Joseph Valle is an intern for MRC Business.
Joseph Valle is a rising fourth-year student at the University of Virginia from Ashburn, VA. He is pursuing an Economics major and a Government minor, incorporating his passion of economics and politics together while taking on the news.
Latest from Joseph Valle
The left have cheered Sen. Elizabeth Warren’s (D-MA) rise in the polls after the Democrat debates. Now they have pronounced her Wall Street’s choice for the 2020 presidential election. Bloomberg reporters Lananh Nguyen and Tyler Pager on July 3 praised Warren for drawing support from a “small but growing circle of senior bankers and hedge fund managers” on Wall Street. They presented Warren as an “acceptable alternative” to left-leaning Wall Streeters, in contrast to the candidates who “trigger their most visceral objections.” Of course, those candidates were President Donald Trump and democratic socialist Sen. Bernie Sanders (I-VT).
The U.S. officially entered its longest economic expansion ever July 1, boasting 121 straight months without a recession beginning in June 2009. This broke the previous record stretching from March 1991 to March 2001. MarketWatch reporter Jeffry Bartash noted that the S&P 500 Index, the Dow Jones Industrial Average, and the Nasdaq Composite Index have all gained by more than 200 percent “since the start of June 2009.” And yet, the three broadcast evening news shows found no reason to celebrate the good economic news.
Fox Business anchor Dagen McDowell happily announced that the U.S. entered a record-setting 10 years of economic expansion July 1. “You have more than 70 percent of people think the economy is good if not great,” she declared. She also mentioned how 70 percent of Americans “like their private health insurance from their employer,” and wondered what “advice” Democrats would use to campaign against the strong economy. “How do you push back on that, given the fact that the economy, as of today, this is the longest economic expansion in history?” she asked.
JPMorgan Chase CEO Jamie Dimon thinks President Donald Trump deserves “some” credit for the strong economy and that tax reform needed to happen, even though his “liberal New York friends would never agree.” On Yahoo Finance’s Influencers with Andy Serwer on June 27, Dimon applauded Trump’s pro-business economic agenda, especially tax cuts and deregulation.
CBS News online provided Democrats ammunition disguised as free advice and “facts” just ahead of their first debate. Supposedly wondering how the economy is “really doing,” CBS journalists Aimee Picchi, Alain Sherter, and Irina Ivanova glumly answered, “The first quarter of 2019 may be as good as it gets for quite a while.”
Left-wing Guardian columnist George Monbiot is often unhinged on climate issues. Now he’s blasted Royal Dutch Shell for extracting oil and gas that “will destroy our lives” and calling it a “planetary death machine.” Of course, his oil is evil attitude ignored all that the form of energy did to enable modern civilization’s existence and improve human life.
Washington Post economic editorial writer Charles Lane called out proponents of socialism citing Nordic countries as a “model” for the kind of socialism they want to see replicated by America. Because, while they are “success stories,” they aren’t really the socialist utopias claimed by liberal presidential candidates like Sen. Bernie Sanders, (I-VT). Democratic socialist Rep. Alexandria Ocasio-Cortez, (D-NY), has also claimed her policies “resemble” these countries.
When the left conducts polls, it’s not surprising to see how they can manipulate questions to obtain their desired results. Atlantic staff writer Robinson Meyer on June 21 gushed how the Democratic Party has “become more interested” in pushing forward the Green New Deal (GND) advocated by Democratic socialist Rep. Alexandria Ocasio-Cortez (D-NY). He brought up how a carbon tax was apparently no longer “climate policy’s hottest plan.”
President Donald Trump infuriated the left again on June 19, when he awarded supply-side economist Arthur Laffer the Presidential Medal of Freedom. The left’s reaction was predictably vicious. An MSNBC analyst called Laffer one of the most “destructive forces” in economics since Herbert Hoover. New York Magazine writer Jonathan Chait minced no words about his anger over Laffer’s award ceremony, calling him a “kook” elevated to “metaphysical status” within the Republican Party. He ridiculed Laffer’s theory as “provably untrue” and based on a “fake curve.”
