Economy

CNN's Phillips: Obama Gives 'An Early Christmas Present for People on the Edge of Losing Their Homes'

On yesterday's CNN Newsroom, anchor Kyra Phillips shifted to "Bad Boys" mode:

Lenders, lenders -- what you gonna do when they come for you? Call it an early Christmas present for people on the edge of losing their homes. The Obama administration cracking down on mortgage companies.

We'll tell you about it.

After the break:

PHILLIPS: Well, from your health (ph) to your home, the foreclosure crisis shows no signs of letting up, so the Obama administration is trying to fight back.

Reviewing NYT's Food Stamp Report, Part 2 of 3: Paper Ignores Stimulus-Driven 30% Benefit Increases

FoodStampMontage

The New York Times’s Jason DeParle and Robert Gebeloff published a long Saturday report on the Food Stamp program that went into print on Sunday.

This is the second of three posts on their coverage; the first went up earlier today at NewsBusters and BizzyBlog. It addressed the pair's seeming happiness with the massive increase in program participation, their apparent unhappiness that 15-16 million who could be getting Food Stamps aren't, and their sense of relief that the "stigma" attached to being on a form of government dole has significantly dissipated.

This post will deal with something that should have been right in front of the Times pair's faces: Even before considering loosened eligibility standards (the third post will deal with that), Food Stamp benefits (gross and net) have increased by much more than the rate of food inflation during the past couple of years, especially in the past year, during which the increase in net benefits has been a whopping 30%.

Here are a few article excerpts from the Times report that deal with benefit levels (the first excerpted paragraph originally appeared in between the two other sets of paragraphs presented):

ABC News: 'Unemployed, Underemployed Look to Jobs Summit for Help'

"Unemployed, Underemployed Look to Jobs Summit for Help" is posted on ABC News's Web site today.  Authored by senior Washington correspondent John Cochran, the piece is notable in that nothing in it supports the headline.  Cochran writes:

Boosting confidence is at the top of President Obama's list at the Jobs Summit he is scheduled to host on Thursday. The invitation list includes business leaders, mayors, academics, and experts from the green jobs sector.

They will consider many proposals to boost the economy including:

More stimulus money for construction projects;

rewards for firms that hire more workers;

more steps to ease credit;

extending unemployment benefits through 2010.

Reviewing NYT's Food Stamp Report, Part 1 of 3: Paper Cheers Growth, Loss of Stigma

FoodStampMontageIn a long Saturday report on the Food Stamp program that went into print on Sunday, the New York Times's Jason DeParle and Robert Gebeloff:

  • Almost seemed to celebrate the program's explosive growth.
  • Bemoaned the fact that many who could participate do not.
  • Both in their title ("Food Stamp Use Soars, and Stigma Fades") and text, cheered the loss of stigma that has long been associated with the program.
  • Failed to note not only gross and net benefit increases during the past two years that have far outpaced real inflation in food prices, but also the loosening of eligibility rules in many states, including Ohio.
  • Speaking of Ohio, omitted key facts and injected blatant bias into a situation from earlier this year in the Buckeye State's Warren County that outraged those who believe the program was meant only for those who would truly suffer if its benefits weren't available.

DeParle's and Gebeloff's work is part of a Times series that "examines how the safety net is holding up under the worst economic crisis in decades." My series of posts on the pair's report with have three parts. This first one will deal with the first three items listed above.

Buchanan: Gore’s Moment 'Passed' - No Proof of Manmade Global Warming; Clift’s Response: 'No Known Proof There's God Either'

If you're curious to see how the mainstream Washington, D.C. press views the global warming debate, Newsweek's Eleanor Clift may have tipped off the public off.

On the Nov. 29 edition of "The McLaughlin Group," host John McLaughlin asked about the prospects of a Copenhagen climate change treaty and its possible impact on the U.S. economy. MSNBC and "The McLaughlin Group" regular Pat Buchanan gave some spot-on analysis on global warming alarmist about former Vice President Al Gore and how it pertains to the climate change issue.

