In stark contrast to the celebratory "AMERICAN ECONOMY BOUNCES BACK FROM BRUTAL WINTER" headline Friday afternoon at the Associated Press, aka the Administration's Press, Ben White's "Morning Money" report at the Politico is notably concerned about whether Friday's "vexing jobs report" justifies the kind of optimism the AP conveyed with seeming finality in its headline.
To be fair, the underlying AP report by Chris Rugaber and Josh Boak pointed to several weaknesses in the jobs report. But to be appropriately critical, as I noted yesterday, they took it as a virtual given that the economy will turn in full-year growth of "nearly 3 percent." Achieving that result will require second-half annualized growth of nearly 4 percent — a level would likely cause the Federal Reserve to put on the brakes by raising interest rates to stave off inflation. In a separate post, I also criticized the AP pair for presenting economists's estimates of 3.5 percent annualized growth in the second quarter without telling readers that their prediction is premised on the first quarter's current 0.1 percent result getting revised downward into contraction.
On Friday April 18, the Obama Administration announced yet another delay on whether or not to proceed with the Keystone XL pipeline. The Obama Administration’s decision came in the wake of a new ABC News-Washington Post poll which found 65 percent of Americans support the construction of the pipeline with only 22 percent opposed.
Following the latest delay, NBC mostly ignored the story, giving it a paltry 18-seconds on the Saturday April 19 Today. Keystone was briefly mentioned on Sunday’s Meet the Press during an interview between moderator David Gregory and Congresswoman Debbie Wasserman-Schultz (D-FL). CNBC’s Squawk Box was the only NBC program to mention that Democratic billionaire and environmentalist Tom Steyer had pledged $100 million for Democratic candidates on the condition that Keystone not be approved. [See video below.]
The Dow Jones Industrial Average hit an all-time high on Tuesday.
But you wouldn't know that if you watched MSNBC's Hardball where two guests actually made the case that this really isn't an all-time high due to inflation (video follows with transcribed highlights and commentary):