CBS’s Early Show on Friday completely ignored the grilling Treasury Secretary Tim Geithner received on Capitol Hill on Thursday and the calls for his resignation by members of Congress. ABC’s Good Morning America and NBC’s Today both covered the contentious exchanges.

ABC’s Good Morning America provided the most coverage. Correspondent Bianna Golodryga observed that "a handful of Republicans and one Democrat are calling for his resignation" based on the current economic situation. She then played video of Republican Michael Burgess deriding Geithner: "I don't think you should be fired. I thought you never should have been hired."

Another clip featured Republican Kevin Brady directly asking the Treasury Secretary: "For the sake of our jobs, will you step down from your post?" But, even though the Early Show found time for generous coverage of Oprah Winfrey and the announcement that she’s retiring in two years, the news program skipped reporting on the calls for Geithner’s resignation by these Republicans. (House Democrat Peter DeFazio and Democratic Senator Maria Cantwell both have previously made similar announcements.)

A prominent CNBC personality that had been outspoken about the media's role in the current financial crisis, himself included, has reportedly left CNBC.

A spokesman for CNBC told NewsBusters Dylan Ratigan, the co-creator of one of the network's most popular shows, "Fast Money," is leaving the network effective March 27.

"Dylan told us that he is leaving CNBC effective today," CNBC spokesman Brian Steel said in an e-mail. "We thank him for his quality work and wish him well."

CBS's "Early Show" and ABC's "Good Morning America" on Friday almost entirely ignored the embarrassing departure of yet another of Barack Obama's cabinet nominees, with only NBC's "Today" providing any real information on the event. GMA devoted a scant 15 seconds to the withdrawal of Republican Senator Judd Gregg as the President's second nominee for Commerce Secretary. (Previous choice Bill Richards dropped out for tax reasons.) Instead, the networks included segments on aphrodisiacs for Valentine's Day and how to make a flourless chocolate cake.

"Early Show" doubled ABC, managing a still insignificant 30 second anchor brief. NBC's "Today" actually featured a full report and had the most coverage, three minutes and 21 seconds. Out of a combined eight hours of programming, the total for all three came to only four minutes and six seconds. None of the coverage made any mention of Senator Gregg's opposition to the Obama administration's goal of moving the 2010 census count from the Commerce Department to the White House. (The census issue was mostly ignored on Thursday's evening news programs as well.)

On Tuesday's "Good Morning America," financial correspondent Bianna Golodryga promoted the efforts of a radical housing group run by CEO Bruce Marks, a self proclaimed "bank terrorist." Of course, Golodryga skipped that description and glossed over the extreme actions of the Neighborhood Assistance Corporation of America [NACA]. Instead, she simply asserted that the organization tries "to help keep people in their homes."

Golodryga neglected important information, such as the fact that NACA has picketed outside the schools of children whose parents work for banks that are not acquiescing to the group's demands, which include insisting that mortgages be given to high risk individuals. In an April 2, 2008 column, Michelle Malkin quoted Marks as saying, "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed." A December 2007 article by The Globe (featured on NACA's web site) unabashedly touted Marks as "a controversial character who once infamously called himself a 'bank terrorist.'"

Golodryga ignored this when she talked to the CEO. Instead, she highlighted non-confrontational quotes such as this one from Marks: "The thing that is so important is to say to the American people, don't give up. There's help on the way." The ABC financial correspondent did admit, "The group is also protesting the banks they feel are not helping struggling homeowners refinance their mortgages," while video of such a protest appeared onscreen. However, she grossly minimized the radical nature of NACA.

Various media outlets have jumped on the comments of Phil Gramm, an advisor to John McCain's presidential campaign, that when it comes to the economy, "we've sort of become a nation of whiners." However, these same organizations, such as ABC News, have done their part to promote such things as fretting over no more Christmas presents. For instance, on the November 12, 2007 "Good Morning America," reporter Bianna Golodryga hyperbolically warned that "some people are foregoing routine visits to the doctor and are opting for cheaper foods, like pasta and peanut butter, as opposed to protein, fruits and vegetables, in order that they can save as much money as possible." She added that for certain individuals, "Even holiday gift shopping won't be the same."

