During 2009 and 2010, liberal commentators and even politicians made a point of bashing conservative commentators such as Glenn Beck and Laura Ingraham for allowing gold companies to advertise on their shows, arguing that conservatives and gold companies cynically colluded to deceive viewers into buying bad investments. The recent spike in gold prices seems to prove that the conservative commentators were right after all.
Gold prices topped $1,900 an ounce on August 22. The price of gold rose over 400 dollars since the beginning of this year, up from $1,421.40 per ounce since January 1st, 2011, and has rapidly risen over the past two months. The price of gold was $854.60 per ounce at the start of the Obama administration. In other words, gold prices have more than doubled since the beginning of the Obama administration.
Ahead of the Sept. 2 release of the August jobs report, surveys had indicated the economy had added anywhere from 75,000 to 100,000 jobs that month. But those estimates turned out to be very wrong. Just minutes ahead of the release, CNBC’s Rick Santelli went out on a limb predicting that no jobs had been added in August.
Santelli was right about that number. As CNBC reported just minutes later, not a single job was added overall to the payroll numbers and the unemployment rate stayed at 9.1 percent. The previous two months were revised downward to show an additional 58,000 jobs lost.
If we're to believe Associated Press reporter Daniel Wagner, this morning's report from the Department of Labor on unemployment claims revealing that initial claims during the week ended August 6 fell to 395,000, was "good news." Why, according to Wagner, that drop, all by itself, it was "enough to catapult stocks," pushing the Dow up by 423 points in Thursday's trading.
Uh, not exactly, Daniel. First, though the decline in initial claims was in the right direction, it was only 5,000, or 1.25%, less than last week's original number of 400,000 (naturally revised up to 402,000 this week), and an even tinier 3,000 fewer than the initial number two weeks ago. If (more like when, given the track record of previous weeks) it's revised up by 3,000 or so, it will be even less impressive. Huge advances in the Dow do not arise from such tiny improvements.
MSNBC's Thomas Roberts implied Tuesday that members of Congress who oppose efforts to inject more government spending into the economy, as President Barack Obama proposed recently, are committing an "act of treason."
"Why don't people look at that as an act of treason?" the daytime anchor asked the Washington Post's Ezra Klein, who shrugged off the accusation.
"I don't think what happens is Mitch McConnell and John Boehner retire to their volcano lair and plot how to doom the American economy," replied the liberal blogger.
On Monday, one of the only sane voices in the mainstream media stood up and said, "If it wasn't for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB" (video follows with transcript and commentary):
At the top of Saturday's NBC Today, CNBC's chief Washington correspondent John Harwood told co-host Lester Holt that the downgrade of U.S. debt provided President Obama with "a tangible consequence to point to for Republican brinksmanship on the debt and deficit reduction deal."
Harwood observed: "Mitch McConnell, the Republican leader, always said, 'We don't want co-ownership of the economy,'" and predicted, "You can expect the administration to say, 'You've got it now.'"
On Tuesday's NBC Today, co-host Ann Curry touted President Obama trying to scare the American people into supporting his debt ceiling plan: "He called for public activism, so much so that we hear that Capitol Hill web sites were crashing last night because so many people were trying to e-mail their representatives. It looks like he spooked main street...will he also spook Wall Street?"
Curry directed that question to CNBC Mad Money host Jim Cramer, who promptly rejected such doom and gloom: "No, not at all. Frankly, Wall Street's very calm. The markets are looking pretty good today....No one's buying the panic, no one's buying the skyrocketing interest rates economic crisis scenario."
Appearing on Saturday's NBC Today, CNBC's John Harwood solely blamed House Republicans for the ongoing debt ceiling gridlock: "Speaker Boehner and President Obama, were negotiating in good faith. They wanted a deal....the House Republican caucus...would not accept what President Obama needed to make a deal, and that is real and significant tax hikes as a component."
Harwood argued conservative House members were intimidating Boehner and declared: "That's why Boehner left the talks. That's why the United States' risk of default, while still low in my opinion, is higher than it was 24 hours ago." Later, Harwood touted how "Independents are starting to side with Democrats" and proclaimed: "House Republicans are not playing politics on this. It's crazy politics, what they're doing, and Republican leaders think it may hurt the party. But it's what they believe, and that's why we're at this point."
CNBC panelists and guests always make predictions in the minutes leading up to the Labor Department's release of the jobs report and June 3 was no exception.
While economists Diane Swonk and Mark Zandi and CNBC's own Steve Liesman all made predictions of job gains between 100,000 and 150,000 - Rick Santelli threw his own lower prediction in just seconds before the announcement: 55,000. (Video available here)
MSNBC's Chris Matthews on Thursday got a much-needed economics lesson from CNBC's Joe Kernen.
