Economy

The media were quick to jump on the story of an emergency airplane landing in Manila, Philippines due to a hole in the fuselage of a Qantas flight. And they were quick to sensationalize the story without mentioning Qantas' impressive safety record. "Well, nobody's saying that we should be covering up a huge hole in the side of an airplane. But it's important for the media to not sensationalize…

"Ask AP" is "a weekly Q&A column where Associated Press journalists respond to readers' questions about the news." Not surprisingly, given the deteriorating quality of their reporting, the journalists questioned sometimes give less than perfect responses. One such example came last Friday from Adam Schreck, AP's Energy Writer, at the end of a week when oil prices had already plummeted over 10…

Don't blame Sen. Charles Schumer, D-N.Y., member of two influential banking committees - the Senate Finance Committee and the Committee on Banking, Housing, and Urban Affairs - for IndyMac's collapse, says CNBC's Erin Burnett. Burnett, host of CNBC "Street Signs," disagreed with a claim by MSNBC "Morning Joe" host Joe Scarborough that a letter to regulators from Schumer caused a run on the…

Earlier this month, former senator and John McCain economic advisor Phil Gramm was widely excoriated for his remarks about America being a "nation of whiners," discouraged by negative media reports fueling fears of recession.As my colleague Nathan Burchfiel noted, the context of Gramm's remarks were the media's role in accentuating the negative in economic news and hence ginning up the public's…

What's another $25 billion between taxpayers? Not much, according to the July 23 "CBS Evening News." The massive housing bailout bill, meant to prop up beleaguered government-sponsored enterprises Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) and help homeowners refinance adjustable rate mortgages, was praised in a segment on the CBS broadcast. It passed in the House July 23 and won't face…

To CNN's "Lou Dobbs Tonight" host, we live in a world of absolutes - because the potential of a government bailout of two publicly traded government-sponsored enterprises condemns the entire concept of free market capitalism. On the July 22 broadcast of Dobbs' show, he attacked proponents of free-market capitalism because of the potential trouble of the two government-sponsored enterprises (…

Democrats in Congress may not have acted on Sen. John McCain's proposal for a summer gas tax holiday, but that hasn't stopped the Democratic National Convention from getting tax-free gas courtesy of the citizens of the Mile High City, reports the Denver Post this morning.Filed as breaking news and published at 8:13 EDT on July 23, the Post's Allison Sherry has the scoop here. Below is an excerpt:…

Brian Wesbury, whose writings I have quoted often, is at it again, puncturing the economic gloom with reality-based analysis. Since his job is to provide useful info for the investor-clients at First Trust, creating unrealized hype is not in his best interest. Wesbury is predicting a stunning improvement in the economy's growth rate (PDF; HT Political Calculations) when Uncle Sam's Bureau of…

Washington Post's Marc Fisher devoted his July 22 column, "Law Reinforces Montgomery as a Nanny State" to pooh-poohing a recently-passed bill by the affluent, liberal Maryland county that borders the District of Columbia on its northwest side. Fisher leveled a charge that free-market advocates and conservative Marylanders would cheer regarding the new ordinance mandating that employers of nannies…

More than three times as many Americans see a media tilt in favor of Democrat Barack Obama than toward Republican John McCain. A Rasmussen Reports telephone survey released Monday, of 1,000 likely voters, “found that 49 percent of voters believe most reporters will try to help Obama with their coverage, up from 44 percent a month ago,” compared to a piddling 14 percent who “believe most reporters…

Gas prices and an alleged recession have many in the media thinking the economy is going to the dogs.  Little do they know exactly how much is going to the dogs - and cats, hamsters, and goldfish. The Dallas Morning News ran an interesting article on the perseverance of pet owners ‘despite an economic downturn.'  In fact, according to the article, owners are expected to spend a record $43 billion…

Free market capitalism is a much-despised bogeyman to the mainstream media, as our friends at MRC's Business & Media Institute can attest.So it's somewhat refreshing to find one article in a major media publication -- okay, it's actually Newsweek -- that seems to lament the entrepreneur-choking nature of government regulation. Of course, the regulatory state in question happens to be the…

Calling for tax cuts to stimulate the economy is just a call from the presidential election’s "silly season" and those who do (McCain) are "going to say anything to get elected" according to CNN financial analyst Gerri Willis. Appearing on July 21 edition of "The View,"Willis discussed many of the current economic troubles from high oil prices to the mortgage crisis. [audio available here]…

Even though the United States is still technically not in a recession, NBC's Meredith Vieira doubted John McCain's ability "to lead us out of a recession," on Monday's "Today" show. Vieira pointed to McCain's former economic adviser Phil Gramm's "mental recession" comment as a reason to "question" McCain's "judgment," when the Republican presidential candidate appeared on the July 21 "Today" show…