Stock Market

Who wrote the following?:"Societies in which the few are allowed to fatten themselves without limit on the labor of many are not just."A. Friedrich EngelsB. William AyersC. Michelle ObamaD. Timothy RuttenAny of the answers would make sense, but the headline kind of gave it away. It was Timothy Rutten of the LA Times who penned that immortal line in his column of today.  In doing so, Rutten echoes…

Shades of McCain from an unlikely corner . . . When at the beginning of the current financial mess John McCain declared that "the fundamentals of the economy are strong," he was roundly lambasted by the MSM, while the Obama campaign called his statement "an enormous mistake."So, should we expect the liberal media and the Obama campaign to go after Barney Frank . . . now that he has said something…

You have to give credit where credit is due. The lead editorial in the Oct. 20 Washington Post didn't declare free-market capitalism dead after the failure of several financial institutions led to massive government intervention - as a front-page story on its Oct. 10 edition declared. Instead, the editorial pointed out the how the market that failed wasn't exactly free to begin with. "The…

When the Dow hit below 8,000, the media went nuts, crying the economy was on the brink of collapse. But a lot of that same economy is still doing quite well, despite the mainstream media. Businessman Dan Kennedy, a new columnist with the Business & Media Institute, shows how skewed the standard view really is. Between 91 and 94 percent of all home mortgages in the United States are current,…

The stock market is casting a vote of "no confidence" in Barack Obama (D-Ill.) and his Republican opponent is missing an opportunity to slam the freshman senator for an economic agenda that is a rehash of the worst of Presidents Herbert Hoover and Jimmy Carter.So argued on-air editor Charles Gasparino in an October 13 op-ed in the New York Post, where the CNBC talent mentioned that even Obama's…

Given that the topic of this post is the Associated Press, I guess I should be pleased to report that one of its two reports tonight about the dive in the stock market last week is correct. In one article ("Gov't eyes plan to take ownership stakes in banks"), AP's Harry Dunphy and Tom Raum correctly said that "the Dow Jones industrial average just completed its worst week ever, plummeting more…

Poor Karl Ritter and Matt Moore of the Associated Press must have a lot of time to kill, a dearth of ideas, and a studied disinterest in accuracy as they await the awarding of the Nobel Prize for Economics in Stockholm, Sweden on Monday. A list of past winners is here.  Besides lamenting that no woman has ever won the Economics Prize (so?), the AP pair felt the need to relate the financial…

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…

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…

The Securities and Exchange Commission ended the 16-day ban on short selling Oct. 9, which has left many journalists asking if the ban actually worked to keep more banks from failing. The staff at the Business & Media Institute's video blog, "The Biz Flog," could have told you the ban wasn't a good idea when they put together "Who's Afraid of a Big Bad Short Seller?" But, it's nice to see…

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…

You would think what donors are cozy with which campaigns - especially in the midst of a presidential election cycle - might be a relevant story for the media,  especially at a time when everyone is quick to point fingers at which political party is to blame for financial turmoil. When Lehman Brothers CEO Richard Fuld testified before the House Oversight Committee Oct. 6, the media criticized…