Never ever blame the victim, isn't that what people say about crime victims?
Apparently no one told CNN, because this morning on "American Morning" Soledad O'Brien and Stephanie Elam attacked TJX Cos., the parent of T.J. Maxx and Marshalls among other stores, accusing the company of dishonesty after the company suffered massive data theft by hackers.
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."
Something rather extraordinary occurred last December which had extremely ominous implications for stock investors around the world, but got totally ignored by the media.
In fact, if not for a recent video posting at YouTube, and a March 20 article in the New York Post, these spectacular revelations would still be well under the radar.
On December 22, CNBC’s James Cramer did a web interview for TheStreet.com TV. In it, he told TSC’s executive editor Aaron Task about how he used to manipulate stocks and the market when he was a hedge fund manager, and explained how such people today can’t “do anything remotely truthful” if they want to make money (video available here).
As TSC reported in a recap at its website the same day (emphasis added throughout):
Citing the investigator and one student who "says he trusted NYU, but now he wonders if his trust may have been misplaced," ABC's "World News" on March 18 attacked universities and lending companies and did not include representatives from either.
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):
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."
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. Households Skyrockets in Final Quarter of 2006
The net worth of U.S. households climbed to a record high in the final quarter of last year, boosted mostly by gains on stocks, the Federal Reserve reported Thursday.
Net worth — the difference between households' total assets, such as houses and bank accounts, and their total liabilities, such as mortgages and credit card debt, totaled $55.6 trillion in the October-to-December quarter.
That marked a 2.5 percent growth rate from the third quarter, the previous quarterly record high. Stocks gains helped fuel the increase in net worth, although real-estate gains played a role, too.
For all of last year, households' net worth rose by 7.4 percent, a slower pace than the 7.9 percent increase registered in 2005.
AP made 2006 look worse than 2005, when 2006 was better. "Really."
With the Democrats now in charge of Congress the media is joining them in bringing back some favorite of their favorite boogeymen and on this morning's Today show that boogeyman took the form of the credit card companies and their "abusive" practices. Teasing a Lisa Myers report NBC's Ann Curry charged that credit card companies are "...accused of making it difficult for the average person to pay off that bill.
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 a terrible threat to our existence. In this case, it's our financial well-being.