Economy

Well, it seems that the folks at Vanity Fair realized that they won't have George W. Bush to kick around any more. So they decided to launch the journalistic equivalent of thermonuclear war against him in an attempt to get its shot at a "draft of history." In a 14 web-page tome (the photo at the top right is at its beginning) that fancies itself an "oral history," the magazine hauls out every…

Declaring President George W. Bush's “economic legacy is selfishness” for daring to propose letting people invest a portion their Social Security payments in the stock market, on Sunday's Meet the Press the Washington Post's Michelle Singletary charged Bush “should be ashamed of what he's left us.” The Post-based nationally-syndicated “Color of Money” personal finance columnist contended that as…

Looking for your own financial bailout?Well, the unprecedented decline in gasoline prices the past five months is actually giving regular Americans a much-needed boost to their balance sheets possibly greater than what the government is doling out to the financial services and automobile industries.New data just released by the Oil Price Information Service reveals that we're currently spending $…

Here are the key numbers (in red) in Uncle Sam's November Personal Income and Outlays report (the July : Common sense says that the chart's results after adjusting for inflation are more important (identified as "Chained [2000] dollars") than those in current dollars. Consmers' disposable income went up 1.0% in real (after-inflation) terms in November after a 0.7% increase in October. It took a…

Sure, its revenues might be plunging along with its share price, but the New York Times is still good for something.  In these somber days of winter, the Gray Lady, her name notwithstanding, can still inject the sunshine of humor—albeit of the unintentional variety.Take its current editorial, Getting Immigration Right -- please. With jobs at a premium and the collapse of the Big Three automakers…

Imagine there's no religion, it's easy for The New York Times to do -- even in a Christmas Day editorial that somehow forgets that Christmas is about Christ's birth. In fact, the NYT decided that this Christmas was its opportunity to wallow in worse-than-ever sentiments and to bemoan that this year's Christmas isn't as good as it used to be. Oh, they tried to dress it up a bit by saying it is…

This is really delicious, and should cheer up the grinchiest of Grinches and the scroogiest of Scrooges:Rumors that Santa Claus may be the latest and most high-profile victim of the worldwide credit crisis sent world stock markets roiling and children's hopes plummeting today as Wall Street analysts warned that Santa's entire production and distribution network could collapse by the end of the…

In 2005, I sensed that journalists in general prefer to call this time of the year in commerce that of “holiday shopping” instead of “Christmas shopping,” but that when it came to people losing their jobs, they preferred to describe layoffs as relating to “Christmas.” My instincts have been proven correct during the past three years. So did anything change in 2008? Not that much, but slightly in…

Is it possible the financial media played a role in facilitating the alleged $50 billion Bernard Madoff Ponzi scheme? An interesting theory by Jon Najarian, CNBC analyst and cofounder of optionMONSTER, contends that they very well may have unwittingly done just that. Madoff, he believes, used media publicity to lure investors to his scheme. As Najarian explained on CNBC's Dec. 22 "Fast Money,"…

You would think from reading yesterday afternoon's report by the Associated Press's Tom Murphy that companies like Toyota, Nissan, and Honda are not that far from finding themselves in the situations US taxpayer bailout recipients General Motors and Chrysler are in. Murphy tries mightily to make the foreign-owned companies' situations look serious, at one point even putting out the howler that…

Hugo Chavez has announced that he plans to expropriate a huge and nearly complete shopping mall in Caracas. The Spanish language web page of Constructora Sambil that describes the project (pictured at the right) says that it's 21,600 square meters. Chavez appears to have no idea what he will do with it. The Associated Press's Ian James apparently had no idea what to do with that shocking bit of…

UPDATE AT END OF POST: White House issues statement concerning "Irresponsible Reporting by New York Times."It's official: the housing and financial crisis gripping the nation is President George W. Bush's fault.So said the New York Times Sunday in a 4900-word, front page hit piece entitled "The Reckoning - Bush's Philosophy Stoked Mortgage Bonfire."And what was this heinous, catastrophic…

As oil and gasoline prices rose throughout much of this decade, a popular media meme was that a lower dollar was largely to blame.By making this dubious connection, press outlets could point fingers at Bush economic policies thereby distracting the public from the reality that decades of liberal environmental constraints on oil exploration and refinery construction led to an inevitable and…