4th Quarter 2006 Home-Price Report: The Sky Is Not Falling
The Office For Housing Enterprise Oversight released its Fourth Quarter 2006 House Price Index (HPI) report (PDF) on March 1.
Given the recent gloomy reporting about the industry, you may not know that housing prices nationwide actually went up a bit more in the fourth quarter (1.12%) than they did in the third (1.07%). Though there are certainly problematic metro areas, it would appear that the…
If the Business Reporters at AP Know What's 'Real,' They Don't Show It
The 2006 Real (after Inflation) Increase in Household Net Worth Was Greater Than 2005's -- But You Wouldn't Know That from Reading the Associated Press's Accounts. And this is not the first time AP has ignored what's "real."
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Here is how the Federal Reserve's report on household net worth was covered by AP reporter Jeannine Aversa (bold is mine):
Net Worth of U.S…
Horror Story-time: Networks Bash Credit Cards
NBC had some "horror stories" to share with its audience on March 7, according to "Nightly News" anchor Campbell Brown. Brown introduced the report by Lisa Myers that told the story of Wesley Wannemacher, a man who's $3,200 credit card debt ballooned to $10,700 after interest and penalties.Wannemacher's plight also featured prominently in similar segments on ABC "World News with Charles Gibson"…
L.A. Times Reporters Hit Dems From Left On Taxes
"Ugh, now the Democrats like tax cuts too!"That's essentially the tone of a March 5 Los Angeles Times article* that took Democrats to task for their plans for what President Clinton was fond of calling "targeted tax cuts." Apparently they just "cost" the government too much of our money:WASHINGTON // After years of claiming that Republicans were cluttering
the tax code with provisions that…
WashPost: Willing to Hike Taxes = 'Maturing' In Office
"As many political observers see it, [Virginia House of Delegates Speaker William] Howell is maturing into the leadership role he took on four years ago," wrote The Washington Post's Tim Craig in today's paper. And what exactly is developing the Republican speaker into an upstanding young chap? Nothing more than a newfound willingness to raise taxes in the Old Dominion.Here's the first two…
Post's Singletary: Anti-Debt Expert 'Elevates Consciousness' Like Gore
Plugging her monthly "Color of Money Book Club" entry today, Washington Post finance columnist Michelle Singletary made a gratuitious reference to Al Gore, comparing consumer debt to global warming:James D. Scurlock, author and director of "Maxed Out," hopes to do with the overselling of credit what former vice president Al Gore has done for global warming -- elevate people's consciousness about…
N.Y. Times Declares a 'Manufacturing Recession' -- But None Occurred I
According to the Times, the most recent four-month period, boxed in red below, represents a manufacturing recession; The Times has already declared it ("For Manufacturing, a Recession Has Arrived"; link may require registration):But the following periods boxed in orange from 1995-2000 did not:Any questions?
Is the Formerly Mainstream Media Rooting for a Bad Economy
Two reports from earlier this week, one that warned of a "likely recession," and another that flat-out declared a non-existent "manufacturing recession," have to make you wonder, especially considering a positive report from the real world that came out earlier today.
First -- On Monday, the Associated Press turned murky comments by Alan Greenspan into "Greenspan warns of likely U.S. recession…