"Well, I don't think it's going to have any impact, John, because I don't think it's going to get through the United States Senate," Buchanan said. "And there's a reason for that John, and that's Al Gore's moment has come and gone. The truth is they're changing the name to climate change rather than global warming for a reason."

Headlines: Jobless Claims Plunge, Dive, Plummet, and Decline Sharply. But Did They?

The day before Thanksgiving brought encouraging news on unemployment.  CBS News.com reported "New Jobless Claims Plunge to 466K."  Investors.com headlined "Jobless Claims Dive To 466,000."  CNN Money.com issued a special report titled "Jobless claims plummet to 14-month low."  And the Financial Times included a link to the Calculated Risk blog article "Weekly Initial Unemployment Claims Decline Sharply."  

Such good news, reported widely throughout the media, doubtless gave hope to many Americans.  If some of them wished to attribute this dramatic turnaround to Barack Obama's stimulus program, so much the better.  The truth, however, is that improvement in the number of jobless claims was less than electrifying.  The numbers touted in the media are, according to the Department of Labor, "seasonally adjusted" with a statistical technique designed to accommodate fluctuations in the job market.  Set that aside, and the numbers are not nearly as rosy.  As DOL's Employment and Training Administration reported:

The advance number of actual initial claims under state programs, unadjusted, totaled 543,926 in the week ending Nov. 21, an increase of 68,080 from the previous week.

Bill Press: Beck a 'Ticking Time Bomb'; Warns Ailes Will 'Be Sorry' They Gave Him a Show

Glenn Beck - he has one of the highest-rated shows on the top cable news network. He's had a number of bestselling books and he's called attention to some unsavory characters working in the Obama administration. Yet - he's somehow considered to be a risky business decision for the powers in charge at Fox News.

On CNN's Nov. 29 "Reliable Sources," host Howard Kurtz pointed out Glenn Beck accusing Sen. Mary Landrieu, D-La., of "hooking" for the so-called $300 million "Louisiana Purchase" provision of the health care bill.

"He's talking there about Louisiana Sen. Mary Landrieu, who did get a provision in order to get her support for breaking the filibuster on the health care bill - $300 million for Louisiana," Kurtz said. "He said she was ‘hooking,' basically called her a prostitute."

How to Make ‘the Homeless Problem’ Disappear

Excuse this post's brevity, but I'm computer-challenged at the moment, and not much elaboration is necessary (except by commenters, of course).

How do you make "the Homeless Problem" disappear? 

The answer, even in the worst economy in a long, long time -- Have a Democrat President in office.

Haven’t heard much, have you (total unique listings on “homelessness rising” not in quotes from November 24-28 are really only 22)?

CNBC’s Harwood: Chance of Dems Pushing Another Stimulus to Save Face for 2010 Election Cycle 'Quite Good'

Here we go again. We've already seen how ineffective the previous $787-billion stimulus Congress and the President forced through earlier this year has been with curbing unemployment, as it has raced into double-digits over the previous months. But will there be an effort to force through another one?

Earlier this week, Speaker of the House Nancy Pelosi made overtures of another stimulus in a conference call. CNBC's Erin Burnett noted the possibility of a push for a second stimulus on the network's Nov. 27 "The Call."

"John, what would you say, I don't know, the chances of some sort of an additional jobs stimulus - however you'd like to characterize that, or whatever form it would take or price tag it might have ?" Burnett asked.

Imus: Obama 'Jimmy Carter Stupid' Regarding Wall Street and the Economy

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.

Essay: The Media Aren't Talking About Health Care's Lost Jobs and Crushing Taxes

What’s hidden in health care reform that you haven’t heard about? Plenty. Without a news media interested in questioning the contents of the legislation, how could you know about the punitive taxes and job-killing provisions lurking in it?

My clients in the restaurant industry alerted me to the House bill’s mandate that all restaurants and retail establishments that are part of chains, franchise groups or multi-brand groups of more than 20 outlets be required to prominently post accurate calorie counts for most food items sold – including items on salad bars and buffets or self-serve counters.

