Economy

It is a curious phenomenon - the way the media have handled the economy since President Barack Obama has taken office. Generally the coverage has been on the optimistic side over the last 18 months. But could this blind optimism come back to haunt people that trade on economic metrics? According to CNBC "Mad Money" host Jim Cramer, it will and in a big way on Aug. 27, when the new gross…

As the Obama administration’s “Recovery Summer” crumbles, CBS’s Early Show on Thursday noted how the poor economic data has made many Americans deeply pessimistic about the future, with 37% saying that the economy “is in permanent decline.”So does that mean Obama's $862 billion stimulus is a failure? Not according to economist Mark Zandi, who was interviewed by co-host Erica Hill. Zandi asserted…

"The old general might still have it in him ... 145 years after Appomattox, Grant won't have to surrender this one either." -- Katie Couric, Notebook, 8-25-10What does it take to get Katie Couric to root for a military man?  Put him in a fight against the MSM's great bogeyman, Ronald Reagan.The CBS Evening News anchor devoted her Notebook yesterday to the battle to replace Ulysses S. Grant on…

In the media's continued effort to sell the stimulus to the American public, reality is simply a nuisance. It's much easier to use rosy economic projections with little to no grounding in the real world, and to refrain from informing readers just how disconnected from reality those models are.That is exactly what many in the media have done since the Congressional Budget Office released numbers…

In late July, a Government Accountability Office report circulated which analyzed stimulus funding being spent by the Department of Energy.  The main gist of that report involved the cost of each job being generated by the stimulus bill - a staggering $194,000.  Tucked away in that report was a phrase that was new to most of us, a way to calculate jobs through a term called ‘lives touched'. Last…

July's bad news in new home sales is even worse than it first appears. The seasonally adjusted annual rate of 276,000 units is bad enough. That is an all-time low since records have been kept and 12% lower than June's annual rate. It's also lower than what analysts predicted by about the same percentage. The lazy business press is running with those figures. But, as has been the case so many…

CNN's Ali Velshi enthusiastically touted the Obama administration's promotion of "alternative energy" on Tuesday's Newsroom, and advanced the idea that the field would become a major economic force: "This may be the driver of the economy for the next 15 years....And I will give this administration credit. It is such a dramatic increase over the last administration's commitment to alternative…

The theater of the Sherrods continues. Earlier today, Shirley Sherrod, who, according to the current version of ruling class wisdom, was prematurely evacuated from the USDA by Director Tom Vilsack, decided not to accept an offer to return to the agency. Instead, according to Politico's Matt Negrin, "she hasn’t accepted the department’s offer to work there again, but that she wants 'some type of…

It has now been five days since Politico's Ben Smith published a powerpoint presentation created by an amalgamation of powerful left wing interest groups, conceding that two of the central arguments for passing ObamaCare - that it will lower the deficit and will reduce health care costs - have failed. For a group of organizations integral to the passage of the law, that was a stunning admission. …

During the 3 p.m. MSNBC news hour Monday, anchor Chris Jansing asked the question and hosted an expert who supplied the seemingly desired answer. The question: Could President Obama make a mid-term comeback similar to President Reagan in 1982? The answer: Absolutely.The two discussed the similarities of the situations faced by the presidents, and seemed to conclude that if the economy turns…

The New York Times on Tuesday declared what most conservatives knew would happen if Democrats took control of both Congress and the White House: "more Americans - and not just the rich - are going to have to pay more taxes."In its editorial comically titled "A Real Debate on Taxes," the Times predictably argued for a total elimination of the Bush tax cuts, although it favored some partial delay…

Appearing on the Late Show on Monday night to plug his Friday night Dateline on the 5th anniversary of Katrina, NBC Nightly News anchor Brian Williams bizarrely asserted “we're still enjoying the fruits really of the Clinton economy,” claimed Tea Party activists who say “we want our country back” want it back “from the Trilateral Commission” and ridiculed their presumed hypocrisy as he insisted “…

Good Morning America's Bianna Golodryga on Sunday featured a liberal activist arguing for more government intervention in the form of paid time off laws and "affordable" child care. The ABC host never identified Kristin Rowe-Finkbeiner's ideology or the fact that she's a Huffington Post contributor. Instead, Golodryga fretted about "bias" against women who have children. The Rowe-Finkbeiner…

Well, it didn't take to much digging to find people who think that the $578 million cost of the new Taj Mahal complex known as the Robert F. Kennedy Community Schools in Los Angeles (pictured at right; noted last night at NewsBusters and BizzyBlog) isn't that big of a deal. What I found makes me wonder why it took so long for waste of this magnitude to become a national story. On July 9, at LA'…