Recession

During an interview with CBS Evening News anchor Katie Couric on Tuesday, President Obama defended the administration’s handling of the economy: "nobody...anticipated that in the first three months, we would lose 700,000 jobs per month...the severity and the depth of the recession was something that, you know, really exceeded everybody's expectations."However, on the February 6 Evening News,…

The Associated Press Monday suggested that the White House's delay in releasing an update about the budget might be tied to the administration's desire to get controversial bills on healthcare reform and cap and trade passed before Congress and Americans know just how large the deficit really is.With this currently a featured link at the Drudge Report, and it coming from the leading wire service…

In a report meant to cover Uncle Sam's release of June's Monthly Treasury Statement, Associated Press reporter Martin Crutsinger went well beyond the wire service's normally lazy, slanted reporting in this area.In his report's apparent final incarnation early Tuesday morning, the AP writer:Told us the amount of June's deficit ($94.3 billion), but didn't disclose the figures for June's receipts ($…

CNBC "Mad Money" host Jim Cramer often showcases erratic and unpredictable behavior and the same goes sometimes for his analysis of the stock market. While the economy continues to struggle through the recession, the forward-looking indicators known as the financial markets continue to perplex Cramer for not going up when some positive signs, also known as "green shoots" by the financial media,…

"Fool me once, shame on you; fool me twice, shame on me" That's a saying once bungled by President George W. Bush, to the loud delight of the liberal media. But that same media should keep it in mind as Washington mulls a second round of stimulus spending. A July 7 Bloomberg story by Shamim Adam reported that Laura Tyson, an economic advisor to the Obama administration, had put forward the…

Why is CNBC's Rick Santelli one of the few press members willing to point out when the emperor isn't wearing any clothes?As you ponder that important question, consider how Santelli on Tuesday morning recognized how absurd Vice President Joe Biden's Sunday comments were concerning the Obama administration misreading how bad the economy was.After all, as Santelli marvelously asked: "How many…

Question for CNBC Chief Washington Correspondent John Harwood: Where were you six-and-a-half months ago? Harwood on CNBC's July 6 "Squawk Box" noted that the stimulus was not working quite as well as the Obama Administration had hoped - this coming in the wake of comments from Vice President Joe Biden that the economy was "misread" by the administration. The difficulty with the stimulus, he…

Oh. So. Predictable -- Both what is happening, and how it is being "covered."Chrysler is barely out of bankruptcy, and there is already concern as to whether the money Uncle Sam, (i.e., U.S. taxpayers) funneled into the company -- while in the process of ripping off and intimidating its secured creditors, capriciously terminating plants and dealers, and running roughshod over long-held notions of…

Somehow New York Times columnist Paul Krugman seems a terrible subject for a song.Yet, Loudon Wainwright III, who admits to being a Times fan, performed "The Krugman Blues" in New York's Madison Square Park a few weeks ago:I read the New York Times, that's where I get the news. Paul Krugman's on the Op Ed page, that's where I get the blues.  In Wainwright's view, given the current state of the…

At the Wall Street Journal's Best of the Web today, Jim Taranto noted that it took the Associated Press's Jeannine Aversa until the 15th paragraph of her expanded dispatch on today's Employment Situation Report to find something mildly positive to write.Aversa, who has been one of the wire service's chief silver lining make-up artists during the Obama presidency's disastrous economic stewardship…

Either "CNBC Reports" anchor Dennis Kneale has a flair for the dramatic or he upset a lot of people in the blogosphere with his biting critique of the blogosphere's negativity on the economy. On the July 1 broadcast of "CNBC Reports," Kneale responded to harsh, angry criticism from bloggers - even pointing out blogs like the Huffington Post, with an openly left-of-center perspective. "Last…

As NewsBusters has been reporting, Obama-loving media have been very quick to point out how recent unemployment reports from the Labor Department, though showing HUGE job losses, have been better than analysts expected.The most absurd example was two months ago when a 539,000 decrease in nonfarm payrolls was applauded by many media outlets as being good news. With that in mind, the Labor…

The government of Hungary voted to cut income taxes Monday to pull itself out of recession, and America's media for the most part ignored it.At the same time, German chancellor Angela Merkel is pushing for lower taxes to help her nation's economy, and our press have similarly been less than enthusiastic about sharing the news.One of the exceptions in both cases is the Wall Street Journal which…

Those who have followed my posts for a while know that I have a particularly low regard for the work of MarketWatch's Rex Nutting (pictured at right). It goes back to the pre-housing mess days when he tried to tell me that the the drop in housing prices would look like the 75%-plus drop in the NASDAQ from 2000-2002 or the collapse of Dutch tulip prices centuries ago. As of April 2009, according …