Have you noticed all the talk recently by the mainstream media about a recession? Of course, many members of the MSM can barely contain their glee at the prospect of an economic downturn hurting President Trump's prospects in the election next year. Well, Jim Cramer on Thursday's Squawk Box told host Joe Kernen that the only people talking about such a recession are "us," meaning members of the media.
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.
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.
We are currently hearing a lot of doom and gloom about the trade war with China from the media talking heads, particularly on MSNBC and CNN. Their big claim is that President Donald Trump has put the United States at a disadvantage by raising tariffs on Chinese goods in an effort to get China to lower their tariffs and other barriers on American exports to that country. However, CNBC's Jim Cramer on Tuesday's Squawk Box, explained how Trump is using the right tactic as well as how the talking heads are getting it wrong.
Sen. Elizabeth Warren, D-Mass., defended her call for an “ultra-millionaires” annual wealth tax as “how the system is supposed to operate,” and “part of the social contract” of America in a CNBC interview.
Wait, since when did wealth redistribution and punishing the wealthiest by instituting a new tax to take $2.75 trillion away from them for what they’ve accumulated become part of the “social contract” of the U.S.?
The December jobs report crushed expectations on Jan. 4, with 312,000 jobs added, a strong participation rate, wage gains and two months of upward revisions. That was 136,000 jobs more than expected.
Far-left Democratic Sen. Elizabeth Warren has a new plan to regulate the largest businesses and some in the media helped promote it. She published a Wall Street Journal op-ed about her new legislation, the “Accountable Capitalism Act,” on Aug. 14. The very next day, Mad Money host Jim Cramer interviewed Warren about her “Novel way to reward the stakeholders of the enterprise.” He also called the op-ed “incredibly provocative.”
Good things come in threes. This is the third month in a row for a strong jobs report. The question is: Will journalists continue to ignore the good economic news under President Donald Trump? The stock market surged April 5, after news of what CNBC Senior Economics Reporter Steve Liesman called “another blowout” jobs report from the ADP private payroll. According to the report, the private sector gained 263,000 jobs in March, which was 83,000 more than economists expected.
People in glass houses shouldn't throw stones. And people who ridicule the level of others' speech patterns should check theirs first.
CNBC didn't do that. Instead, on Thursday, as I noted in a previous NewsBusters post, it childishly rushed out a grade-level evaluation of the Republican presidential candidates' speech patterns during the first three debates, including the Wednesday train wreck it rudely hosted, and created a graphic with the title, "Are you smarter than a GOP candidate?" Payback is sweet (bolds are mine):
The left is up in arms over the pharmaceutical CEO who raised prices for a drug mostly used by AIDS patients by more than 5,000 percent, but experts CNBC interviewed said regulatory barriers helped make it possible.
Founder and CEO of Turing Pharmaceutical, Martin Shkreli bought the generic drug Daraprim, which is used for parasitic infections in pregnant women and immunocompromised individuals. He hiked its cost from $13.50 a pill to $750, a whopping 5,455 percent.
It doesn't seem likely that an oil company CEO would get the benefit of the doubt Apple CEO Tim Cook received from the press yesterday after he emailed well-known financial commentator and investment adviser Jim Cramer about his company's performance in China.
In an email read over the air on CNBC, Cook reported that "we have continued to experience strong growth for our business in China through July and August." The question is whether, by providing this private disclosure, Cook violated U.S. "fair disclosure" regulations requiring that "materal information" be disclosed to the public.
During his State of the Union speech, President Barack Obama said he wanted to “simplify” the tax paperwork required for small businesses, but CNBC’s Jim Cramer pointed out that Obamacare is doing just the opposite.
Obama had said during his State of the Union speech on Jan. 20, that a small business owner should be able to file taxes “based on her actual bank statement instead of the number of accountants she can afford.” However, Cramer, co-anchor of CNBC’s “Squawk on the Street,” said on Jan. 21, that Obama’s very own health insurance initiative had already increased, rather than decreased, the complexity of tax accounting for small businesses.