One of the left’s favorite economic talking points is an obsession with income and “wealth inequality.” In keeping with that trend, CNBC editor-at-large John Harwood offered five approaches to “fight” wealth inequality for the “economically helpless” on June 19. Most of those five proposals were liberal solutions including suggestions for taxing those at the top, imposing a higher minimum wage and spending on infrastructure. Harwood’s left-wing bias has been on display at CNBC for years.
Multimedia journalists beware, if you create a video about a candidate’s proposal without any opposing perspectives, that’s not news and your video will look like blatant advertising. That’s exactly what CNBC’s video about Sen. Elizabeth Warren (D-MA) and her student loan plan looked like on June 14. It described Warren’s plan in detail, but only her details beginning with her words and citing others on her side.
Sen. Bernie Sanders (I-VT) hit the campaign trail promoting “Democratic socialism” and claiming President Donald Trump supports “corporate socialism for the rich and powerful.” CNBC anchor Joe Kernen demanded clear definitions and answers from a Sanders adviser on June 13, attempting to learn whether democratic socialism would really mean more entitlements and government control.
The current economic expansion could “make history” if it lasts through July, but Bloomberg BusinessWeek pooh-poohed its 10th anniversary saying “no one’s partying” in the June 10 issue.
In spite of the disappointing May jobs report showing only 75,000 new jobs, MarketWatch and CNBC reported signs of continued strength in the labor market that could help ease economic jitters. MarketWatch reporter Jeffry Bartash asked, “Has the U.S. labor market really taken a big turn for the worse?” and answered, “A new pair of employment reports suggest the answer is no.” He cited a private study of employment that indicated “a steady if more subdued pace of hiring during the summer” and “near-record high” job openings (7.4 million) in April, which was coupled with an “extremely low” number of layoffs.
Hollywood celebrities aren’t the only people upset about recent state efforts to limit abortion. A number of business executives are too. CNN Business writer Jackie Wattles promoted a letter signed by more than 180 business leaders that claimed restricting abortion was “bad for business.” It appeared as a full-page ad in The New York Times. She cited a “growing willingness” by businesses to take a stand on the biggest political issues of the day, but linked only to stories of CEOs embracing left-wing causes or attitudes.
Shark Tank star Kevin O’Leary and CEO Gerald Storch brought a free market reality check to Democratic socialist Sen. Bernie Sanders’ (I-VT) arguments for a $15 minimum wage on CNBC’s Squawk Box June 6. Sanders went to Arkansas to attack Walmart over wages and demanded at its annual shareholders meeting that it raise wages even more on June 5. O’Leary and Storch both opposed a wage mandate, saying markets do a better job of setting wages than the government.
Liberal Hollywood celebrities love to talk about saving the planet from climate change. They blame carbon-spewing humans for planetary crisis, all while living like hypocrites. One of the biggest is actor and producer Leonardo DiCaprio. DiCaprio claims to be an environmentalist and has a charitable foundation, but that doesn’t mean he’s saving the world. Ironically, he was nearly outed by the left-wing, eco-website Grist on June 3; if only its “investigation” had gone deeper.
Business leaders wanting praise from the liberal media only need to embrace some left-wing cause. Promoting a conservative agenda earns scorn. The Washington Post published a massive profile on Dick’s Sporting Goods CEO Ed Stack and his gun control advocacy on June 2. The profile, which appeared on the cover of The Post’s Sunday Business section took up a full three-quarters of the section’s front cover that day, along with three-quarters of an inside page.
A healthy and growing economy should be good news, but CNBC claimed it could put marriages at risk. Although the liberal media often talk, downplay, or spin economic news, CNBC provided a very strange complaint about the current “strong economy” on June 1. It warned “marriage could suffer” because of economic strength. CNBC personal finance reporter Jessica Dickler wrote that given the relative strength of the economy today, marriages could be in trouble or at risk of divorce.
Even liberal newsrooms have to grapple with economic realities, as Vox Media may be learning.