Maybe this seems “healthy” on its face, until you consider the costs, the legal liability incurred in getting inaccurate information and posting it, the competitive disadvantage foisted on businesses with 20+ outlets vs. those with 19 or fewer, and the broader point of health care reform being used as means of creating new and expansive regulatory activity and interference in our lives.

(Incidentally, should you happen to own 20 restaurants, I advise shuttering the least productive one or ones and putting the staff on the unemployment rolls immediately. If you were thinking of investing in opening another restaurant and creating jobs, don’t.)

Searching for Christmas, and Case of the Missing Layoff Stories

APxmasShoppingPhoto112409

This is the fifth year I have looked into how the media treats these two topics:

  • The use of "Christmas shopping season" vs. "holiday shopping season" (note how the AP photo at right uses "holiday" and not "shopping," even though there is a C-C-, Chr-Chr-Christmas tree in the picture).
  • The frequency of Christmas and holiday layoff references.

I have done three sets of simple Google News searches each year in late November, followed by identical searches roughly two and four weeks later.

The cumulative results of all three search sets during the past four years are in this graphic.

Year-to-year changes have often been subtle. That is anything but the case with the results of the first set of searches I did at roughly 10 a.m. ET. In the context of the current economy, they are stunning, and very revealing:

Arianna Huffington: Is Unemployment Obama's Hurricane Katrina?

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):

CBS Catches Up with Conservatives and Realizes Obama Has 'Credibility' Problem

Long after conservatives and the American people figured it out, CBS on Monday night came to the realization President Barack Obama has a “credibility” problem fueled by the “disconnect” between Obama's promise to reduce the deficit as he pushes for massive new spending. Back in August, the CBS Evening News denigrated the town hall questioners as “unruly protests,” but on Monday reporter Chip Reid warned:

The American people are increasingly questioning the President's credibility. He says the stimulus has saved or created 640,000 jobs, but only seven percent of Americans believe it has created any. And he's repeatedly promised health care reform will not increase the deficit, but a mere 19 percent believe him.

Reid proceeded to relay how CBS News analyst John Dickerson “says for many Americans there's a basic disconnect -- a President who promises to trim the budget but only seems to want to spend and spend.” More amazing for CBS, Reid noted how “highly respected foreign policy analyst Leslie Gelb” called Obama's just-completed Asia trip “'amateur hour' for failing to get deals locked in before the President left home.”

CBS’s Schieffer Warns of Excessive Spending...On Military

Bob Schieffer, CBS At the end of CBS’s Face the Nation on Sunday, host Bob Schieffer fretted over massive government spending but avoided blaming current Democratic proposals: “I’m not even talking about the cost of health care....It is now costing $1 million a year to keep one U.S. soldier on the ground in Afghanistan, not to mention that for every soldier there, we have one civilian contractor.”

Schieffer also cited reconstruction costs in Iraq: “I picked up the New York Times to discover we have spent more money rebuilding Iraq’s schools, hospitals, water treatment and electrical plants – $54 billion – than we have spent on any construction project since the Marshall Plan.” He described his reaction to the war spending: “...last week I got surprised – no, I should say had a jaw-dropping shock – a better way to put it – every time I picked up the newspaper and read about the numbers that we’re throwing around lately.”   

In concluding his commentary, Schieffer wondered: “...when President Obama came calling to China, we owed the Chinese more than a trillion dollars...is going a trillion dollars in hock to one country made us more secure?”

ABC’s Bill Weir: Voters Sent Senator Landrieu to Washington to ‘Get as Much Sausage’ as Possible

Good Morning America’s Bill Weir on Sunday defended the $300 million in pork that Senator Mary Landrieu acquired for her state, spinning, "The people of Louisiana sent her to Washington to get as much sausage as they could, you know, she could."

Landrieu provided the 60th vote on Saturday to bring the Senate’s health care bill up for debate. In return, millions in new funding will go to Louisiana. Guest George Stephanopoulos touted the money as a real bargain: "But I think Democrats are saying it's a pretty cheap vote. $300 million. Without Senator Landrieu's vote yesterday, this bill would have died, would have been very difficult to put it back together."

