Economy

Now that the government has assumed the role of economic planner with various bailout packages and stimulus plans, experts are predicting a federal budget deficit of $1 trillion. That much money may be difficult to comprehend, but former President Ronald Reagan put it in perspective with a 1981 analogy describing the federal debt: "And the best I could come up with is that if you had a stack of…

As the Christmas shopping season went into full swing in 2005, I sensed that journalists in general have a strong preference for using the term "holiday shopping" instead of "Christmas shopping" when covering business and commerce, but that when it came to people losing their jobs, they preferred to describe layoffs as relating to "Christmas." My instincts have been proven correct, as you can see…

Doesn't it amaze you when some liberal media member actually claims that raising taxes is good for the economy, and uses the Clinton Era to prove his or her specious point? Such transpired Tuesday afternoon when CNBC's Trish Regan invited liberal columnist David Sirota on to discuss president-elect Barack Obama's plans to get the economy rolling again. True to the liberal motif, Sirota spoke…

ABC correspondent Claire Shipman lauded President-Elect Barack Obama’s Treasury Secretary-Designate Tim Geithner on Tuesday’s Good Morning America: “It might not be immediately obvious, but insiders say the President-Elect and his pick for the top economic spot could have been separated at birth.” She later quoted The Economist’s line about the future top bureaucrat, that both Obama and Geithner…

In an effort to explain Barack Obama’s call for a $500 billion stimulus package on Monday’s CBS Evening News, fill-in anchor Harry Smith patronized viewers as he turned to Fast Draw artists Josh Landis and Mitch Butler, who created an animated cartoon on the subject, promoting Obama’s public works program. Butler explained: "When the economy slows down, people look for a pick-me-up." Landis added…

The Associated Press can't even get it right in a three-paragraph item about a White House ceremonial event.In a story Monday afternoon about President Bush's meeting with two Nobel Prize-winning scientists and Nobel Economics winner Paul Krugman, the unbylined AP writer claimed that Krugman opposed the government's financial bailout. Evidence abounds that this is not only not the case, but that…

On Monday’s CBS Evening News, correspondent Dean Reynolds reported on Barack Obama's announcement of an economic team, but instead of getting reaction from Republicans or financial experts, Reynolds decided to stick with the president-elect himself: "Timothy Geithner, president of the New York Federal Reserve Bank, as Treasury secretary. Obama said Geithner has an 'unparalleled understanding of…

Are the good folks at the New York Times breaking ranks and actually criticizing a decision by president-elect Barack Obama?Such seemed to be the case Tuesday when the Gray Lady published, on the front page of the business section no less, an article highly critical of proposed Treasury Secretary Timothy Geithner.Entitled "Where Was Geithner in Turmoil?", Andrew Ross Sorkin's piece actually…

Paul Krugman has been making the rounds of the network morning shows, urging the government to "go big" in spending to revive the economy.  His only concern is that Obama might not be planning to spend enough.  Heck, even FDR wasn't a big enough spender in his book.  View Krugman's weekend GMA appearance in which he says that here, the episode in which, as discussed here, Krugman of all people…

President and Mrs. Bush couldn't be handling the transition more graciously.  But rather than celebrating the peaceful transfer of power that is the hallmark of our democracy, Hardball has announced a new feature, "Final Daze," intended to mock W as we count down his last weeks in office.Mike Barnicle, sitting in for Chris Matthews, announced the new segment on this evening's show.MIKE BARNICLE:…

Update 11-25 8:20 AM: Morning Joe Makes SNL References -- see discussion at foot.Call it "The Wild 'n Crazy Guy–Billionaire Style."  Maria Bartiromo's interview of Saudi Prince Alwaleed, the largest shareholder of Citigroup, is literally a Saturday Night Live skit waiting—begging—to happen.CNBC's Bartiromo conducted the interview by remote this afternoon. When the camera went to the prince in…

On Monday’s CBS Early Show, co-host Maggie Rodriguez asked liberal economist and New York Times columnist Paul Krugman about Barack Obama’s proposed stimulus package: "What about the $500 billion economic stimulus plan that President-elect Obama is planning? Do you think it's realistic to get that done in two years?" Not only was Krugman in favor of the plan, but he argued: "I'm actually worried…