Economy

Now that the government has signed off on a $25-billion bailout of home mortgage giants Fannie Mae and Freddie Mac, the obvious question is: What next?Steve Forbes, editor-in-chief of Forbes magazine, thinks breaking up is hard to do, but necessary. "The Bush Administration should vigorously push to have Fannie and Freddie recapitalized and broken up into 10 to 12 companies, with their ties to…

Is reporter Michael Powell at the New York Times auditioning for Comic Relief? At next year's event, Powell's headline at his August 2 story (HT Weapons of Mass Discussion) about Obama's repeated hypocritical invocations and charges relating to race (of course, that's not how he sees it), along with his report's first 10 words, would bring the house down: With Genie Out of Bottle, Obama Is…

Washington Post business columnist Steven Pearlstein, who won the 2008 Pulitzer Prize for commentary, on Friday contended “it is not the protectionists of the AFL-CIO or CNN who are primarily to blame for the erosion of public support” for free trade, instead:The blame lies squarely with a business community that continues to support Republican politicians who refuse to raise the taxes and spend…

A night after ABC's World News and the NBC Nightly News didn't air a word about the Gross Domestic Product (GDP) doubling to 1.9 percent in the second quarter, up from 0.9 percent in the first, the two evening newscasts found newsworthy a rise in the unemployment rate, with NBC using the increase to segue to a story on how “a growing number of Americans are...being downsized from full-time work…

As an attempt to find a new and innovative way to spread the doom-and-gloom news associated with the economic downturn, BusinessWeek magazine launched a recession blog on its Web site back in May to give a personalized glimpse into "recession" hardships. "This blog is one of the places we'll tell these stories," BusinessWeek.com reporter Tim Catts wrote on the blog's first post on May 2. "Here…

Just heard Mark Levin mention this point on his show tonight. The item he referred to is from Mark Perry at istockanalyst.com, who commented on CNNMoney.com's coverage of Exxon Mobil's profit report today: According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.…

Second quarter Gross Domestic Product (GDP) doubled to 1.9 percent, up from 0.9 percent in the first quarter, the Commerce Department announced Thursday morning as consumer spending rose 1.5 percent in the quarter ending June 30, up from 0.9 percent in the first quarter, and U.S. exports soared 9.2 percent, way up from 5.1 percent in the first three months of 2008. Yet the CBS Evening News…

On Thursday’s "Early Show," correspondent Priya David reported on homeowners in Philadelphia trying to avoid foreclosure: "Yajaira Cruz-Rivera thought she was choosing a responsible mortgage plan. But dreams of remodeling crumbled just days after her family moved in...Yajaira fought with her loan company, saying her new mortgage was unfair and unaffordable." However, David then introduced the…

There's Ludacris, and then there's ludicrous.:"There are things you can do individually, though, to save energy," Obama said. "Making sure your tires are properly inflated - simple thing. But we could save all the oil that they're talking about getting off drilling - if everybody was just inflating their tires? And getting regular tune-ups? You'd actually save just as much!" Yes, Sen. Barack…

The broadcast networks exhibited gross mismanagement in their coverage of Fannie Mae and Freddie Mac, the government-sponsored mortgage powerhouses now in need of a $25-billion government rescue. "It's partially a bias and partially just sort of gross mismanagement on their part," Business & Media Institute Vice President Dan Gainor said on CBN's "Newswatch" July 30. "All they had to do was…

Disclaimer: Yes, Joe and Chris.  We know Jim was joking.Money maven Jim Cramer is a self-described Democrat, one who idolized Lenin back in his Harvard days [Cramer's, not Lenin's] and was on the verge of tears over the downfall of his old college buddy Eliot Spitzer.  But one Dem not high on Cramer's list is Jimmy Carter, so much so that Cramer feigned dismay to be informed that—contrary to his…

Keeping with the tone of the political campaign, the media are in full Britney Spears mode. To quote the pop tart, "Oops, they did it again." It, this time, is the economy. The mainstream media continue to be wrong about the U.S. economy. The 2nd Quarter Gross Domestic Product numbers came out Thursday morning and the economy continued to grow, this time at a stronger pace than last quarter - 1.9…

Chalk another story up to the media exaggerating a problem that's bad enough on its own. On July 30, The New York Times reported on the front page of its business section that "several national restaurant chains were shuttered on Tuesday." But only two chains were closed, and both were owned by the same company. The American Heritage Dictionary defines "several" as "being of a number more than…

Chuck Todd has some advice for John McCain: embrace Ted Stevens' demise. The NBC News political director made his suggestion in the course of kibitzing McCain campaign strategy with Joe Scarborough on today's Morning Joe.CHUCK TODD: Joe, why isn't McCain jumping on this Ted Stevens thing?  He hated Ted Stevens.JOE SCARBOROUGH: He did!TODD:  He should be dancing on this guy's political grave today…