Now, this is the same program that on Friday's show observed that "conservative icon" Phil Gramm's "words have been damaging at a time when McCain is trying to convince voters he feels their pain." Certainly, GMA has done everything possible to assure viewers that the economic situation, which isn't a recession, is destroying their lives. On April 22, 2008, Ms. Golodryga (see file photo above) showcased a man who had been forced to skip church because of gas prices. She then intoned, "Some people even say that they are changing their diets, cutting down on costly prescription drugs or walking instead of driving to the local grocery store."

With Starbucks’ announcement that it will closing 600 of its locations nationwide, the network morning shows on Wednesday heralded this news as another sign of a bad economy. ABC’s Bianna Golodryga on "Good Morning America" lamented that "Americans are struggling just to pay for a cup of Starbucks coffee." NBC’s Matt Lauer’s clever headline: "Trouble brewing -- Starbucks announces its closing 600 stores in the next year. Is the demand for $4 lattes dying in a tough economy?"

But CBS’s "The Early Show" took the puns and the "doom and gloom" to a new level. Host Maggie Rodriguez teased the headline news: "Starbucks shutting its doors on hundreds of stores. Tough economic times or just a grande letdown?" Correspondent Ben Tracy, in his report on the closings, quipped, "The economic slowdown has been a real grind for Starbucks' profits. After filling up their gas tanks, some coffee lovers don't have enough left to fill up their cups."

"Good Morning America" on Wednesday attempted to guilt trip John McCain for taking a foreign trip while "Americans wrestle with a tough economy." Five times over the course of two segments, various GMA hosts, reporters and analysts insinuated that McCain's trip to Colombia and Mexico might result in voters thinking he doesn't care about the economic situation of Americans.

Correspondent Bianna Golodryga pointedly wondered, "But at a time when polls show Obama ahead of McCain by 16 points on the economy, should McCain be staying closer to home?" GMA co-host Robin Roberts, in an interview with Senator McCain, questioned, "So, why is Senator McCain abroad when Americans are focused on the economy here at home and losing jobs, more and more jobs, as Bianna just reported?" The candidate replied by mentioning the fight against the Colombian drug trade as one reason for his South American trip. Undeterred, Roberts continued her theme. She repeated, " We've seen that over and over again, so many want to know, other than what you just said, why are you in Colombia this morning?" This prompted an irritated McCain to reply, "Well, I'd be glad to repeat myself."

On Friday's "Nightline," ABC reporter Bianna Golodryga filed a segment on the "super rich" who are untainted by the tough economic times and once again highlighted left-wing investor Warren Buffett's calls for more taxation. Without ever labeling Buffett as liberal (he has endorsed Democrat Barack Obama for president), Golodryga cheerfully proclaimed that the billionaire is "concerned about the burgeoning wealth gap." The ABC reporter then parroted Buffett's claim that his cleaning lady is paying more in payroll taxes then he does on capital gains. "She doesn't have a lobbyist," the investor complained

Of course, neither Buffett nor Golodryga pointed out that the top one percent of earners pay 39.4 percent of all federal income taxes. In fact, Golodryga has touted Buffett's liberal economic policies before. On November 15, 2007, on "Good Morning America," she lauded the investor for coming out "on behalf of fairness in taxes," in relation to his calls to retain the estate tax and (liberally) reform capital gains tax policy. She rhapsodized to viewers that Buffett was on "your side over taxes and fairness."

Tuesday's "Good Morning America" went into hyperbole meltdown over high gas prices. According to various anchors and reporters, Americans are foregoing church, prescription drugs and breakfast in order to cope. In a tease at the show's open, Co-host Diane Sawyer fretted, "As gas prices balloon, 12 cents in just one week, some Americans tell you how they skip breakfast and drugs just to drive." News anchor Chris Cuomo solemnly informed viewers of the "tough choice" many Americans face: "Food or fuel?"

