Economy

The Associated Press's Jeannine Aversa "creatively" and selectively rounded figures presented in today's Monthly Treasury Statement from Uncle Sam. That Treasury report, released this afternoon, covered monthly and year-to-date receipts and spending in the federal government. By doing what she did, Aversa made sure we know that year-to-date receipts are down, but at the same time made Congress's…

Appearing as a guest during the 10 a.m. hour of the July 11 “MSNBC News Live,” Chicago Tribune managing editor James Warren compared McCain adviser Phil Gramm’s recent comments on the economy’s health to those of Henry Ford during the Great Depression: But I think in the annals of a not particularly sensitive remarks this will rank up there with a bunch of things. Somebody, a historian…

On Friday’s CBS "Early Show," co-host Harry Smith introduced a segment on comments by John McCain economic adviser Phil Gramm: "Let's talk about the economy now. Number one on voters' minds. Senator John McCain has been backed into a corner by a key economic adviser and forced to disavow some controversial statements." A report by correspondent Bill Plante followed in which he declared: "After…

Various media outlets have jumped on the comments of Phil Gramm, an advisor to John McCain's presidential campaign, that when it comes to the economy, "we've sort of become a nation of whiners." However, these same organizations, such as ABC News, have done their part to promote such things as fretting over no more Christmas presents. For instance, on the November 12, 2007 "Good Morning America…

I hate to say I told you so, but what the heck. We did. The Business & Media Institute warned that Fannie Mae was a looming taxpayer-backed disaster - in 2005. Only the network news shows didn't like to tell you about it. An op-ed I wrote appeared in The New York Post under the headline: "The $30B Scandal That TV Forgot." I think $30 billion is small potatoes now. $100 billion is the number…

When it comes to illustrating high gas prices, the liberal media sure love San Mateo, California. What with its gorgeous, sunny weather and consistently above-average gas prices, it makes for a shocking image of "pain at the pump."In the top headlines feature for ABCNews.com, editors included a tease for a story on oil prices heading towards $147-a-barrel, and chose a photo of a gas marquee…

Proving the old saw that a “gaffe” is when a politician stumbles into the truth, ABC's World News, which has showcased Americans whining about the inability to afford “joy rides” or breakfast, on Thursday night led with former Senator Phil Gramm's observation that “this is a mental recession”and “we've sort of become a nation of whiners.” In relaying the comments from the economic adviser to the…

The Associated Press's disgraceful coverage of last week's Employment Situation Report from Uncle Sam's Bureau of Labor Statistics (BLS) got left behind in the holiday weekend hubbub, but calls out for comment nonetheless. The AP's Jeannine Aversa reached into her Thesaurus as she began her report with what has become the wire service's standard monthly error of treating reported seasonally…

On Wednesday's CBS "Early Show," co-host Russ Mitchell declared: "The high cost of gas is hurting everyone these days. Families, businesses, and even charities. Many organizations that deliver food to the sick and elderly are being hit extra hard." In the report that followed, correspondent Kelly Wallace went even further: "In one rural California case, according to the president of Meals on…

Forget the basics of supply and demand, just find someone to blame. As Congress takes new aim at speculators for the high price of gasoline, some media reports seem to be following suit. But as The Biz Flog explains this week, there is considerable debate over whether speculators should be blamed for the high cost of oil. June 23, the same day Democrats on the House Energy and Commerce…

Although the collapse of Bear Stearns happened back in March, the debate still rages as to what led to the failure of the 85-year old investment bank that had survived years of previous turmoil, including the Great Depression. After JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appeared on PBS's "The Charlie Rose Show" July 7 and commented on an August 2008 Vanity Fair article alleging that…