Economy

On Thursday's The Situation Room, Fareed Zakaria said the tactics used by Tea Party congressmen in the debt ceiling debate were akin to holding the country hostage and threatening to "blow up" the economy. "So nobody has ever held a country hostage and say [sic] if you don't pass our policies, we'll blow up the economy, we'll blow up the credibility of the United States," Zakaria remarked on…

According to the website Politico, Vice President Joe Biden agreed "with a line of argument made by Rep. Mike Doyle (D-Pa.) at a two-hour, closed-door Democratic Caucus meeting" that congressional tea party members "acted like terrorists" in the way they stood against attempts to raise taxes and force spending reductions as part of the debt-ceiling deal. Biden denied making the comparison.…

Time reporter Megan Gibson apparently considers liberal actor Matt Damon's testy tirade against Reason.tv reporter Michelle Fields as a veritable lecture on the economics of tenured teaching. "Matt Damon showed his love for teachers — and after this confrontation, we're sure teachers are loving Matt Damon right back," Gibson enthused in an August 3 "Newsfeed" blog post entitled "Watch: Matt…

NBC Nightly News anchor Brian Williams announced on Wednesday's show that "the number of Americans relying on food stamps has hit another all-time record" with "Nearly 46 million of your fellow citizens are receiving food stamp assistance." Yet curiously he did not tie Barack Obama's fiscal policies to this economic tragedy, something the liberal media was prone to do when it came to blaming…

CNBC's Ron Insana asserted on today's "Andrea Mitchell Reports" that the United States does not have a debt problem. "We need more stimulus. We have a growth crisis in this country, not a deficit crisis," argued Insana. He also insisted that Europe, which also has debt problems, should not pursue austerity measures. "I think people might be looking at Europe and saying listen, they need…

On Wednesday's NBC Nightly News, anchor Brian Williams reported on another development in the Great Obama Recovery: "We saw some astounding new numbers that came out today. They showed the number of Americans relying on food stamps has hit another all-time record. These numbers would come as a huge disappointment to President Lyndon Johnson, who launched his War on Poverty back in 1964.…

Good Morning America's Jon Karl on Thursday placed the blame for a partial shutdown of the Federal Aviation Administration on House Republicans, ignoring the role Senate Democrats have played. 4000 thousand FAA workers have been furloughed, construction projects have been stopped, but Karl complained, "What's the hold up? Republicans are insisting on cuts to a program that subsidizes flights…

If we're to believe Paul Wiseman and David K. Randall at the Associated Press in their Wednesday afternoon report on the economy, all of the alleged solutions which might shake the U.S. economy out of its weakness either aren't available or no one has the will to try them: stimulus, infrastructure projects, jobs programs, or another round of quantitative easing. Oh, and governments are damaging…

The debt deal, if it sticks, is a triumph for the bipartisan, status quo-clinging Washington establishment. Here is a prediction: Between now and January 2013, total actual spending cuts will be minimal. That will result from the following: (1) The $900 billion deficit reduction is almost all back-loaded to the years beyond 2012. (2) The select committee created by the budget deal will fail to…

Leave it to the New York Times to worry about income disparity and gentrification… in Cuba. In his August 3 story “Cubans Set for Big Change: Right to Buy Homes,” correspondent Damien Cave reported on how Cubans will finally be able – albeit doubtless with numerous restrictions – to own their own houses come legislative changes expected to be enacted later this year. “[E]ven with some state…

Both House Democrats and Republicans opposed the debt ceiling compromise, but CNN's Don Lemon gave softball interviews to three Democrat congressmen who voted against the bill, while scrutinizing Tea Party Congressman Joe Walsh (R-Ill.) for his opposition. "Why the change of heart, Congressman?" the CNN host asked Rep. Barney Frank (D-Mass.) Tuesday on his decision to switch his vote to no.…

What does it take to be able to own and operate a taxi and earn $30,000, $40,000 or more a year? You need to purchase a used car and liability insurance. Compared with other businesses, the startup cost to become a taxi owner/operator is modest; that's until you have to come up with money for a license. In May 2010, the price of a license, called a medallion, to own one taxi in New York City…

I don't normally get emails from CNN when the markets go from negative territory to positive, or vice-versa. But I did today, as the Dow and the S&P 500 oh-so-temporarily showed plus signs? So why did CNN send the email? Could it be that the markets' plunge is getting more widely known, and the network feels the need to tamp down the spreading pessimism? The CNN email, along with a…

Appearing on Wednesday's NBC Today, CNBC Mad Money host Jim Cramer blamed the debt ceiling standoff for stocks falling on Wall Street: "All people can talk about is the whole slow down that Washington triggered, the 'manufactured crisis,' as the President mentioned..." Co-host Ann Curry wondered: "To what degree did the spending cuts called for in this bill have an influence in this perception…