On Friday evening, the CBS Evening News and ABC's World News with Charles Gibson offered opposite views on whether the recently released inflation figures for May should be viewed as good or bad. While CBS News anchor Russ Mitchell referred to "inflation alarms" going off, leading to higher interest rates that are "hitting [home] buyers hard," ABC News anchor Gibson characterized inflation as "under control" as he conveyed that the report "eased worries" and set off a stock market rally.
Below are transcripts of relevant portions of the CBS Evening News and ABC's World News with Charles Gibson from Friday June 15:
From the June 15 CBS Evening News, as Mitchell introduced a report about the plight of home buyers facing higher mortgage rates:
RUSS MITCHELL: Now to the economy: Inflation alarms went off today when the government reported that consumer prices in May took their biggest jump in nearly two years, energy prices leading the way. So far this year, inflation is running 5.5 percent. That's more than twice last year's rate. And that is helping to send interest rates higher. Thirty-year fixed rate mortgages rose this week to an average of about 6 and 3/4 percent. Anthony Mason reports that's hitting buyers hard.
From the June 15 World News with Charles Gibson:
CHARLES GIBSON: Wall Street ended the day and the week with another rally. As worries about interest rates and inflation eased, the Dow closed up 85 points today, and the NASDAQ was up 27. Government numbers indicate that except for food and energy -- two major exceptions -- consumer inflation is under control.
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Thirty-year fixed rate mort
June 16, 2007 - 01:49 ET by motherbeltThirty-year fixed rate mortgages rose this week to an average of about
6 and 3/4 percent. Anthony Mason reports that's hitting buyers hard.
When we bought our first home in 1985, our mortgage rate for a VA loan was 10.5 %. Other people with conventional loans were paying 12%, sometimes more. Anyone being "hit hard" by a rate of 6 3/4% is simply buying more house than they can afford.
Whatever happened to "starter houses"? Now everyone wants their first house to have a triple garage, 3 bathrooms, granite counters and the latest $2000 washer and dryer set.
You make your bed, you lie in it.
Most journalists, especiall
June 16, 2007 - 06:53 ET by sarcasmoMost journalists, especially the teleprompter-readers on TV news, just blithely-assume that big government is honest about inflation. Oh really?? I beg to differ, but these days I have to go to shadowstats to even get a vague idea of M3. As one well-known pundit said, the Federal Reserve not-publishing M3 would be like GM not-publishing how many cars it makes (especially ironic is that General Motors is becoming more & more a finance-not-car company!). Despite most financial "journalists" fawning, that's what's been happening -- but now there's the internet, so inconvenient voices like mine occasionally get heard. Too bad, financial "journalists" and fans of big government...You're no longer unrebutted.
JMR
RUSS MITCHELL: Now to the e
June 16, 2007 - 11:05 ET by drillanwrRUSS MITCHELL: Now to the economy: Inflation alarms went off today when the government reported that consumer prices in May took their biggest jump in nearly two years, energy prices leading the way. So far this year, inflation is running 5.5 percent. That's more than twice last year's rate. And that is helping to send interest rates higher. Thirty-year fixed rate mortgages rose this week to an average of about 6 and 3/4 percent. Anthony Mason reports that's hitting buyers hard.
I didn't see this broadcast, but did CBS drop the balloons and confetti after this line?
CHARLES GIBSON: Wall Street ended the day and the week with another rally. As worries about interest rates and inflation eased, the Dow closed up 85 points today, and the NASDAQ was up 27. Government numbers indicate that except for food and energy -- two major exceptions -- consumer inflation is under control.
But what Charlie was really thinking was, "What we need now is a damn good story about refineries being blown up! Yeah!"
I love the quandry that the MSM are in
June 16, 2007 - 12:42 ET by c5thenThey can't decide if they should tell people the economy sucks (because it's GWB's fault) or if they should tell people the economy is OK (because it's the democrats in Congres's plan). We may actually be getting the most accurate reporting of economic matters in years if you take into account all the sources.
How Ironic that when the media can't decide which "side" of the issue to be on, they actually generate good data.
The day that "politician" became a career choice is the day we started losing the Republic