Economy

The news media think that because gas prices have fallen to an average of $3.43-a-gallon there is room to rejoice, even as the record streak of gas prices above $3-a-gallon continues. By Labor Day that record will stand at 1,349 days. ABC’s “Good Morning America” praised the “nice surprise” of lower gas prices on Aug. 26, just in time for Labor Day weekend.

Ever since fast food chain Burger King announced its desire to purchase Canadian coffee and doughnut chain Tim Hortons, CBS has done its best to play up the supposed backlash the company will face as it moves its headquarters overseas to lower its tax burden.  On Wednesday morning, following the news that billionaire investor Warren Buffett is helping finance the merger, CBS This Morning made…

Former Florida Republican Governor Charlie won the state's Democratic gubernatorial primary tonight. In his writeup on Crist's defeat of an overmatched challenger, the Politico's James Hohmann wrote that "Only four years ago Crist was a governor who had run for office as a rock-ribbed conservative." That wording is a bit too clever. One might argue that Hohmann is merely claiming that Crist…

Don’t look now, but there may be a Paul Ryan scandal, or at least a scandalette, and in this context New York magazine blogger Jonathan Chait is both Woodward and Bernstein. In a Monday post, Chait related that Ryan, in the newsmagazine The Week, had named his “six favorite books about economics and democracy,” and that the “huge omission” from the list was Ayn Rand’s Atlas Shrugged, which…

On Tuesday's CNN Newsroom, Carol Costello refreshingly complimented Burger King's planned merger with Canadian restaurant chain Tim Hortons as a "very smart business move" that will "save the company money." Costello turned to CNN correspondent Christine Romans, who spotlighted how "corporate taxes are lower in Canada than they are in the U.S.," and that "the stock is up because everyone on…

For the second day in a row, CBS did its best to hype opposition to fast food chain Burger King after it announced plans to purchase Canadian coffee and doughnut chain Tim Hortons and relocate to Canada to lower its tax burden.  On Tuesday, CBS This Morning fill-in anchor Anthony Mason introduced a segment by boosting how “Main street and some in Washington are fuming about the fast food…

Someone must have slipped the wrong data to the Associated Press's Josh Boak yesterday before he composed his dispatch on the Census Bureau's latest report on new home sales. Boak got the current month's news right, though likely by accident (like almost everyone else in the business press, he relies on seasonally adjusted figures, and rarely goes to the unadjusted data), telling readers that…

Tonight's CBS Evening News spent 63 seconds on the Burger King fast-food chain's plan to merge with Canadian donut chain Tim Hortons, a move which would also relocate the new company to Ontario, Canada,  for "substantial tax savings" where the corporate tax rate is much more favorable for business (15 percent) than the present federal corporate rate (35 percent).  But while business…

"Patriotism may be the last refuge of a scoundrel, as Samuel Johnson put it, but a lack of it may be the last refuge of corporate executives who have run out of ideas on how to improve their business," groused Daily Beast global finance editor Daniel Gross in the open of his 9-paragraph screed "Burger King Plots Canadian Invasion to Save His Faltering Kingdom." "It’s one thing for a fairly…

The Associated Press's Top Business News page lists the headlines and opening passages of what the wire service believes are the ten most important business stories at the moment. Its 9:16 a.m. version had a story entitled "JACKSON HOLE DEMONSTRATORS RALLY AGAINST RATE HIKE" listed fifth. Earlier in the morning it was fourth. Surely, I thought to myself, this must be about a group of at least…

It takes a special man to cram so much wrong into a mere 342 words.  Or an Old Grey Lady. The New York Times’ utterly ridiculous Editorial Board recently as one addressed Title II Internet regulatory Reclassification and Network Neutrality - and they did so in utterly ridiculous fashion.  They either have absolutely no idea what any of this is - or they are lying through their printing…

The federal government reported a $94.6 blllion deficit in July, only marginally better than the $97.6 figure posted in July 2013. As has become its habit, the Associated Press's coverage of that result contained omissions, spin and half-truths about government tax collections, spending and the origins of the Obama administration's first four years of consecutive trillion-dollar deficits.…

Does anyone remember a media report expressing sympathy for former President George W. Bush when adverse events happened during his Crawford, Texas "vacations"? (Given that he and Laura lived there, calling a visit to your place back home hardly seems to qualify as some kind of "vacation") Well, Thursday evening, Politico's Carrie Budoff Brown took pity on President Obama for his "vacation…

This morning, the Census Bureau, in its advance report on retail sales, revealed that seasonally adjusted July sales were "virtually unchanged" from June. Expectations were for a 0.2 percent gain, supposedly with "solid upside" potential. Oops. June's result stayed at its previously reported 0.2 percent increase. Reuters did the "U-word" honors this time out: "U.S. retail sales unexpectedly…