Media Near-Secret: Exxon's Taxes Almost 3x As Much As Profits
Just heard Mark Levin mention this point on his show tonight. The item he referred to is from Mark Perry at istockanalyst.com, who commented on CNNMoney.com's coverage of Exxon Mobil's profit report today: According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.…
Bloomberg's Fred Kempe: Obama 'Center-Right on Foreign Policy
Barack Obama's overseas trip this past week proved “he's not a left-wing ideologue” or a “dove” and, “if anything, he's center, even center-right, on foreign policy issues,” Bloomberg News world affairs columnist Fred Kempe, a veteran of the Wall Street Journal, declared on this weekend's Political Capital show which airs several times Friday night and Saturday on Bloomberg TV. Host Al Hunt,…
Recession, Reschmession: Wesbury Predicts 3% Second Quarter GDP Growth
Brian Wesbury, whose writings I have quoted often, is at it again, puncturing the economic gloom with reality-based analysis. Since his job is to provide useful info for the investor-clients at First Trust, creating unrealized hype is not in his best interest. Wesbury is predicting a stunning improvement in the economy's growth rate (PDF; HT Political Calculations) when Uncle Sam's Bureau of…
Bloomberg: To Arabs Obama 'Just an American With Muslim Middle Name
Bloomberg News is acting as if they know how "many Muslims around the world" feel about Barack Obama. In Bloomberg's considered opinion, Obama is "just an American with a Muslim middle name" and won't "advance" the "interests" of Muslims. The main point that Bloomberg seems to be trying to sell is that Barack Obama's Muslim past will not make him tend to bow to world-wide Muslim sentiment.…
The Biz Flog – Blaming Oil Speculators for High Gas Prices
Forget the basics of supply and demand, just find someone to blame. As Congress takes new aim at speculators for the high price of gasoline, some media reports seem to be following suit. But as The Biz Flog explains this week, there is considerable debate over whether speculators should be blamed for the high cost of oil. June 23, the same day Democrats on the House Energy and Commerce…
'Nightly News': Is General Motors Going Out of Business
General Motors has been in business since 1897, but there are fears now propagated in the media that the longtime American icon faces an uncertain future. Brian Williams raised the possibility of General Motors (NYSE:GM) going out of business on the June 26 "NBC Nightly News" to Jim Cramer, host of CNBC's "Mad Money." "[J]im, I know you talk about this, think about this everyday for a living…
Carlson Pitches Gore for VP: 'Brains, Good Judgment and Experience
“The most important reason [Al] Gore should be Vice President is that he's suffered and learned. He has the temperament some of us reach on our death beds,” former Time magazine Deputy Washington Bureau Chief Margaret Carlson trumpeted in a column posted Thursday on Bloomberg.com. In “Gore Has Right Stuff for Second Turn as No. 2,” Carlson effused: If there's anything we need to rescue us from…
AP, Bloomberg, and Some Economists Defining Recession Upward
The business press's recession obsession continues:A couple of weeks ago, in the wake of the initial first-quarter GDP growth reading of 0.6%, Rex Nutting at MarketWatch.com entertained us with the notion that an economy can be in a recession even while there is real, if anemic, economic growth.Today, Jeannine Aversa of the Associated Press, with the help of a number of economists, told us that…
Old Media Ignores Obama's '57 States,' Obsessed Over Quayle's 'Potatoe
During the 1992 presidential campaign, when incumbent Vice President Dan Quayle made a spelling mistake, the New York Times was all over it. It's clear from the Times's story that the rest of the media was also in full pursuit: So Jay Leno has a week's worth of new Dan Quayle jokes. At a school here, everyone was quite hush-hush the day after the visiting Vice President spelled potato wrong…
NY Times Reporter Twice Charged With Plagiarism Disparages Salmon Indu
How many times will The New York Times publish a disreputable reporter's work before it learns its lesson? Perhaps the third time will be the charm. Alexei Barrionuevo has under come under fire for plagiarism on two separate occasions, but the Times printed a story March 27 ("Salmon Virus Indicts Chile's Fishing Methods") by Barrionuevo anyway, prompting a response from the salmon industry.…
U.S. Receipts Record Broken in April; Media Snooze Continues
This updates the "Supply-Side Stunner" post (at NewsBusters; at BizzyBlog) from Tuesday. The business press has not yet noticed this news. The last Daily Treasury Statement for April published yesterday shows just how impressive what is probably the supply-side tax cuts' last hurrah really was:
LiveBlog: Bush Press Conference on the Economy
President Bush is holding a press conference on the U.S. economy. I'll be blogging the questions to the president below. Video of Bush/Raddatz clash here (audio available here).Video of Stolberg and Ryan on recession here (audio here)My bottom line analysis (11:25): The two R's of bias from this Rose Garden presser: Martha Raddatz on Syria and numerous reporters on the dreaded R-word, recession.…
Bloomberg's 'Net Worth' Report Doesn't Even Tell Us What It Is
.... for what I believe is a painfully obvious reason. It is reports like the one written up by Shobhana Chandra at Bloomberg yesterday on household net worth that make you wonder if everyday US citizens will ever get the information needed to accurately evaluate what's going on in the economy without doing more digging than they have time for -- or that they should even have to do. Chandra's…
