Remember all the (hopeful) recession talk recently by many in the mainstream media who found it hard to hide their desire for bad economic times to harm President Donald Trump's 2020 re-election? Some, such as Bill Maher didn't even try to hide their hope for a recession. In fact Maher was publicly hoping for such a recession to stop Trump. Well, sad news for them but very happy news for most others. Bloomberg News on September 20 reported that such dire economic hype is not born out by the economic data in "Hold That Recession: U.S. Indicators Are Trouncing Forecasts."
On Tuesday, ABC’s Good Morning America eagerly touted the latest ABC News/Washington Post poll showing a “dramatic drop in the President’s approval rating” that “seems to be fueled by real concerns about the economy.” Following weeks of the media rooting for a recession to hurt Trump’s reelection chances, the ABC morning show appeared thrilled that tactic was working with some of its viewers.
As recession headlines and stories proliferate, Fox News MediaBuzz anchor Howard Kurtz had an important question for anchor Maria Bartiromo: could negative media talk damage the U.S. economy? “Do the media have the power, even if they were so inclined for dastardly political reasons, to crash the economy?” Kurtz asked Bartiromo on Aug. 25.
The next recession could bring an economic “revolution,” according to left-wing New York Times tech columnist Farhad Manjoo. He argued that when it arrives it would be “time to go full Elizabeth Warren” because of inequality.
Insisting that “a recession looms,” Manjoo fueled envy against CEOs and the wealthy — the very kind of envy that could spur such a “revolution.” Although he attached Democratic candidate Warren’s name to that kind of “radical” change, spouting off about revolution calls to mind other names like Marx and Lenin.
In just three nights of coverage, ABC, CBS and NBC evening newscasts spent more than 11 minutes talking about the threat of recession and economic worries mostly tied to one economic signal. The main reason for concern was that the yield on a particular short-term versus long-term Treasury bond inverted (generally long-term bonds have higher yields) and spooked investors on Aug. 14. This sent the Dow down by more than 800 points.
On Monday, all three network morning shows kept rooting for recession as a way to harm President Trump’s 2020 reelection chances. Hosts and correspondents dismissed the White House “attempting to downplay growing concerns that the U.S. economy could be headed for a recession” while touting Democrats “seizing the moment.”
Real Time host Bill Maher doubled down on his desire for a recession Friday night. Maher has expressed his wish for a recession multiple times; hoping that an economic downturn would lead to President Trump losing his bid for a second term in the White House.
During Thursday’s The Story, FNC host Martha MacCallum reported that “fears of a recession seem to be running high and some in the media seem almost giddy that an economic downturn would hinder President Trump’s chances in 2020.” After playing a “sampling” of media figures weighing in on the effect of a recession on President Trump’s re-election bid, MacCallum slammed the “unpatriotic” and “inhumane” media for rooting for a recession in the hopes that an economic downturn will cause him to lose re-election.
Now that Mueller and the dossier are ancient (buried) news, the liberal Spanish-speaking media will jump at any chance (asides from its non-stop illegal immigration litany) to declare doomsday for President Trump and his Administration. Case in point: the possibility, according to Univision, CNN en Español and Estrella TV, of an economic recession that could put an end to Trump’s claim to credit for the current economic boom.
Appearing on NBC’s Today show Thursday morning, CNBC Mad Money host Jim Cramer was the voice of calm, telling his colleagues to “dial back the hysteria” over the economy and reassuring viewers that “the markets are up huge.” He called out those in the press, including NBC, that were “sowing panic” about the possibility of a future recession.
Look at the bright side! Sure, a recession could throw millions of Americans out of work, and shrink retirement portfolios. But an economic downturn would also hurt President Trump in 2020! That was CNN's theme this morning. The 6 am New Day hour led with co-host John Berman trumpeting yesterday's stock market drop. CNN economic analyst Rana Foroohar then said of a recession: "it's here."John Avlon weighed in to crow: "if the economy goes south, [Trump] is in a world of hurt."
With the so-called “inverted yield curve” for bonds creeping up on Wednesday, ABC and NBC sprinted to stoke fears that “a recession could be on the horizon”, as NBC White House correspondent Kristen Welker declared. But over on CBS Evening News, chief financial analyst Jill Schlesinger was telling viewers to “run your life as if this were just any old day.”