According to Don Imus, it's the late-1970s all over again, and not in a good way. 

Imus appeared on the Fox News Channel's Nov. 24 "Hannity" program and had some disparaging words for the current administration's economic policy. He told viewers that Obama's associations with Jeremiah Wright and Bill Ayers weren't the problem (h/t Erick Erickson at RedState.com).

"You had me convinced - yes, he was. But you had me convinced that Jeremiah Wright and Bill Ayers and some of these people are all going to be in the Cabinet. We'd be better off if they were," Imus said.

As President Obama's approval rating dips below 50 percent, his devoted followers in the media also appear to be losing that loving feeling.

Over the weekend it was Chris "Tingles Up My Leg" Matthews calling the former object of his affection "Carteresque."

On Tuesday it was Arianna Huffington -- who has spent the entire year pushing for government-run healthcare as well as cap and trade! -- asking an astoundingly dangerous question for such an unashamed minion: 

"Will The Unemployment Disaster Be Obama's Katrina?"

Yep. In her recent HuffPost column, Arianna used the K-word (h/t Hot Air):

Business and Media Institute's Dan Gainor appeared on Fox Business News "Money for Breakfast" March 17 to discuss the Obama economic team's performance in the administration's first 50 days.

Gainor dubbed Treasury Secretary Tim Geithner "the worst" because "when he came out and talked about the housing plan that he didn't have, the markets tanked."

Ben Bernanke, Federal Reserve Chairman, earned a "B-minus," partly because "he showed his strength on Sunday" during a "60 Minutes" interview. Director of the White House's National Economic Council Larry Summers received a "C grade" for being "not great, not horrible."

Imagine for a moment John McCain was President, and few of the people on the task force he created to repair the crumbling auto industry owned American cars. 

Would that be a public relations nightmare?

Well, an article published Monday by the Detroit News revealed that most of Barack Obama's newly announced Presidential Task Force on the Auto Industry don't patronize the companies they've been appointed to rescue: 

During the presidential campaign, we constantly heard from Team Obama and the media (excuse the redundancy) was how Republican-inspired deregulation had let evil bankers and capitalists run roughshod over the economy and created the current credit mess.

Well, a lot of the deregulation was GOP-inspired, but that isn't what caused the situation that I like to refer to as The Great SUCKUP (The Seemingly Unlimited Cash Kitty Under Paulson).

What John Berlau has found at Reason Online is that the Clinton Administration loved 1990s financial deregulation so much that it cited it as a major accomplishment.

Berlau provides the proof:

When Larry Summers suggested in early 2005 that, as paraphrased by Slate's William Saletan, "innate differences between the sexes might help explain why relatively few women become professional scientists or engineers," the outcry was immediate, furious, and went to saturation level virtually overnight. The controversy ultimately led to his resignation a year later as Harvard President.

On Wednesday, Mr. Summers, a Democrat who was once Treasury Secretary under Bill Clinton, made a recommendation in his area of expertise -- that is, that a tax cut would be a good idea to protect against a possible recession. (Yours truly doesn't believe that a recession is anywhere near occurring. But hey, I've said since May, and several times since [here, here, and here, among others] that a tax cut is needed anyway to keep the economy chugging along at a good rate. So if panicked pols want to enact a tax cut for the wrong reason, I'll take it.)

Old Media reaction to Summers has been virtual silence.