Michelle Caruso Cabrera
On Wednesday’s World News on ABC, anchor Diane Sawyer briefly reported on a court ruling in Florida which struck down a state law banning the adoption of children by homosexual couples. Ignoring the issue of whether an activist court should make such a ruling, Sawyer seemed to frame the story from a sympathetic point of view for would-be same-sex parents in Florida as she referred to the ruling as "new hope" for such couples. Sawyer: "And there is new hope tonight for gay people in Florida who want to adopt a child. A state appeals court ruled that the 33-year-old ban on gay adoption is unconstitutional. And the governor said that the state will allow the adoptions immediately."
But, while ABC News programs have a history of advocating gay rights, it is ironic that the story was immediately followed by a full report about Bishop Eddie Long, a Georgia pastor accused of pushing teenage boys into homosexual sex. Sawyer set up the report: "And trouble is mounting tonight for the pastor of a 25,000-member mega church near Atlanta. Bishop Eddie Long, who lives a lavish lifestyle and has denounced homosexuality, is accused of coercing three young men into relationships. Steve Osunsami has details of the lawsuits."
Below is a transcript of the relevant portion of the Wednesday, September 22, World News on ABC:
The Twitter "Fail Whale": An irritating part of anyone's day that regularly uses social networking in their day-to-day activities. But could this endanger the viability of Twitter as long-term business?
A couple of analysts say think so. Both CNET.com senior editor Natali Del Conte and Herb Greenburg of CNBC Business News suggested Twitter's infrastructure problems could pose issues for Twitter's survival on CNBC's July 2 "Power Lunch."
"Twitter's down all the time," Greenburg said. "I love using Twitter. I will say it here and now - if Twitter were a business, it would be broke. Wait! Twitter is a business, but it's a private business. Maybe it's the type of business that should go public in this environment because those are the kind of companies that go public.
With the federal government issuing massive amounts of debt and the Federal Reserve purchasing it in the name of keeping interest rates down, questions have arisen about impact on the U.S. dollar.
On June 2, CNBC's "Power Lunch," aired a clip of the network's chief economics reporter, Steve Liesman interviewing Secretary of the Treasury Timothy Geithner. Geithner claimed the Federal Reserve wasn't monetizing the debt the government was accruing. Following that clip, CNBC's Chicago Mercantile Exchange floor reporter Rick Santelli, famous for inspiring the anti-tax-and-spending tea parties, questioned Geithner's denial of debt monetization.
"Well, you know the first part of that question was economists are worried about quantitative easing - are we monetizing?" Santelli said. "And his answer was no, we have a strong independent central bank. Now the latter may be true but it certainly isn't an answer to the question and I put forth, and I'd like feedback everybody - that quantitative easing can't exist without the monetization process. We issue debt; we print the money to buy it. That is monetizing. I can't believe that was his answer."
If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.
Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings.
However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.
Back in March, CNBC in what seemed to be an effort to pander to critics on the left, officially named former DNC chair and former Vermont Gov. Howard Dean a CNBC contributor.
But aside from campaigning for left-wing MoveOn.org causes in his spare time, Dean will appear on daily CNBC programming. But on the May 7 "Power Lunch," Dean, a contributor for the network with the slogan, "First in Business Worldwide," explained to viewers we've had enough capitalism after conservative radio talk show host Jason Lewis derided the president for supporting bailouts over bankruptcy. (h/t IHTM)
"I think we had quite enough capitalism in the last eight years and I think we need some regulation now," Dean said.
It was either an effort to avoid blaming individuals for ill-advised borrowing or an effort to vilify the banking system, but a segment on the April 20 "CBS Evening News" took a very one-sided view of credit-card lending.
On a day bank stocks struggled and dragged the Dow Jones Industrial Average (DJIA) down nearly 300 points, "Evening News" scrutinized the current state of the banking system's credit-card lending. According to anchor Katie Couric, that sell-off of bank stocks occurred as a result of the realization the institutions would be forced to cover bad loans.
"Wall Street had been on a six-week winning streak, but today it suffered its worst drop in two months as investors rushed to sell bank stocks," Couric said. "[T]he sell-off came after Bank of America reported earnings of more than $2.8 billion last quarter, but that good news was offset by the word that the bank has set aside more than $13 billion to cover its losses from bad loans made in the past."
CNBC has been a hotbed for commentary - both left and right, from Rick Santelli's call for a tea party on the floor of the Chicago Mercantile Exchange to the hiring of former Democratic Committee Chairman Howard Dean as a CNBC contributor.
This time, one of the hosts on CNBC's March 26 "Power Lunch" dropped an expletive during President Barack Obama's online town hall meeting as the network broke away from their coverage (h/t Breitbart.tv):
PRESIDENT BARACK OBAMA: One last point I want to make and I know I'm not suppose to talk this long ...
UNIDENTIFIED CNBC HOST: Bull****.
Do you think the federal government guaranteeing $29 billion in a loans for JP Morgan Chase to take over Bear Stearns is a good idea?
It really doesn't matter what you think, according to CNBC's Jim Cramer. Cramer defended the move by the Fed from any potential public scrutiny on CNBC's March 24 "Squawk on the Street."
"The American public don't know jack," Cramer said in response to a question from CNBC correspondent Michelle Caruso Cabrera about justifying the move to the American public. "They're just glad they're just not going to lose their job. I mean, this thing was so out of control. Everybody on Wall Street thought they were going to lose their jobs 10 days ago. We're thrilled."