on Couric's tease, with a class warfare remark that "Wall Street and Main Street appear to be headed in different directions" because of housing and gas prices.

When a domestic industry is having problems with foreign competitors, foreign-owned companies in the US, or outsourcing, there is usually plenty of media coverage.

But when an entire sector of the financial services industry is in jeopardy, namely the issuance of shares in companies going public for the first time (initial public offerings, or IPOs), the news and commentary can't seem to break out of the business-reporting realm.

Read the following, and then I'll attempt to explain why.

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LONDON AND HONG KONG "HEART" SARBANES-OXLEY

Sarbanes-Oxley Quotes of the Day: Kudlow Discussion Group and John Fund Column

NewsBusters publisher Brent Bozell, President of the Media Research Center, appeared Monday on CNBC's "Kudlow and Company" where he discussed how the media are misreporting the economy.

The segment, in which Bozell appeared with Mark Weisbrot of the Center for Economic and Policy Research, was prompted by a new Special Report study from the MRC's Business & Media Institute, "Bad News Bears: How Networks Distort a Good Economy and Batter President Bush."

Video clip (4:58): Windows Media (9.8 MB at higher-quality 256 kbps) or Real (3.8 MB at lower-quality 100 kbps) , plus MP3 audio (1.7 MB)

If there is such a thing as a “good liberal,” Peter Beinart of The New Republic is certainly one. Whether or not you agree with his point of view, at least Beinart’s columns are well-reasoned and intelligently presented as opposed to much of the shrill non sequiturs plastered across the opinion pages of most MSM.

With that in mind, Beinart entered the ring Friday night against Ann Coulter, on CNBC’s “Kudlow & Company.” Beinart clearly looked like an able opponent right from the start:

Well, look, if the Democrats take control, you're going to see a lot more aggressive oversight from both houses, and I think as you have said, look, as a nonpartisan matter, we have checks and balances in this country. Our government works when the Congress is aggressively checking the executive branch and vice-versa, and that really hasn't been happening very much as the Republican Congress, particularly in the House, has acted as an arm of the White House rather than an independent branch, and I think it has hurt the congressional Republicans themselves. The ones who looked the best, people like Lindsey Graham, are those who have exercised some independence, and I would gather that if Republicans in Congress had exercised a little more oversight and a little more independence, not only would we be in better shape as a country but they would be in better shape as a party running for re-election this year.

Coulter responded with a few jabs of her own: