The Washington Post and The New York Times reported that Sen. John McCain, in the words of Times reporters Michael Powell and Jeff Zeleny, "argued this week against a vigorous federal intervention to address the [housing] crisis, saying Washington should not bail out banks and homeowners who in his view had knowingly taken on risky mortgages." However, neither article noted that McCain reportedly expressed support for the Federal Reserve's decision to extend a $30 billion line of credit to facilitate the acquisition of Bear Stearns by JP Morgan Chase.
In a report on congressional action in the wake of the subprime mortgage crisis, National Public Radio's Brian Naylor uncritically reported McCain's statement that it's not the government's job to "bail out and reward those who act irresponsibly, whether they are big banks or small borrowers." Naylor did not note that McCain reportedly agreed with the Federal Reserve's decision to extend a $30 billion line of credit to facilitate the acquisition of Bear Stearns by JP Morgan Chase.
A Washington Post article claimed that "[o]f the three candidates, budget analysts said [Sen. John] McCain has been most aggressive at identifying ways to reduce spending." While the article noted that "McCain's proposals come nowhere near generating the sums necessary to meet the costs," it did not note that, in addition to his proposals to make the Bush tax cuts permanent, those "costs" include the war in Iraq, for which, unlike Sens. Hillary Clinton and Barack Obama, McCain does not support a timetable for withdrawal.
CNN's Wolf Blitzer highlighted Sen. John McCain's assertion that he has "always been committed to the principle that it's not the duty of government to bail out and reward those who act irresponsibly, whether they're big banks or small borrowers," but did not mention that McCain reportedly said he didn't think the Federal Reserve "went too far in helping" investment bank Bear Stearns avoid bankruptcy.
On Morning Joe, Joe Scarborough, Willie Geist, and NBC News' Savannah Guthrie did not challenge senior McCain adviser Steve Schmidt's false assertion that "[w]ith regard to the economy," Sens. Barack Obama and Hillary Clinton are "talking about raising taxes across the board." In fact, Obama and Clinton have proposed tax cuts -- not tax increases -- for the poor and the middle class.
The Associated Press quoted Sen. John McCain claiming that Sen. Barack Obama will "raise taxes" on homeowners. In fact, Obama has proposed "at least $80 billion a year in tax cuts to middle-class workers, homeowners and retirees," and specifically called for "extending a mortgage credit to taxpayers who do not itemize, generating about $500 in savings for 10 million people."
After playing a video clip of Sen. John McCain's March 25 speech on the housing crisis, MSNBC's Contessa Brewer asked, "Is this a real turning point for him, being this specific and detailed on what the economy needs?" Brewer provided no examples from the speech to support her claim that McCain was being "specific and detailed on what the economy needs." In fact, in the speech, McCain's "specific" proposals consisted of changes to the tax code that he has previously endorsed, raising the down payment requirement for Federal Housing Authority loans and convening two meetings.
Introducing a report on "surprising good news on sales of existing homes," ABC* News' Charles Gibson stated that "[a]fter falling for six straight months, sales rose almost 3 percent in February." But neither Gibson, nor correspondent Sharyn Alfonsi in the subsequent report, noted that home sales were still down nearly 24 percent from February 2007.
On MSNBC Live, Mika Brzezinski stated that Sen. Barack Obama "claimed" that Sen. John McCain "had initially opposed the tax cuts and was flip-flopping, just to get elected," and aired a clip of McCain saying, "Senator Obama has stated very clearly his desire to increase Americans' taxes." But Brzezinski did not acknowledge that Obama's "claim" that McCain reversed his position on the Bush tax cuts is in fact true, or that, contrary to McCain's assertion, Obama has proposed tax cuts for the poor and the middle class.
On Fox News, Sean Hannity said to Sen. John McCain, "You've said three times in the last week or week and a half that you promised no new taxes. You mean none." In response, McCain said, "None." However, in a Wall Street Journal interview, McCain did not rule out raising taxes. Later in the Fox News interview, Hannity suggested that Sen. Hillary Clinton's health care proposal would "nationalize health care," and McCain replied, "We tried this. We've seen this movie before back in 1993, OK? And it is a government takeover." In fact, Clinton's proposal would not "nationalize health care" or seek a "government takeover" of it.
On Hannity & Colmes, Jack Kemp falsely claimed that Sens. Hillary Clinton and Barack Obama have "call[ed] for a halt to trade with Canada and Mexico." In fact, both have spoken of "opt[ing] out" of NAFTA if the agreement is not renegotiated.
Reports by ABC, USA Today, and CNN purported to contrast the positions of President Bush and John McCain on tax cuts by noting only McCain's initial opposition to Bush's 2001 and 2003 tax cuts. None of the outlets noted, however, that McCain has changed his position and now supports making the Bush tax cuts permanent, or that McCain has repeatedly claimed that he initially opposed the tax cuts because they were not paired with spending cuts, reasoning he did not mention in his 2001 floor statement explaining his vote.
On Fox & Friends, Karl Rove claimed that there is "a difference between" Sen. Barack Obama's current position on NAFTA and "what Senator Obama said in 2004, when he ran for the Senate and said we need more trade agreements like NAFTA." Rove cited no specific 2004 comments by Obama or news stories about Obama. In fact, Obama's statement during an interview on the same program echoed his position on trade as reported in a September 27, 2004, Chicago Tribune article, and several other media outlets reported similar statements from Obama in 2004.
An Associated Press article on President Bush's plan to endorse Sen. John McCain reported: "Bush will be giving his stamp of approval to a GOP maverick who's crossed swords with him on things like campaign finance, tax cuts and waterboarding. But the White House insists that Bush's endorsement will be heartfelt." In fact, while McCain opposed the Bush tax cuts in 2001 and 2003, he now supports making the tax cuts permanent.
On The Tim Russert Show, Russert falsely claimed that Sen. Hillary Clinton said in 2004: "[O]n substance, NAFTA's been good for New York and America." In fact, what Clinton said in 2004 was: "I think on balance NAFTA has been good for New York and America, but I also think that there are a number of areas where we're not dealt with in an upfront way." On Meet the Press, Russert claimed that a video clip showed Clinton and Sen. Barack Obama "coming out against NAFTA"; as the clips made clear, neither candidate "c[ame] out against NAFTA."