Cuomo then introduced reporter Bianna Golodryga to explain "the sacrifices people are now making." Included in those sacrifices was one Juan Martinez who told Golodryga "Our church is approximately 35, 40 miles away. We've really cut down on the amount of times that we've come into service since the price has gone up." Now, as Golodryga admitted, this clip was actually from November of 2007, during a previous GMA segment about gas prices causing people to skip church and possibly cancel Christmas. So, ABC has resorted to recycling gas horror stories? Could that mean, perhaps, there's not enough of them to go around?

"Good Morning America" economic reporter Bianna Golodryga narrated a segment on Tuesday's show that featured grainy black and white footage from the 1930s and two references to the Great Depression. The ABC journalist also featured clips from Democratic presidential contenders Barack Obama and Hillary Clinton to amplify the warnings of impending economic doom.

While discussing the collapse of investment bank Bear Stearns, grainy footage of panicked '30s bankers appeared onscreen as Golodryga intoned, "The problems are so massive that the Fed is taking measures not seen since the Great Depression..." And while President Bush was briefly highlighted, assuring Americans that the United States will rebound, Paul McCulley, the managing director of the investment company Pimco, continued the comparison to the worst economic crisis the United States ever faced. Referencing impending action by the Federal Reserve, he asserted, "...You could have the Fed with great intentions but still a downward spiral in property prices that would give you a modern day depression." For comparison's sake, during the Great Depression, almost 25 percent of Americans were unemployed.

If you haven't gotten to check out the Business & Media Institute's new weekly video blog, The Biz Flog, this week's topic is the media's shift from reporting on "recession" to all-out "depression."

Complete with old-timey piano music and grainy film, this week BMI gives you our take on the many instances when reporters have compared the current economy to a time when soup lines and the Dust Bowl carried headlines.

Just when you thought the economic doom and gloom couldn't get any worse in the news, "Good Morning America" has determined recession is now causing arson.

"We have news this morning on the home foreclosure front, word that cash-strapped homeowners are taking desperate measures," ABC co-host Diane Sawyer said.

The February 11 "GMA" has determined "cash-strapped homeowners" are taking "desperate measures," that is they are burning down their homes to avoid foreclosure. That notion ABC's Bianna Golodryga based upon two isolated cases of anecdotal evidence.

One home supposedly burned because Sheryl Christman, a 38-year-old Michigan woman, was three days short of foreclosure. She pleaded no contest after the Sept. 1, 2007 arson. The other case was a Colorado arson where a man "may have" committed arson before an "imminent foreclosure."

It isn't home foreclosures, high gas prices or even the stock market being used to show the economy is heading for hell in a hand basket.

No, this time the culprit is "two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun," otherwise known as the Big Mac. And ABC's Bianna Golodryga asks, "If Americans are saying goodbye to fast food, could we be saying hello to a recession?"

"According to the latest figures, America may no longer be the ‘fast food nation' that it once was," Golodryga said on the January 29 "Good Morning America." "And, it has nothing to do with going on a health diet, but everything to do with going on a spending diet."

Business & Media Institute Director Dan Gainor appeared on the Fox Business Network December 21, 2007, to discuss the media's coverage of the economy. Full of Christmas spirit, Gainor had kind words for two mainstream reporters.

"Even in the mainstream media there are people who get it. Looking back this year one of the big stars whose improvement was surprising is CNN's Ali Velshi who delivers a much calmer look," Gainor said.

"It's nice to see somebody out there saying, ‘Oh, actually the markets aren't really doing that bad," he said, praising ABC's Bianna Golodryga. The "Good Morning America" reporter received high marks for balanced coverage of the stock market.

If you watched the news in the last 24 hours, you'd think women's clothing sales were the barometer for the economy. All three major networks reported a 6-percent decrease in women's apparel sales this holiday season, calling the figure "ominous," "worrisome" and "a big deal."

The only problem is that the corporation reporting the figures, Mastercard, didn't say it was that big of a deal. In fact Mastercard's SpendingPulse showed a "modest increase" in holiday sales overall, and "extraordinary growth" for eCommerce sales.

But for the MSM, good news is no news, so they zeroed in on one negative to suggest Christmas 2007 is a retail failure. And since Christmas is all about shopping, we might as well declare the whole season over before it started!