In the midst of a discussion about the economy and how it's going to impact the 2012 elections, the "Hardball" host bragged about having studied economics in grad school leading Kernen to marvelously ask, "You studied economics?" (video follows with transcript and commentary):
Perhaps using a preemptive strike to help combat the May jobs report to be released on Friday, MSNBC has already found an excuse for lost jobs, and an increased unemployment rate – storms, tornadoes and flooding. According to a business report:
“…homes or places of business have been destroyed in this year's wave of storms, tornadoes and flooding. That means thousands of workers in the South and Midwest could be out of work for some time, potentially pushing up the nation's jobless rate and further taxing financially strapped state unemployment funds.”
Yet in 2004, when reporting on an October jobs report in which hiring had increased at the fastest pace in seven months, MSNBC somehow managed to find analysts who said the jump in hiring was due mainly to another form of natural disaster – hurricanes. The business report at that time read:
“Some analysts were skeptical about the latest surge of hiring, pointing out that much of the unusually large jump in October stemmed from cleanup and rebuilding in Florida and other states that were ravaged by four hurricanes…”
That assessment is buoyed by an accompanying CNBC video (seen below) in which Senior Economics Reporter, Steve Liesman, asks President Bush’s economic advisor, Gregory Mankiw, about the ‘Hurricane Effect’ on a jobs report.
As readers are likely aware, former Vermont governor Howard Dean is a contributor to CNBC, and in this role, he continues to say the darnedest things.
On Monday's "The Last Word," Dean said of the far-right, "They hate Muslims, they hate gays, they hate immigrants, and the rhetoric in the primaries shows that" (video follows with transcript and commentary):
Most Americans are probably familiar with outspoken Kiss star Gene Simmons, but likely didn't know that he was born and partially raised in Israel.
With this in mind, when he was asked by CNBC's Jane Wells what he thought about President Obama's suggestion that Israel's borders be redrawn to pre-1967 levels, Simmons replied, "He has no f--king idea what the world is like because he doesn’t have to live there" (video follows with transcript and commentary):
In a moment of respite from its typically liberal proclivities, MSNBC's "Morning Joe" tuned in to "Squawk Box" on May 12 to chat with the 11-year-old daughter of a CNBC anchor who co-authored a book about "defending our kids from the liberal assault on capitalism."
"Although I am an environmentalist, in this argument I support the business side," wrote Blake Kernen, daughter of CNBC's Joe Kernen, in response to a question on a homework assignment that Blake said was biased against the free market. "I agree that limiting the amount of emissions a company can release would hurt a business ... If a company was told to limit its production, it would make less goods, reducing the money it makes. If a company cannot make money, it cannot employ a lot of workers!"
As NewsBusters has been reporting, since President Obama once again proposed letting the Bush tax cuts expire for the highest earning Americans, the media have been supporting it almost 24 hours a day.
Doing his part this weekend was Chris Matthews who after the introduction of the syndicated program bearing his name actually began the show, "Why is taxing the rich so hard?" (video follows with transcript and lots of commentary):
Liberal media members better learn that if they step onto a set with CNBC's Becky Quick, they better bring their "A" game when talking about business and finance or they'll end up looking foolish.
Such was the case on this weekend's "The Chris Matthews Show" when Andrew Sullivan called Wall Street a "parasite class...producing nothing" only to be forcibly corrected by Quick (video follows with transcript and commentary):
During the panel discussion on Sunday's Meet the Press on NBC, host David Gregory gushed over President Obama's Friday night address to the nation on the budget deal: "The message was clear. Here he was to save the day, that it was President Obama – and he went to the Lincoln Memorial on Saturday – that he was able to rise above the fray. That's the image they want Americans to see."
The rest of the political panel agreed with Gregory's assessment. Special Olympics CEO Tim Shriver argued: "I think the President appears to be a mediator, and I think he, he rightfully gets some credit for averting the show – shutdown." CNBC Mad Money host Jim Cramer declared: "I think the President came out very much above this week, above the fray." New York Times White House correspondent Helene Cooper proclaimed: "[Obama] was trying very much to appear above the – above the fray....definitely did the political calculus that he has to appear above it all, presidential."
Appearing on Monday's "Today" to discuss the debate over reducing the nation's debt, CNBC host Erin Burnett declared to co-host Matt Lauer: "The problem is our revenue, what the government takes in, in taxes. What you pay every month out of your paycheck is way smaller, in fact, it's only somewhere around $2 trillion a year."
After Lauer asked about the relationship between government spending and the debt, Burnett acknowledged: "They are related, but really, to tackle this issue, we do have to tackle entitlements. When you look at Medicare and Social Security, it's 40% of our budget." However, she quickly denounced Republican attempts to use a raise in the debt ceiling to cut such spending: "Those are the questions we have to answer, but not through playing chicken on the debt ceiling."
