By Tom Blumer | April 11, 2014 | 5:48 PM EDT

Associated Press stories today on the quarterly earnings releases of Wells Fargo (unbylined) and JPMorgan Chase (by Steve Rothwell) essentially mocked the nearly continuous monthly stream of reports the wire service's economics writers, particularly Martin Crutsinger and Chris Rugaber, have generated about the "housing recovery" during at least the past year.

The Wells Fargo story disclosed that the nation's largest mortgage lender "funded $36 billion worth of mortgages in the first quarter, down sharply from $109 billion a year earlier." The following graphic from the bank's detailed financial report tells the full story:

By Noel Sheppard | January 5, 2014 | 10:08 AM EST

On CNN’s State of the Union Sunday, host Candy Crowley asked a question of Gov. Scott Walker (R-Wisc.) that should offend people on both sides of the aisle.

“If I am an unemployed American…or if I am a minimum wage worker…why would I become a Republican?” (video follows with transcript and commentary):

By Tom Blumer | December 31, 2013 | 1:30 PM EST

In an earlier post today (at NewsBusters; at BizzyBlog), I noted that reporters at Politico and CNNMoney.com seemed mystified at a CNN/Opinion Research Corporation poll showing that 68 percent of Americans believe the economy is in poor shape, and that over half believe it will still be that way a year from now.

One reason for their incredulity is that, perhaps deliberately, they haven't been paying attention to household income data compiled monthly by ex-Census Bureau workers at Sentier Research. Sentier's latest report covering November came out today. It shows that annualized inflation-adjusted median household income is still more than 7 percent below where it was when Barack Obama took office in Janaury 2009, and that it's gone nowhere in the 23 months since December 2011. At an index value of 92.7, November's figure is virtually the same as it was in December 2011 (92.8).

By Noel Sheppard | December 15, 2013 | 12:57 PM EST

ABC This Week viewers were treated to a classic conservative versus liberal debate Sunday.

When former Clinton labor secretary Robert Reich tried to blame the increase in poverty in the past five years on Republicans, former Speaker of the House and current CNN host Newt Gingrich called it "baloney" firing back, "Every major city which is a center of poverty is run by Democrats" (video follows with transcript and absolutely no need for additional commentary):

By Noel Sheppard | December 8, 2013 | 11:42 AM EST

Former Federal Reserve Chairman Alan Greenspan made some rather ominous economic observations Sunday.

Appearing on CNN’s Fareed Zakaria GPS, Greenspan said, “[T]he level of uncertainty about the very long-term future is far greater than at any time I particularly remember.” He blamed it on “government intervention [that] has been so horrendous that businesses cannot basically decide what to do about the future” (video follows with transcript and commentary):

By Tom Blumer | November 26, 2013 | 10:10 AM EST

On October 3, the National Retail Federation projected that "sales in the months of November and December" will "marginally increase 3.9 percent to $602.1 billion, over 2012’s actual 3.5 percent holiday season sales growth." But on October 16, it warned that "the average holiday shopper will spend $737.95 on gifts, décor, greeting cards and more, two percent less than the $752.24 they actually spent last year."

Anne D'Innocenzio at the Associated Press, aka the Administration's Press, in a report on the upcoming Christmas shopping season, chose to report the NRF's overall November-December increase, and ignored the obviously more relevant and more recent individual spending expectations. She also held off mentioning the elephant in the room — sharply reduced spending by Obamacare "sticker shock" victims and those who anticipate more of the same during 2014 — until the 19th of her 21 paragraphs (bolds are mine):

By Tom Blumer | November 7, 2013 | 11:52 PM EST

You would think that economic forecasters, who have been obsessing over the impact on economic growth of October's 17 percent partial government shutdown might have noticed that a lot of people have all of a sudden learned that they're about to experience a major cut in their take-home pay. You would be wrong.

Hundreds of thousands of Americans had received health insurance cancellation notices by September 30, and had also learned that they will be on the hook starting next year for hundreds of dollars in premium increases on the Obamacare exchanges. It should be obvious that most affected people would have started spending less on other items virtually immediately, and that they will continue to be in major cutback mode indefinitely. But I didn't find anyone in the establishment press who mentioned it. Nor did I find anyone who noted that the millions of Americans facing higher health insurance premiums are also going to materially impact fourth quarter growth and Christmas shopping season results.

By Tom Blumer | October 14, 2013 | 2:10 PM EDT

Kathleen Pender at the San Francisco Chronicle (HT Zombie at PJ Media) had some Obamacare-related financial advice for her readers on Saturday: "Consider reducing your 2014 income by working just a bit less," because doing so could get you a "huge health care subsidy."

This is not news to anyone who has studied Obamacare in detail, and shouldn't be a revelation to anyone in the business press, especially a financial advice columnist like Pender. Among several others, Robert Rector at the Heritage Foundation and yours truly sounded the alarm about Obamacare's work-demotivating impact — as well as how it will encourage marital breakups and discourage couples from getting married — in early 2010. I also wrote related columns here and here in late September. Excerpts from Pender's prose follow the jump (bolds are mine):

By Noel Sheppard | October 11, 2013 | 12:34 PM EDT

PBS's Tavis Smiley made a comment Thursday that every African-American as well as liberal media member should sit up and take notice.

Appearing on Fox News's Hannity, Smiley said, "The data is going to indicate sadly that when the Obama administration is over, black people will have lost ground in every single leading economic indicator category" (video follows with transcript and commentary):

By Tom Blumer | September 14, 2013 | 3:39 PM EDT

It's almost amusing to watch writers like Christopher Rugaber at the Associated Press, aka the Administration's Press, pretend not to understand why the economy isn't growing as much as one would "expect" based on the number of jobs being added each month and falling weekly unemployment claims.

In a Thursday story which was mostly worthless because the incompletely collected government data on weekly unemployment claims made it so, Rugaber and the "expert" he quoted pretended not to understand — well, I hope they were pretending because otherwise I'd have to conclude that they're dumber than a box of rocks — how all of this can be (bolds are mine):

By Noel Sheppard | August 25, 2013 | 11:14 AM EDT

Potentially the most dishonest aspect of the Obama-loving media's reporting since January 20, 2009, pertains to how they've almost totally ignored how poorly the economy is performing.

On Tuesday, Michael T. Snyder, author of the gloom and doom book "The Beginning of the End," wrote a fabulous piece titled "33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became President":

By Paul Bremmer | July 23, 2013 | 4:38 PM EDT

MSNBC has apparently realized that Americans are not concerned about the sequester, so the Lean Forward network has made another attempt to convince us how terrible it really is. In an article published Monday on msnbc.com, writer Timothy Noah sent readers a grim message that was summed up in the article’s title: “The Sequester Isn’t Hurting You? Think Again.”

Noah struck a strikingly condescending tone in his opening paragraph: “If you don’t think Washington’s budget sequestration is hurting you financially, you’re probably wrong. But before considering why you’re wrong, let’s think about how you acquired that foolish sense of invulnerability.”