WaPo Commemorates 79th Anniversary of 1929 Stock Market Crash
It's obvious The Washington Post's "Style" section is broadening it horizons beyond fashion, music, books and other fluff, plus of course - Howard Kurtz's media column and the comics. The editors of that section are tackling important events that changed history by commemorating them as milestones. The Post's Oct. 29 "Style" section allotted two-thirds of the front page to observing the 79th…
Former Citigroup CEO: Unemployment Will Hit 9 Percent
Sometimes former CEOs have a reason to be downbeat when they make predictions. Former Chairman and CEO of Citigroup Sanford Weill told CBS's "The Early Show" Oct. 28 that unemployment would hit 9 percent and that Wall Street CEOs "didn't deserve bonuses this year." It went something like this: Well, I think we've set in motion a whole series of events that is going to make the economy…
UCLA Economists: Government Intervention Prolonged Great Depression
Sometimes government tries to fix the problem; then it makes the problem worse. In 2004, economists at the University of California, Los Angeles (UCLA), studied the policies of President Franklin Roosevelt's New Deal and determined it actually prolonged the Depression by seven years. Harold L. Cole and Lee E. Ohanian blamed anti-free market measures for the slow recovery in an article…
Does Cuomo Find Comfort in Global Market Turmoil
Are some in the media enjoying the down Dow? It certainly seemed that "Good Morning America" co-anchor Chris Cuomo was embracing a bit of schadenfreude during the Oct. 24 show - seemingly relieved he could find "some comfort" that other nations are undergoing economic problems just like the United States. As the markets were beginning a very downbeat start, reporter Bianna Golodryga detailed the…
WaPo Editorial Board: Defender of Free-Market Capitalism
You have to give credit where credit is due. The lead editorial in the Oct. 20 Washington Post didn't declare free-market capitalism dead after the failure of several financial institutions led to massive government intervention - as a front-page story on its Oct. 10 edition declared. Instead, the editorial pointed out the how the market that failed wasn't exactly free to begin with. "The…
Media Near-Secret: Deficit Increase Almost Entirely Due to Spending
Story after story on the full-year results for the federal budget refers to the size of the full-year deficit for the fiscal year that just ended on September 30 ($455 billion), and how it compares to last year's deficit ($162 billion). Almost none of them talk about why the deficit ballooned. I wonder why? Could it be because the Democrat-controlled Congress of Nancy Pelosi and Harry Reid…
Morning Show Consults Kids, Not Experts about Crisis
Who you gonna call to fix the economy? Kids. The Dow dropped 5,585 points since its high a year ago, banks have been afraid to lend and the government bought billions in toxic mortgage-backed securities. So CBS's "The Early Show" went to some top finance experts to explain what was happening to viewers, right? Nope, they went to kids, Oct. 10. Weatherman Dave Price talked to fifth graders…
The Biz Flog Said Short Selling Ban was Bad Idea Weeks Ago
The Securities and Exchange Commission ended the 16-day ban on short selling Oct. 9, which has left many journalists asking if the ban actually worked to keep more banks from failing. The staff at the Business & Media Institute's video blog, "The Biz Flog," could have told you the ban wasn't a good idea when they put together "Who's Afraid of a Big Bad Short Seller?" But, it's nice to see…
Reuters: Bright Side of Economic Downturn Is Planet Gets a 'Breather
The Dow may be tanking and we could be heading into a global recession in the near future, but there's a green lining to it all, according to Reuters. Mother Earth might get a breather from those dastardly carbon emissions, what with shuttered factories and all.Here's how the financial news wire teased a story on the afternoon of October 7, a day after the Dow closed below 10,000 for the first…
CNBC: Congressional Republicans ‘Hate Wall Street
If you don't give me money, I won't bail you out! Conservative opposition to a federal bailout of financial institutions is over campaign donations, not a desire to uphold sound market principles, according to CNBC. CNBC's chief Washington correspondent John Harwood said Sept. 25 on "Squawk Box" that he had a conversation with "a top Republican member of congress last night" who told him…
On NBC, CNBC's Liesman Raises 'Banana Republic' Spectre
Comparisons to the current Wall Street financial situation to the Great Depression have not been unusual in the media, but Thursday's NBC Nightly News went a step further into inducing panic. Delivering a healthy dose of hyperbole, Steve Liesman of CNBC prompted a “wow” from anchor Brian Williams when he raised the spectre that the credit troubles could lead, “some” would say, to the “U.S.…
Couric, Williams Back Obama’s Economic ‘Turmoil’ By Ignoring Pos
As my colleague Brent Baker noted last night, the August 28 CBS "Evening News" and NBC "Nightly News" broadcasts completely ignored the Commerce Department's upward revision of second quarter gross domestic product growth. The department announced August 28 the economy grew at 3.3 percent in the second quarter of 2008, up from initial reports of 1.9 percent. The revised number exceeded…
