Congress

Story after story on the full-year results for the federal budget refers to the size of the full-year deficit for the fiscal year that just ended on September 30 ($455 billion), and how it compares to last year's deficit ($162 billion). Almost none of them talk about why the deficit ballooned. I wonder why? Could it be because the Democrat-controlled Congress of Nancy Pelosi and Harry Reid…

You might know Barack Obama as the most liberal member of the Senate, a hyper-partisan who toed the Harry Reid line an amazing 97% of the time. But Andrea Mitchell sees in Obama a bipartisan president in the making. Appearing on Morning Joe today, Mitchell came close to speaking of an Obama presidency as a given, just managing to curb her enthusiasm. And wait till you see the people she cited…

Was the current economic situation caused by too little government intervention in the financial markets—or too much?   I'd say the latter.  Washington used Fannie/Freddie as a political piggy bank, causing it dole out loans to people who had no business receiving them.  And because Freddie and Fannie's obligations enjoyed the implicit guarantee of the federal government, they were able to obtain…

It's sad when just about the only place to get the truth about what happened to precipitate the current mortgage-lending mess is the Colbert Report. Jim Cramer of CNBC's "Mad Money" appeared on the Comedy Central show on Monday. The takeaway soundbites: Cramer said "I'd love to, but I can't" pin the blame for the debacles at Fannie Mae and Freddie Mac on President Bush. He noted that "the…

Updated below. Last Monday as the U.S. House of Representatives voted down the initial bailout package, both Fox News and CNN sent e-mail alert subscribers numerous alerts about the Dow's dive. The market recovered some the following day, a development that CNN neglected to mention in the same e-mail alerts. Yet today, with the bailout package having been passed and signed into law by the…

Giving a pass to House Speaker Nancy Pelosi for her failure to cajole enough Democrats to vote for the bailout agreement, Newsweek's Daniel Gross blamed the minority Republican conference, accepting without skepticism the argument that a partisan speech by the San Francisco Democrat caused some Republicans to vote "nay" out of spite alone:Was the bailout bill killed by malice or by incompetence?…

Let's award a point of light to Matt Lauer.  On this morning's Today, he called out Rep. James Clyburn (D-S.C.) for calling for an end to the blame game . . . right after the congressman blamed John McCain for failing to rally his Arizona troops to vote for the bailout.  But that didn't stop Clyburn from continuing to try to pin the tail on the elephant.JAMES CLYBURN: We promised 50% of our…

In a September 29 blog post aimed at "Placing Blame" for failure of the bailout package in the House of Representatives today, Time's Joe Klein began by tossing, "I don't blame John McCain for not rounding up enough Republican votes to get this bailout bill through the House of Representatives."Klein added a few other reasons he doesn't blame the Arizona senator:...he's never held a leadership…

Like an MSM version of Nancy Pelosi, whose hyper-partisan floor speech reportedly angered many GOP members, Chris Matthews wasted no time in trying to pin the blame for the defeat of the bailout plan on John McCain.  Appearing during MSNBC's 2 PM hour, the key to Matthews' argument was his assertion that Dems "overwhelmingly" supported the measure, whereas McCain failed to rally a sufficient…

On Friday’s CBS Early Show, correspondent Chip Reid reported on congressional efforts to negotiate a bailout plan for the financial industry and took the Democratic line that Republicans prevented an deal from being reached: "At one point, yesterday, it looked like the $700 billion bailout deal was ready to have the 'I's dotted and the 'T's crossed, but that's when the wild roller coaster ride…

Of course our purpose here at NewsBusters is to shed light on the obscene bias often underlying what passes for journalism here in the United States (and in Canada and Europe sometimes, as well). We here at NB, however, want to stress that we aren't out to "destroy" journalism itself. We understand how important a free and open press is to keep our democratic republic on the straight and narrow.…

Chris Redfern, the Democratic Party Chairman of Ohio, apparently thinks that Americans are so stingy and selfish that the only way charity work gets done is if government taxes the people to make it happen. In a recent radio interview, Redfern expressed the assumption that "unfortunately most Americans would not" help out the poor. Even worse, Redfern honestly believes that freebies and charity…