Economy

The business press's recession obsession continues:A couple of weeks ago, in the wake of the initial first-quarter GDP growth reading of 0.6%, Rex Nutting at MarketWatch.com entertained us with the notion that an economy can be in a recession even while there is real, if anemic, economic growth.Today, Jeannine Aversa of the Associated Press, with the help of a number of economists, told us that…

Paul Krugman is over in Berlin, and—surprise!—concludes that Europeans have things better figured out than we benighted Americans do. The gist of his Stranded in Suburbia in today's NY Times is that dense cities like Berlin, which offer good public transportation, are the solution to the high gasoline prices we are seemingly stuck with. Krugman contrasts Berlin and Atlanta:Greater Atlanta has…

Twin Cities news consumers aren't well served, and it may get worse. Avista Capital Partners, which owns the Minneapolis Star Tribune, said earlier this month that its investment in the Strib is performing so poorly that it had to be written down by 75%. Earlier, the New York Post reported the possibility that the paper might go bankrupt. That possibility will loom as long as the Strib, which…

The editorial page of the Wall Street Journal has long been an indispensable voice of conservatism. As President Bush said in 2003 in awarding the Medal of Freedom to editorial page editor Robert L. Bartley shortly before his death, he—and by extension his editorial page—has been "a champion of free markets, individual liberty and the values necessary for a free society."But there is one area in…

Someone forgot to tell the Wall Street Journal's Kelly Evans and Justin Lahart, carried here at the Arizona Republic, that they're supposed to portray the economy in a bad light whenever and wherever possible. I'll get to the pair's report later. That "bad light" directive seems seared into the minds of the Associated Press's Martin Crutsinger and his AP colleagues, as they continue to "cling to…

President Bush's effort to coax the Saudis to boost oil output was given wildly different treatments on the front pages of the Washington Post than the British broadsheet the Financial Times. "Saudis bow to oil pressure: Kingtom to lift output to highest in two years; US lobbying comes after price nears $128" reads the May 17 front page FT headline. (The headline for the online version is…

How different do you think Americans' take on the current economy would be if the business press picked up on the fact that the bad employment news is coming predominantly out of two struggling states -- and that most of the rest of the nation is holding its own? That's the question that occurred to me as I looked at April's Bureau of Labor Statistics regional and state employment and…

The Federal Reserve reported Thursday that April industrial production fell, the second negative reading in the past three months. Specifically, February and April fell by 0.7%, and March showed an increase of 0.2%. In May 2001, that same report showed that production fell for the seventh consecutive month. Seasonally adjusted data from the Fed indicates that industrial production during those…

ABC's "Nightline" on Monday continued the network's trend of hyperbolically, and in this case, apocalyptically, fretting over high gas prices in America. Anchor Martin Bashir introduced a segment by wondering if $4 a gallon gas might result in some people stealing gasoline, or, as he put it, "taking some drastic measures." Speaking to a car security expert who claimed that such theft would be a…

In a rare case of balance, Wednesday’s CBS "Early Show" highlighted both sides in the debate over declaring the polar bear an endangered species due to global warming as correspondent Daniel Sieberg declared: "They're at the top of the food chain at the top of the world, but their future is at the center of a political tug-of-war over drilling for oil versus protecting their habitat."Sieberg…

It's the sort of thing you would see on propaganda passed out by animal rights activists at a global warming rally, but somehow the message has infiltrated the mainstream. ABC's "World News with Charles Gibson" told viewers on May 13 to curb beef consumption to lower greenhouse gas emissions. "You are staring into the face of one thing scientists say you can do to fight climate change," ABC…

West Virginia primary voters were asked at least two factually faulty exit poll questions yesterday, both of which asserted that the U.S. economy is already in recession. This, of course, is absolutely false. A recession is marked by at least two consecutive quarters of negative economic growth. The last quarter of 2007 and the first quarter of 2008 were marked by slow, but positive, economic…

A week after ABC focused a story on two pitiable Minnesota families living in the dark because higher energy and food prices mean they “can no longer afford to pay for electricity,” Tuesday's World News highlighted the replies from sad case stories solicited on ABCNews.com, starting with a woman who says she must skip breakfast to put $4 a day toward gas. ABC displayed “FEELING THE PAIN” on…

If you're a believer in the Larry Kudlow creed, that "free-market capitalism is the best path to prosperity," then look out, because George Soros is going to make you cringe. A May 13 USA Today article by David J. Lynch profiled the Hungarian billionaire who said he sees traditional free market theory as "flawed." "Of course, real life never matches up exactly with the theory's assumptions.…