Economy

As the prospects for Barack Obama's reelection decline, American media are getting more and more cavalier with the truth when defending the object of their affection. On Friday, MSNBC political analyst Richard Wolffe not only lied about the adminstration's projection that unemployment wouldn't rise above eight percent if its stimulus package was enacted, he also badly misrepresented the…

Should anything happen to the Obamas' Portugese water dog Bo, perhaps the First Family could adopt Jeff Glor as a pet parrot.  The weekend Early Show weekend co-host proved the perfect White House mimic this morning.  Glor dutifully echoed the Obama admin line, dismissing as "political" Standard & Poor's downgrade of the US government's credit rating. In support of his point, Glor twice…

This marvelously comes from the Republican Party of Sarasota:

"[I]t's difficult to escape the conclusion that America's credit rating was intentionally sabotaged by Congressional Republicans." So wrote Yahoo Finance economics editor Daniel Gross Friday evening:

Ever the dutiful Obama shills, the New York Times on Saturday downplayed the seriousness of the announcement by Standard and Poor's that it had downgraded America's debt rating to AA+. As you read this, imagine how this front page article would have differed if a Republican was in the White House:

New York Times columnist Joe Nocera took a lot of heat this week for writing an article calling Tea Party members "terrorists" wearing "suicide vests." On Saturday, he apologized:

Early Saturday morning, NewsBusters asked how Obama-loving media would spin America's debt downgrade in order to blame it on the GOP. True to form, New York Times columnist Paul wrote at his blog:

Christina Romer, the former chair of Obama's Council of Economic Advisers on Friday offered a rather strong opinion concerning the announcement by Standard & Poor's that the credit rating agency downgraded America's debt to AA+. Appearing on HBO's "Real Time," Romer said we're "pretty darn f--ked" (video follows with transcript and commentary):

For the second week in a row, Bloomberg's Margaret Carlson got a much-needed education from Charles Krauthammer on PBS's "Inside Washington." After Carlson gave the typical Keynesian response to Friday's unemployment report - "We’re cutting spending at a time when we should be adding spending to stimulate the economy and jobs" - Krauthammer without skipping a beat quipped, "The way it worked…

The past three weeks in the stock market have gone as follows: Week ended July 22 -- Pretty good; week ended July 29 -- Really bad; week just ended -- Absolutely awful. After I received a remarkably vague e-mail from CNN just after 4 p.m. today, I thought I'd go back and see how it handled its closing-bell emails during the previous two weeks. It was quite revealing. The three emails follow…

While the liberal media scoffed at George W. Bush's "compassionate conservatism" in 1999 and 2000 as gimmicky and insufficient compared to traditional big government social welfare spending binges, they're starting to miss it now. Just ask Time's Amy Sullivan:

We are engaged in a long war — actually two long wars. The first and most commonly accepted of our wars is the long war against Islamofascists. It is not a war against vast armies. Comparatively speaking, it is just a war against a handful of thugs, but they want to strike at our heart, wherever we are ill-prepared, and if they can they will cause incalculable destruction. This we discovered on…

The New York Times on Friday downplayed results in its own poll that found 44 percent of respondents think the cuts in the debt deal didn't go far enough, versus only 15 percent who said "too far." In an article starting on the front page, writers Michael Cooper and Megan Thee-Brenan didn't mention this fact until the ninth paragraph of page A-14.

CNBC's Rick Santelli had to explain the economy to MSNBC contributor Ezra Klein on today's Morning Joe (h/t Hot Air). Klein argued that another recession would "move money around in ways that are unfair." An exasperated Santelli concisely described what was wrong with Klein's characterization of what recession does to an economy: