CNNMoney can't find room for facts amid corporate attacks on Dems

Blog ››› ››› JAMISON FOSER

CNNMoney.com hypes a laundry list of grievances "business leaders" have with President Obama:

The latest White House summit comes a year after Obama chastised "fat cat" bankers who took large bonuses during the financial crisis, and six months after he lashed out at BP during the recent oil spill in the Gulf of Mexico.

Those remarks left a sour taste in the mouth of the business leaders, and rhetoric became elevated.

And this:

While business leaders have spoken out against Obama, they have also been highly critical of the legislation passed by the Democratic-controlled Congress.

Businesses have pushed back against Obama's signature legislative achievements, including health care reform and a sweeping overhaul of the nation's financial system.

And this:

Just last week, the Business Roundtable, an association of CEOs, released a report that said the success and profitability of U.S. companies "has been threatened by inflexible and cumbersome regulations in the financial services, environmental and health care sectors."

Now, here's what CNNMoney.com left out, courtesy of the New York Times:

The nation's workers may be struggling, but American companies just had their best quarter ever.

American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or noninflation-adjusted terms.

Corporate profits have been doing extremely well for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history. As a share of gross domestic product, corporate profits also have been increasing, and they now represent 11.2 percent of total output. That is the highest share since the fourth quarter of 2006, when they accounted for 11.7 percent of output.

Seems like maybe some facts about corporate profits would be relevant in an article about "business leaders" complaining that onerous government regulations are hurting businesses, doesn't it?

Posted In
Economy
Network/Outlet
CNNMoney
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