On the "CBS Evening News" Dec. 17, Anthony Mason reported "an ominous sign:

The Oil Prices That Stole Christmas

On Tuesday, "Good Morning America" reporter Bianna Golodryga hyperventilated about high gas prices and highlighted a man who alleged that the cost of fuel is keeping him from going to church and that it could ruin Christmas. Golodryga piled on, suggesting that some Americans would be forced to eat "cheaper foods" such as pasta and peanut butter instead of fruits and vegetables.

The Media's Favorite Billionaire

Only a few days later, Golodryga, who covers business and economic issues for GMA, proved her journalistic independence by gushing over liberal billionaire Warren Buffet, or "Robin Hood," as she called him. While Golodryga lobbied for holding on to the death tax (or, as she called it, the estate tax), co-host Diane Sawyer rhapsodized over how Buffet is battling "on behalf of fairness in taxes." (The leftist billionaire has claimed recently that he pays less taxes, percentage-wise, than his receptionist.)

ABC's "Good Morning America" devolved into outright advocacy on Thursday as the morning program openly lobbied for more taxes, misled viewers about how much the wealthy pay and passed off an economic advisor to Hillary Clinton's 2008 campaign as an impartial observer. Correspondent Bianna Golodryga filed a report on liberal billionaire Warren Buffett and his assertion that he pays a lower percentage in taxes than his receptionist. GMA co-host Diane Sawyer turned the story into a class warfare campaign as she promised that the show would be battling "on behalf of fairness in taxes." The host lauded Buffett for taking "your side over taxes and fairness." Additionally, Golodryga fawned over the billionaire for advocating that Congress should retain the estate tax, another leftist position.

Video excerpt (2:15): Windows (1.39 MB) plus MP3 audio (1.02 MB).

At no point in the misleading report did any GMA host or reporter mention a fundamental fact: The wealthy already pay a disproportionately high amount of taxes. According to information just released by the IRS, the top one percent of earners paid 39.4 percent of all federal income taxes. The top five percent pay almost 60 percent of federal taxes. Golodryga did, however, make time to compare Buffett to Robin Hood, complete with an onscreen graphic, and harass other billionaires over the salaries of their receptionists. Sawyer claimed that most of these wealthy individuals were "hiding" and that GMA would call them on "[Buffett's] behalf."

In one of the more hyperbolic segments to air on "Good Morning America," ABC reporter Bianna Golodryga fretted that November's unusually high gas prices could lead to poor health, less church and no Christmas. On Monday's program, Golodryga warned viewers that unnamed "reports" allege that "some people are foregoing routine visits to the doctor and are opting for cheaper foods, like pasta and peanut butter, as opposed to protein, fruits and vegetables, in order that they can save as much money as possible" at the pump.

The ABC reporter also managed to find an extreme example and introduced America to Juan Martinez of Phoenix, Arizona. According to Golodryga, the spike in prices has taken "a toll on the family's relationship with God." It seems as though the Martinez clan is cutting back on religious attendance due to the 40 mile journey trek to their church. (Are there no closer places to worship in the Phoenix area?) Additionally, GMA featured footage of Golodryga shopping with Martinez as she lamented, "...Even holiday gift shopping won't be the same." Apparently, there will be less Christmas presents this year.

This week marks the unhappy milestone of Black Monday for Wall Street, which had some journalists warning “it could” happen again. Even if it doesn’t, the media hammered home the prospect of a possible recession.

"Can it happen again? It could," said CBS correspondent Alexis Christoforous on "Evening News" October 14.

The Dow Jones Industrial Average nosedived Oct. 19, 1987, when panicked selling cost investors 22.6 percent in one day of panicked selling. But do investors in 2007 need to be worried about another crash?

What determines an economic crisis? Sweater sales.

ABC's "Good Morning America" began its broadcast October 17 with a report that might be confused with one of the signs of the Apocalypse. But have no fear, Bianna Golodryga clued in viewers to some red flags to see if the economy is in "crisis".

Video (0:57): Real (1.55 MB) and Windows (3.34 MB), or MP3 audio (442 kB).

"When you give or get practical gifts, stuff that you need instead of the stuff you want for your birthday or holiday. When sweater sales go up, watch out."