Fox News Blames ‘Mainstream Media’ For Recession
Fox News Blames ‘Mainstream Media’ For Recession
Yesterday on Fox and Friends, Dan Gainor, Vice President of the Business and Media Institute, along with conservative hosts Steve Doocy and Brian Kilmeade, concluded that America’s economic downturn was the result of the “mainstream media.” Doocy, Kilmeade and Gainor explained that news outlets like the New York Times and the three major television networks are talking themselves, and the American public, into recession.
Watch it:
Sure, the media has been talking about the economy, but so have LOTS of other people. It’s amazing how easily Fox News is able to ignore the opinion of prominent economists, business leaders and government officials in this dialogue.
–Warren Buffet: “I believe that we are already in a recession [...] Perhaps not in the sense as defined by economists. … But people are already feeling the effects of a recession [...] It will be deeper and longer than what many think.” [USA Today, 5/26/2008]
–Alan Greenspan: “I still believe there is a greater than 50 per cent probability of recession.” [Financial Times, 5/27/2008]
–Sen. Chuck Schumer (D-NY): “Americans are being squeezed at every possible pressure point - at the gas pump, at the grocery store, by their mortgage company, and by their employers. Just because President Bush won’t say the word doesn’t mean Americans aren’t feeling like we’re in a recession.” [Joint Economic Committee, 4/30/2008]
Fox has apparently forgotten to read the news themselves — unless Doocy, Kilmeade and Gainer think that the ‘media’ went out at night and set the price of gas at $4.00/gallon , increased the number of food stamp recipients by 7% nationally and placed 649,917 homes in foreclosure during the first three months of this year.
Sort Comments By: Top Rated | Date
5 Responses to “Fox News Blames ‘Mainstream Media’ For Recession”
Register
RSSLogin
Topic Cloud
ArchivesBlog RollAbout Wonk RoomContact Us
Donate
There are a number of factors that one can look at to determine whether an economy is doing well. These are fairly objective in nature.
1. Labor market: Unemployment rate tells part of the story and it is now going up. However, you must also look at the labor participation rate since unemployment just fails to account for those who are out of the market because jobs are just too hard to find. Labor participation rate has been going down through out the Bush administration. In other words, a lower percentage of our work age population is employed.
2. Wages and income: Income can go up for a nation on average as it has during the Bush administration. However, for the vast majority of the population, income has become stagnant or fallen. That is a dangerous sign when consumer purchases account for such a large part of the economy as they do in the US.
3. Price Increases: The CPI is not an accurate measure of inflation. Food and fuel costs are eliminated from the amount. In the past, when increases in these items could be significant but of short duration, it made sense. It does not now. We know that there are permanent upward shifts in these prices that put additional pressure on consumers.
4. Debt load: We now have a negative savings rate in the US. People cannot run in the red. There are obvious consequences for the economy.
We could go through others. However, we have to look at the economy through these objective measures and not just through the number of bankruptcies, foreclosures and so forth. We have to bring the two together. Why has the foreclosure rate gone up x%? Why are we seeing so many retail stores going under? How is this going to effect your job security?
May 28th, 2008 at 2:21 pmFox News is not qualified to do anything but report on infotainment, why didn`t they inclide themselves in this because they are as hypocritical as everything else on the Reich.
May 29th, 2008 at 8:47 amIn March of 2003, just prior to the invasion of Iraq, Yale economist William Nordhaus predicted that soaring oil prices (he predicted a mere $75/barrel) could trigger a recession:
http://www.youtube.com/watch?v=jxzXo78WqSM
May 29th, 2008 at 11:41 amYeah, how dare the mainstream media go and give tax breaks to businesses who send all their jobs overseas?
Oh, wait: That was Bush.
May 29th, 2008 at 12:57 pmHas Fox News mentioned the fact Rupert Murdoch thinks Obama will win in November?
May 30th, 2008 at 3:10 pmOuch! That has to burn these guys’ wienies.