It didn’t seem to occur to either Stephanopoulos or Weir that one job of a senator might be to not waste millions in taxpayer money.

Fox News Credits the MRC for Exposing Lack of Media Coverage in Fake District Scandal

On Saturday, Fox News analyst Jim Pinkerton credited the Media Research Center for highlighting the lack of media outrage over the Obama administration’s fake congressional district scandal. After referencing the revelation that the Recovery.gov website claimed thousands of jobs had been saved in districts that don’t exist, Pinkerton suggested, "They [Obama officials] were embarrassed, but as the Media Research Center pointed out, the morning shows gave the story exactly 21 seconds."

Pinkerton was referencing a November 17 NewsBusters blog which noted that Tuesday’s Early Show on CBS and NBC’s Today show completely skipped the developing story. ABC’s Good Morning America devoted just 21 seconds to the topic. On Saturday’s Fox News Watch, Pinkerton concluded, "So, no, [the Obama administration will] get over it, because the media aren't going to turn this into another Watergate."

Hume Defends American Exceptionalism: Obama Foreign Posture 'Exactly Backward'

On Fox's Nov. 22 "Fox News Sunday," former "Special Report" anchor and Fox News senior political correspondent was dead spot on target in many regards when it came to criticizing the tack President Barack Obama has taken with his foreign policy gestures.

First, Hume reflected on how Obama reacted on his trip to Asia last week. He noted that Obama was in a tough position, having to rely on borrowed Chinese money. However, "embracing weakness" was not the proper way for Obama to represent the country in Hume's view (emphasis added).

"Look, the president is in a weaker position than he might have been, not least because his policies have contributed mightily to the immense amount of new borrowing that's being done, much of it from the Chinese," Hume said. "So now you have the Chinese even worried about the size of the health care plan. That is unfortunate. But this president seems quite willing to embrace weakness as a position for the United States. I mean, the bowing and scraping that we see -- Saudi Arabia we saw it. We saw it on this trip in Japan."

'This Week' Panel: Next Critical Global Threat -- Chinese-Style Authoritarian Capitalism

Throughout the history of this country playing the role of a global power, the United States has faced down threats of fascism and communism. The country is now in the throes of a war against terrorism.

However, on ABC's Nov. 22 "This Week with George Stephanopoulos," a panel consisting of Washington Post columnist George Will, Liz Cheney of Keep America Safe, University of California, Berkeley professor Robert Reich and Walter Isaacson is the President and CEO of The Aspen Institute, warned the next ideological battle facing the country is that which China practices - an authoritarian market society or authoritarian capitalism.

"For 37 years, every administration has bet, since Nixon went to China, on a theory, and the theory was that capitalism, market economy, which requires a judicial system to enforce promises, which are called contracts, needs a vast dissemination of information and decision-making that capitalism by its mores and working would subvert the regime, that you could not have an authoritarian market society," Will said. "It's the Starbucks fallacy. It turns out to be a fallacy, that if the Chinese have a choice of coffees, they'll want a -- they'll demand a choice of political candidates. We may be wrong. It could be you can have an authoritarian system."

Times Shills for Second Stimulus, Ignores Widespread Fraud in First

A "new consensus" has emerged on the success of the economic stimulus package, according to a New York Times headline. In touting the supposed success of the legislation, and hinting at support for another round of spending, the Times neglected to mention the widespread fraud that characterizes the administration's attempt at shoring up the economy.

As reported by P.J. Gladnick on Saturday, the Times made sure to attribute its claims to "dispassionate analysts," and asserted that the stimulus is "helping an economy in free fall a year ago to grow again and shed fewer jobs than it otherwise would." Gladnick thoroughly debunked this claim, and others, in his NB post.

In a further show of bias, the Times article makes no mention of the 76,779 jobs that were not actually "saved or created" by the package, but were added to the number touted by the administration (interactive map embedded below the fold - h/t Examiner's Freddoso, Spiering, and Hemingway). Given that this number is roughly 12 percent of the 640,000 jobs the administration claims to have "saved or created," it might merit a mention in the Times's story.