A new stock market high is good news, right?
“In stock market terms alone, this is now the longest consecutive uninterrupted stock market rally,” said Lawrence Kudlow on MSNBC’s “Morning Joe” on July 13.
“It started in early 2003, so that’s four and a half years. And it’s incredible how much wealth is being created out there and it’s unfortunate, really – almost tragic – that the president just doesn’t get any credit for it at all because he’s got a lot to say on the economy.”
While Kudlow found the record worth cheering, the three major networks supplied "some worries" and "some dark clouds" to viewers on July 12. Each one offered its own spin of gloomy news following the record high closings of the Dow and S&P 500.
"There are still some dark clouds looming over this market," said correspondent Dan Harris on ABC’s "World News with Charles Gibson." "The housing market is in a slump, interest rates are rising and gas prices are ticking back up."
But of course, CBS had its own take on the news and could not be outdone.
"There are still some worries out there," said CBS correspondent Anthony Mason on "Evening News." "The housing market is still slumping. We’ve had close to a million foreclosures since January."
And not wanting to be left out was NBC "Nightly News."
“[W]e’ve heard this good news on Wall Street,” said “Nightly News” anchor Brian Williams. “It is despite the fact that a lot of homeowners in this country are under tremendous stress right now. According to RealityTrac (sic) [RealtyTrac], that’s a company that sells mortgage data, foreclosures across the country are up a staggering 87 percent over this very same time last year.”
All this bad news accompanied the stock market's largest gain in nearly four years.
Downplaying good economic news, especially the stock market is nothing new to the network news. Reporters have a history of pressing other economic factors like gas prices and housing, then threaten these pressures would sink the economy.
Fox News Channel host Neil Cavuto devoted a portion of his July 13 program to viewers complaining about media outlets that had ignored or downplayed the historic stock market high. NB's Ken Shepherd has video here.
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
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Kudlow said "tragic"
July 13, 2007 - 18:58 ET by Gary HallInteresting Julia, Kudlow said "tragic" - meaning that Bush is getting no credit for this great economy and likewise the bull market. But, what is really "tragic" is that the MSM considers this bull market and the economy tragic.
The wealth creation during the late 90's bull market was considered warm and wonderful by the MSM, then - tragic now. The loss of that wealth which followed the collapse of the market and subsequently was blamed on Bush (go figure), and now the retracement of the (basicly the same) same path is considered - well, "tragic." Oh my!
Oh! Please help me, oh great
July 13, 2007 - 19:40 ET by drillanwrOh! Please help me, oh great and powerful MSM!?!
What should I do? Should I be slitting my wrists?
Good gawd! Do these people's lead balloons ever sink into the quick sand??!!??
Again I say, it's the Johnnie Cochran Dow!
July 13, 2007 - 20:03 ET by PawpawNAs I posted on the headline in story above this one: It's called the Johnnie Cochran Dow! "If the temp(late) don't fit, you must omit!" I know I previosly say EDIT, but OMIT sounds even better!!
When I'm looking for my shoes
July 13, 2007 - 20:42 ET by KC MulvilleWhen I'm looking for my shoes, I ignore my socks. When you're looking for reasons to elect liberals, you ignore what you're not looking for. They didn't see the internet bubble for the same reason -- it wasn't what they were looking for.
Market downer
July 14, 2007 - 03:14 ET by NortoBeliever
cBS not only gave downers to the housing market,noting that house values were dropping(from near 40% overpricing, values that were paper only, they had several long faces on citing high gas prices as the reason for cutting back on retail purchases. Huge graphics were used to show which large retailers had the biggest drops in sales. No mention of any that had gains-fair and .....??
Housing Market
July 14, 2007 - 09:01 ET by P.J. Gladnick"The housing market is in a slump..."
Which is actually GOOD news in a way. Prices have come way down which is why I just recently purchased a townhouse because the price dropped over 20% in the past year. The housing market will heat up again once buyers start taking advantage of the bargains that are now out there.
Tax basis
July 14, 2007 - 09:03 ET by dagdaThat would be nice except that my taxes are based on the inflated price. Good luck on your new house.
Our real problem, then, is not our strength today; it is rather the vital necessity of action today to ensure our strength tomorrow. Dwight Eisenhower