Economy

There has been an unreality in the reports on the falling stock markets for at least the past 10 days. Each day's plunge seems to have been exclusively due to the "global economic crisis" and/or the supposed "freeze on credit." Oddly enough, the admittedly small bank where I have my business accounts is having absolutely no problem funding mortgage, home-equity, and other loan applications from…

A former San Francisco Supervisor pleaded guilty Friday to three felonies Friday that go to the fundamental integrity of city operations. Both the Associated Press's Paul Elias and the San Francisco Chronicle's Wyatt Buchanan did not see fit to name the party of Ed Jew, who is, naturally, a Democrat. Interesting, Jew attributes his downfall to the examples of others, and, according to Buchanan…

It's getting close to Halloween, so I hope this story doesn't scare you too much. But the Associated Press has discovered that this bad economy is making us ugly. That's right, ugly. Because of this downturn people just cannot afford to go to their friendly neighborhood plastic surgeon for those nips and tucks any more. So it is the AP's sad duty to inform us that "As economy sags, faces do too,…

Was the current economic situation caused by too little government intervention in the financial markets—or too much?   I'd say the latter.  Washington used Fannie/Freddie as a political piggy bank, causing it dole out loans to people who had no business receiving them.  And because Freddie and Fannie's obligations enjoyed the implicit guarantee of the federal government, they were able to obtain…

In a heavily amateurish move, ABCNews.com attributed a dip in an already sinking Dow to President Bush's speech on the economy with a top headline story in its home page rotation."Dow-ner: Bush Speaks, Stocks Drop; Friday address marks 10th time Bush has recently spoken on volatile markets," the teaser headline read.The story in question took the skilled labor of a grand total of four ABCNews…

Who you gonna call to fix the economy? Kids. The Dow dropped 5,585 points since its high a year ago, banks have been afraid to lend and the government bought billions in toxic mortgage-backed securities. So CBS's "The Early Show" went to some top finance experts to explain what was happening to viewers, right? Nope, they went to kids, Oct. 10. Weatherman Dave Price talked to fifth graders…

It's sad when just about the only place to get the truth about what happened to precipitate the current mortgage-lending mess is the Colbert Report. Jim Cramer of CNBC's "Mad Money" appeared on the Comedy Central show on Monday. The takeaway soundbites: Cramer said "I'd love to, but I can't" pin the blame for the debacles at Fannie Mae and Freddie Mac on President Bush. He noted that "the…

Is capitalism really in critical condition or already in its grave?You might think that if you read The Washington Post today. Anthony Faiola's "analysis" warned that the financial crisis "is claiming another casualty: American-style capitalism."The article continued the mainstream media’s trend of blaming capitalism for the recent tremors in the financial system.Faiola’s article said, “But the…

Labor costs the Detroit Three substantially more per vehicle than it does the Japanese. Health care is the biggest chunk. GM, for instance spends $1,635 per vehicle on health care for active and retired workers in the U.S. Toyota pays nothing for retired workers - it has very few - and only $215 for active ones . . . Contract issues like work rules, line relief and holiday pay amount to $630 per…

A single report by KFYI radio of Phoenix, Arizona highlights a shocking claim made by the Department of Housing and Urban Development (HUD). HUD says that five million illegal aliens hold illegal mortgages. This is just one more example of the lax lending laws put into place by Democrats like Barney Frank that have contributed to this economic crisis. One would think this would be big news. But…

All three morning shows on Wednesday skipped a startling claim by Senator Barack Obama during the previous night's presidential debate. During a discussion on spending, he bizarrely asserted, "Actually I'm cutting more than I'm spending so that it will be a net spending cut." However, according to the Committee for a Responsible Federal Budget, that statement doesn't even close to being true.…

Note: This serves to at least partially answer ABC's David Wright's idiotic question.Bob Bennett is a man of integrity, and the Democratic half of the political Bennett Brothers. He appeared last night on Mark Levin's nationally syndicated radio show to debunk the media myth built-up around Arizona Senator John McCain's role in the Keating Five mess circa the late 1980s and early 1990s. (Brother…

Earlier this year, the media trotted out story after story of high gas price hardship as oil climbed to a record-high $147 a barrel back in July. One analyst even predicted in May that oil would reach $300 a barrel. But, now that a financial mess has struck the markets, oil has fallen from $140 to right around $90 a barrel on Oct. 7. During months leading up to its peak, many were forecasting…