If you watched the news in the last 24 hours, you'd think women's clothing sales were the barometer for the economy. All three major networks reported a 6-percent decrease in women's apparel sales this holiday season, calling the figure "ominous," "worrisome" and "a big deal."
The only problem is that the corporation reporting the figures, Mastercard, didn't say it was that big of a deal. In fact Mastercard's SpendingPulse showed a "modest increase" in holiday sales overall, and "extraordinary growth" for eCommerce sales.
But for the MSM, good news is no news, so they zeroed in on one negative to suggest Christmas 2007 is a retail failure. And since Christmas is all about shopping, we might as well declare the whole season over before it started!
On the "CBS Evening News" Dec. 17, Anthony Mason reported "an ominous sign:
On Tuesday, "Good Morning America" reporter Bianna Golodryga hyperventilated about high gas prices and highlighted a man who alleged that the cost of fuel is keeping him from going to church and that it could ruin Christmas. Golodryga piled on, suggesting that some Americans would be forced to eat "cheaper foods" such as pasta and peanut butter instead of fruits and vegetables.
Only a few days later, Golodryga, who covers business and economic issues for GMA, proved her journalistic independence by gushing over liberal billionaire Warren Buffet, or "Robin Hood," as she called him. While Golodryga lobbied for holding on to the death tax (or, as she called it, the estate tax), co-host Diane Sawyer rhapsodized over how Buffet is battling "on behalf of fairness in taxes." (The leftist billionaire has claimed recently that he pays less taxes, percentage-wise, than his receptionist.)
ABC's "Good Morning America" devolved into outright advocacy on Thursday as the morning program openly lobbied for more taxes, misled viewers about how much the wealthy pay and passed off an economic advisor to Hillary Clinton's 2008 campaign as an impartial observer. Correspondent Bianna Golodryga filed a report on liberal billionaire Warren Buffett and his assertion that he pays a lower percentage in taxes than his receptionist. GMA co-host Diane Sawyer turned the story into a class warfare campaign as she promised that the show would be battling "on behalf of fairness in taxes." The host lauded Buffett for taking "your side over taxes and fairness." Additionally, Golodryga fawned over the billionaire for advocating that Congress should retain the estate tax, another leftist position.
At no point in the misleading report did any GMA host or reporter mention a fundamental fact: The wealthy already pay a disproportionately high amount of taxes. According to information just released by the IRS, the top one percent of earners paid 39.4 percent of all federal income taxes. The top five percent pay almost 60 percent of federal taxes. Golodryga did, however, make time to compare Buffett to Robin Hood, complete with an onscreen graphic, and harass other billionaires over the salaries of their receptionists. Sawyer claimed that most of these wealthy individuals were "hiding" and that GMA would call them on "[Buffett's] behalf."
In one of the more hyperbolic segments to air on "Good Morning America," ABC reporter Bianna Golodryga fretted that November's unusually high gas prices could lead to poor health, less church and no Christmas. On Monday's program, Golodryga warned viewers that unnamed "reports" allege that "some people are foregoing routine visits to the doctor and are opting for cheaper foods, like pasta and peanut butter, as opposed to protein, fruits and vegetables, in order that they can save as much money as possible" at the pump.
The ABC reporter also managed to find an extreme example and introduced America to Juan Martinez of Phoenix, Arizona. According to Golodryga, the spike in prices has taken "a toll on the family's relationship with God." It seems as though the Martinez clan is cutting back on religious attendance due to the 40 mile journey trek to their church. (Are there no closer places to worship in the Phoenix area?) Additionally, GMA featured footage of Golodryga shopping with Martinez as she lamented, "...Even holiday gift shopping won't be the same." Apparently, there will be less Christmas presents this year.
This week marks the unhappy milestone of Black Monday for Wall Street, which had some journalists warning “it could” happen again. Even if it doesn’t, the media hammered home the prospect of a possible recession.
"Can it happen again? It could," said CBS correspondent Alexis Christoforous on "Evening News" October 14.
What determines an economic crisis? Sweater sales.
ABC's "Good Morning America" began its broadcast October 17 with a report that might be confused with one of the signs of the Apocalypse. But have no fear, Bianna Golodryga clued in viewers to some red flags to see if the economy is in "crisis".
"When you give or get practical gifts, stuff that you need instead of the stuff you want for your birthday or holiday. When sweater sales go up, watch out."
"Good Morning America" asked "What is going on?" with the stock market on August 16. Anchor Chris Cuomo asked Bianna Golodryga if the market drop is a correction or a recession.
"There seem to be two schools of thought here, those involved in all this sophisticated mortgage lending are saying this is the beginning of the end. But stock analysts are saying it is just a correction. Where are people's heads down there today?" said Cuomo
An on-screen graphic read, "Very Nervy Wall Street Correction Or Recession?"
Diane Sawyer kicked "Good Morning America" off this morning with economic worries about Wall Street, the "credit crunch" and "record" foreclosures.
“We do begin with the week on Wall Street, where the Dow took another huge hit, plunging 280 points in just two hours. The cause of the worst credit crunch in almost quarter a century and you’ve seen it in the neighborhoods – a record number of foreclosures,” said Sawyer.