On Thursday morning's "Squawk Box," CNBC's on-air editor Rick Santelli sounded off against raising the debt ceiling, the Democrat-controlled congress' failure to pass a budget last year, and "spendthrift" politicians. The rant echoed his famous 2009 diatribe where he called for a Chicago "Tea Party."
"It's a matter of principle. If we can't do the discretionary spending now, what chance do the conservatives have to tackle everything we know?" he said of more budget cuts.
"But you turn on certain channels that are supposed to be news, and they vilify anything to get it under control. They say we're going to kill kids? You know, we will have problems with children if the whole damn country goes bankrupt. Wake up!"
On MSNBC's "Daily Rundown" today, Steve Liesman robustly defended raising gasoline taxes as a way to address rising oil prices.
The CNBC senior economics reporter minced no words to show his support for hiking the unpopular consumption tax in the midst of a sluggish economic recovery: "I want to offer that one of the real solutions here is a gas tax."
After positing that the problem with oil prices "is not that they're high, it's how they oscillate," Liesman claimed higher gas taxes "would accomplish two things: one, it would create incentives to use less of it and two, create a little more certainty around the price, which by the way is one of the things making gasoline a bad fuel for the economy."
CNBC's Erin Burnett made a gaffe on Tuesday's Street Signs as she covered a new app for Apple devices which is aimed to assist Catholics to go to confession. Burnett wondered if the app, which costs $1.99 would bring the Church "back to the age of 'condolences' (sic), those things that Martin Luther so abhorred" [audio available here].
The anchor reported on the app, "Confession: A Roman Catholic App," just before the top of the 3 pm Eastern hour, noting that the new program had received the approval of Church authorities. Burnett gave a brief explanation of the app before making her historical error:
Jobs are heading up and down at the same time. The Bureau of Labor Statistics announced the morning of Feb. 4 that only 36,000 jobs were added in the month of January, but the unemployment rate dropped from 9.4 percent to 9.0 percent.
The mainstream news media will likely latch on to the dropping unemployment rate, despite job gains that were less than one-fourth of the consensus estimate of 148,000 jobs added. One of the CNBC panelists noted that the increase was "way below consensus."
CNBC's Rick Santelli even lashed out at some of the CNBC "Squawk Box" panel that were discussing the latest jobs report. (VIDEO BELOW FOLD)
As most of the nation celebrates Martin Luther King Day while attempting to move passed the tragic events in Tucson, CNBC's Donny Deutsch decided to ask Reverend Al Sharpton if Arizona should secede from the union.
Such happened on Monday's "Morning Joe" as the crew discussed gun laws in the wake of the shootings (video follows with transcript and commentary):
A sharp drop in the unemployment rate from 9.8 percent to 9.4 percent "surprised" analysts on Jan. 7, but Mesirow Financial's chief economist Diane Swonk warned CNBC viewers that it was an "anomaly."
The drop in unemployment rate confused some because in the same report the Bureau of Labor Statistics reported only 103,000 overall nonfarm payroll gains in December 2010.
CNBC's "Squawk Box" panel reacted to the falling unemployment rate by calling it "sort of a fluke," an "anomaly" and predicting it would rise again. CNBC's Rick Santelli suggested the rate dropped "because people are disenchanted' and dropping out of the labor force."
Do a media company's political activities affect the way its subsidiaries report the news? The folks at MSNBC sure think so. That channel's hosts have insisted ad nauseum that Fox News parent company News Corporation's political actives compromise the ability of Fox to report the news fairly and accurately.
But MSNBC has, as I have noted before, shilled for policies that would enrich its parent company, General Electric, under the guise of "environmental awareness." Today the Washington Post exposed yet another such conflict, reporting that GE took $16 billion in loans from the Federal Reserve during 2008 and 2009.
On Sunday, NBC Universal launched its annual "Green Week," as part of the company's "Green is Universal" environmental awareness campaign.
As NBC embarks on yet another week of "environmentally themed programming," it falls to media watchdogs to point out the massive conflict presented by NBC parent company General Electric's significant financial interests in the policies "Green Week" indirectly advances.
GE stands to make millions from Democrats' "clean energy" agenda. The company has invested massive amounts of money in technology that can only be profitable through government intervention or subsidization.
When it comes to the increasing sex, violence, and profanity in entertainment media, the social libertines are indifferent. They insist that children will hardly be warped or ruined by the media they consume. They chortle at the paranoia of Hollywood critics. Their mantra: If you don't like it, just turn the channel.
But if the issue isn’t indecency, but instead, say, obesity – so many of those titans of “tolerance” suddenly become the censors. Behold San Francisco, the paradise of permissive sexual attitudes. The city council may welcome flowers in your hair, but they have just voted to ban “Happy Meal” toys unless the “happy” menu is low in fat and sodium and includes fruits and vegetables.
Apparently, that villain Ronald McDonald has been leading a Vast Child-Fattening Conspiracy.