Recession

Sam Youngman at Reuters, and several others have attempted to pounce on a comment about "big business" GOP presidential candidate Mitt Romney made at a Minnesota fundraiser on Thursday as some kind of equivalent to President Obama's out-of-touch assertion that "the private sector is doing fine" back in June. In fact, what Romney actually said in large part explains why the private sector isn'…

An unbylined Associated Press item late this morning told us that, according to AAA, "Thirty three million people will travel 50 miles or more during Labor Day weekend," which will be "the highest level of travel for Labor Day since the start of the recession in late 2007." But it won't be, as will be revealed in the AAA-sourced graphic found at Page 3 of its 36-page report (large PDF) seen…

USA Today's Web site features an Associated Press report with the headline "Housing starts, jobless claims in good shape."  For the many readers who just scan headlines, that sounds encouraging.  Yet by the second paragraph the article notes "that construction of single-family homes and apartments dipped 1.1% in July compared with June. . ."  And by the third paragraph: Housing has been…

There are so many holes in Paul Wiseman's Wednesday report at the Associated Press on the weakness of the current "recovery" that it would take a term paper to cover all of them. I'll just concentrate on a repeat error Wiseman made. It is one which AP colleagues Christopher Rugaber (with Wiseman, as demonstrated here) and Martin Crutsinger (as shown here) have also committed. All three…

Piers Morgan on Monday picked the wrong guy to toss Democrat talking points at. After the CNN anchor spoke the typical liberal nonsense about Paul Ryan's budget only benefiting rich people, former House Speaker Newt Gingrich scolded, "I do wonder sometimes if you guys all get off in a little club and learn a brand new mantra and then all repeat it mindlessly...You guys almost sound like you'…

In an apparent attempt to pin blame anywhere but on the Obama administration for the rising unemployment rate, a USA Today item currently carried at Newsmax's MoneyNews.com web site opens by claiming that "Companies across the country are cutting training programs for new employees, broadening the divide between workers with skills needed to compete in today's economy and those left out,…

With a fragile economy during a heated election cycle, the news media should be focused on economic data. But when it comes to the growth of the U.S. economy as measured by gross domestic product (GDP), the three broadcasts networks were silent. ABC, CBS and NBC news programs ignored the falling GDP numbers for six straight months from Jan. 28 to July 26, 2012, according to Nexis transcripts…

For the past two weeks Barack Obama's media minions have been working overtime trying to convince the American people the President was taken out of context during his now infamous "You Didn't Build That" speech in Roanoke, Virginia. CNN's Donna Brazile and the Washington Post's Ruth Marcus tried making that pathetic claim on ABC's This Week Sunday only to receive a much-needed education from…

New York Times economic columnist Paul Krugman made a statement Sunday about the looming end of the year tax hikes and spending cuts that is likely to raise some eyebrows on both sides of the aisle. Appearing on CNN's Fareed Zakaria GPS, Krugman said, "If Obama’s reelected, I think that there’s a quite good chance that for a month or two we actually will go off the cliff" (video follows with…

Here’s a really scary thought: New York Times columnist Paul Krugman wants to replace Ben Bernanke as the Chairman of the Federal Reserve. The perilously liberal economist actually said this in a segment of CNN’s Fareed Zakaria GPS to be aired Sunday (video follows with transcribed highlights and commentary):

Here's how a "Business Highlights" item at the Associated Press summarized the situation between Timothy Geithner and London banks whose officials had admitted to rigging the London Interbank Offered Rate ("Libor") on Friday evening: "The Federal Reserve Bank of New York released documents Friday that show it learned five years ago of big banks understating their borrowing costs to manipulate a…

Democrats are at it again, claiming that Republicans, particularly House Republicans, are sabotaging the economy, while ignoring the quite effective job President Barack Obama has done to ruin the economy both on his own (regulatory and anti-fossil fuel hostility, wasteful green "investments," etc.) and with the help of Congressional Democrats when they controlled both Houses of Congress (…

Appearing as a panel member on Sunday's Face the Nation on CBS, Time magazine's Rana Foroohar - identified as assistant managing editor in charge of economics and business on Time's Web site - lamented that she was "sad" at how much taxes are being discussed as she asserted that "one thing that's not going to get us some kind of a growth boom is a tax cut," and then called for more government…

Syndicated columnist Charles Krauthammer said Monday that President Obama's proposal to extend the Bush tax cuts for everyone making under $250,000 a year represents a critical white flag. Appearing on Fox News's Special Report, Krauthammer said, "It’s a declaration that he’s surrendered on the state of the economy and on the issue of his stewardship of it."