That's right. Bubble, shmubble, despite this picture from Matt Drudge, who got snookered on this one:
Fire sales, schmire sales.
As the stock market has continued to regularly make new highs in 2007, how many times have you heard or read a media report carping about how the rich are getting richer?
Quite a bit, right?
If you feel bombarded with such inanities, consider that a completely unaudited LexisNexis search of major American media outlets identified 234 reports which included phrases like “rich get richer,” “income inequality,” “wealth disparity,” etc., since January 1.
Add it all up, and that’s almost two a day.
A fine example of this nauseating mantra was demonstrated by CBS’s Charles Osgood on “Sunday Morning” April 15:
On April 25, 2007 the Dow soared to another record close, this time above 13,000. As Newsbusters reported here, here and here, the networks did anything but cheer. In fact, network broadcast reporting of the Dow's recovery since 2003 has been marked by pessimism.
Katie Couric introduced the April 25, 2007 CBS "Evening News" report with this dismal statement:
CNN's "Open House" host Gerri Willis called for new mortgage regulations on April 21.
Willis said that lawmakers were "jawboning" in D.C. about problems in the subprime mortgage market. She also mocked Sen. Chris Dodd (D-Conn.), who held "a homeownership preservation summit," for not doing anything.
"I guess the wheels turn pretty slowly inside the Beltway," commented Willis before blaming congressional inaction for hurting homeowners:
Update added at bottom of post.
"There's many simple, even money-saving ways that we can actually give our little bit of help in our own lives and in our own homes and make a little bit of a difference," said weatherman Sam Champion on April 19 "Good Morning America."
But when it came to cost, the April 19 USA Today contradicted Champion:
During his online "Critiquing the Media" chat on Monday, Washington Post media reporter Howard Kurtz agreed with criticism that today's story on immigrant "victims" of mortgage lenders didn't seem to assume that borrowers are in any way responsible for failing to make their mortgage payments. He even agreed with the online questioner's suggestion there was "subtle racism" in the tone of the story:
Northern Virginia: Howard, question regarding the headline and terminology used in today's Post story on foreclosures. In both the current washingtonpost.com headline and the lede the term "victim" is used. The word implies predation and an I see an implication that these people aren't smart enough to understand what they're signing when they apply for mortgages. Am I reading too much into this or is there a subtle racism to writing about immigrant "victims"?
Howard Kurtz: I couldn't agree more.
The top right-hand corner of Monday's Washington Post sounds like the return of Hurricane Katrina. "Foreclosure Wave Bears Down on Immigrants" is the headline. Reporter Kirstin Downey begins: "Immigrants are emerging as among the first victims of a growing wave of home foreclosures in the Washington area as mortgage lending problems multiply locally and across the country."
Jack doesn't live in this house; Mike does.
Mike Strizki lives in the very first solar-hydrogen house in the U.S. and according to The Christian Science Monitor, "It sounds promising, even utopian: homemade, storable energy that doesn't contribute to global warming."
But the very positive profile of Strizki and his unusual new home left out the cost to other New Jersey residents.
Last night, ABC "World News with Charles Gibson," and CBS "Evening News" both blamed increased foreclosures on lending companies and mentioned tightened regulation instead of discussing the issue of personal choice. NBC "Nightly News" was the only network to bring individual choice into the story on March 13.
"Mortgage companies were lending to people with questionable credit," said ABC's David Muir.
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 sky was not falling on home prices.
In fact, based on the press's coverage of the housing industry during the past year or so, you might think that OFHEO Director James B. Lockhart was blowing smoke in the News Release on Page 1 that introduces the report:
“These data show that, on the whole, prices are still rising, albeit at a much slower pace,” said Lockhart. “This suggests that house price appreciation is, for now, more in line with historical norms.”
He's kidding, right? Wrong (from page 4 of the report):
What's $18,000 to you?
Apparently it's not much to CBS "Evening News" which promoted California's solar power initiative to "get people to think green by giving them some green," according to anchor Katie Couric on March 6.
Reporter John Blackstone argued that families who choose solar power do not suffer and "get something priceless. By living under one of California's million solar roofs they're helping the earth while helping themselves."