Anchor Erin Burnett questioning the patriotism of short sellers? Analyst Jim Cramer wondering if terrorists are behind the financial madness that continues to unfold on Wall Street?
CJR thinks it's time for the CNBC team to regroup.
Contessa Brewer cited the Tax Policy Center's finding that Sen. Barack Obama's spending and tax plan would add $3.4 trillion to the national debt while ignoring its finding that Sen. John McCain's plan would increase the debt by more than $5 trillion.
Sean Hannity asked if there was "danger" in Sen. Barack Obama's speaking of "economic crisis"; but Hannity did not mention that Sen. John McCain has also said, in a speech and in a campaign ad, that the "economy is in crisis."
On his radio show, Chris Baker stated in response to House Speaker Nancy Pelosi's comments on the Wall Street crisis: "Another reason why it's very rare to find a woman worthy of serving in political office." Moments before, Baker said, referring to Pelosi, "Get another facelift, lady."
ABC's David Wright aired a quote of Sen. John McCain saying during a September 16 speech that "[o]ur economy is broken." But Wright did not note that the previous day -- and many times before that -- McCain made a remark that was flatly inconsistent with that comment, saying that "the fundamentals of our economy are strong."
Brian Beutler argues that, despite the focus by some media on how the present dire economic situation will "affect the electoral prospects of the presidential candidates," actual voters probably want more useful information:
From where I sit, though, we're witnessing a series of events that might lead to a fundamental restructuring of the financial sector--risk tolerance, jurisdictions of federal agencies, closing loopholes in existing regulations, etc--and voters might also want to know how these guys have voted on related issues, which one was best buds with Charles Keating, and so on.
Over at the Media Research Center's Newsbusters blog, Noel Sheppard takes issue with this exchange between CNN's Anderson Cooper and Candy Crowley:
ANDERSON COOPER: Candy, no doubt -- very quickly -- on the campaign trail, it obviously played a big role today. You anticipate, in the days ahead, issue number one, it's going to be front and center?
CANDY CROWLEY, CNN: Oh, absolutely.
I mean, listen, just as foreclosures were showing up on B-17, or in the real estate section, along comes this horrific headline out of Wall Street.
ANDERSON COOPER: Right.
CROWLEY: I mean, this is what they wanted. They believe, of course, that the economy is one of their strengths and that they can paint John McCain as George Bush.
Sheppard's complaint? "The nation's banking system is collapsing, and members of CNN are not only discussing how it helps Obama, but are admitting that this is what his campaign wanted. How disgraceful."
Crowley's comments are objectionable, all right -- but not for the reason Sheppard thinks. Read Crowley's comments again. She accused Barack Obama of rooting for economic difficulties. Sheppard thinks Crowley is "admitting" the Obama campaign wanted this. No, she's baselessly accusing them of wanting this.
Don't believe me? Try a little thought experiment. Imagine that Candy Crowley said in response to a terrorist attack that "this is what the McCain campaign wanted. They believe, of course, that fighting terrorism is one of their strengths." Do you think Noel Sheppard would say Candy Crowley "admitted" the McCain campaign wanted a terrorist attack? Of course not. He'd blast Crowley, saying she smeared McCain by saying he was rooting against America. And he would be right.
A Detroit News article quoted a McCain spokesman's claims that Obama would "raise taxes" without noting that Obama has proposed tax cuts for low- and middle-income families.
Today's Washington Post includes an article about voters' misperceptions about the presidential candidates' tax plans -- an article that fails to clarify much about their actual proposals. Here's how the Post explains the distribution of the candidates' tax cuts:
If voters hear any part of Obama's message, it's his vow to treat taxpayers differently depending on their income. Under his plan, lower- and middle-income workers would see large tax cuts, while families in the top 1 percent of the income scale would see an average annual tax increase of nearly $100,000, according to the nonpartisan Tax Policy Center.
McCain, by contrast, vows to cut taxes for all families, but his plan would concentrate those benefits among the same families who would suffer under Obama. While middle-income families would see an average tax cut of about $321 under McCain, according to the Tax Policy Center, families in the top 1 percent would see an average tax cut of nearly $49,000.
Notice anything missing? The Post tells us the "average tax cut" for "middle-income families" under McCain's plan: $321, according to the Tax Policy Center. Is that more or less than such families would get under Obama's plan? That's a fairly basic question, and one you would think an article about the candidates' tax plans would answer. But the Post says only that under Obama's plan, "lower- and middle-income workers would see large tax cuts." Well, great. How large? More than under McCain's plan? Less? The Post doesn't tell readers. Is it any wonder that voters don't understand the candidates' tax plans?
For the record, the Tax Policy Center -- the very organization the Post relied on for its information -- says Obama would give bigger tax cuts to middle income taxpayers than McCain would:
The Obama plan would reduce taxes for low- and moderate-income families, but raise them significantly for high-bracket taxpayers (see Figure 2). By 2012, middle-income taxpayers would see their after-tax income rise by about 5 percent, or nearly $2,200 annually. Those in the top 1 percent would face a $19,000 average tax increase—a 1.5 percent reduction in after-tax income.
McCain would lift after-tax incomes an average of about 3 percent, or $1,400 annually, for middle-income taxpayers by 2012. But, in sharp contrast to Obama, he would cut taxes for those in the top 1% by more than $125,000, raising their after-tax income an average 9.5 percent.
On Studio B, Carl Cameron said, "Fifty-eight days before the elections, and the Obama campaign is accusing the McCainiacs of lying about this 'bridge to nowhere' issue." He went on to claim of Gov. Sarah Palin, "Now, she didn't ask for the bridge, nor did she ask for the money. ... [W]hen people say, 'Sarah Palin asked for earmark money or pork,' it's just inaccurate." In fact, in an op-ed in the Fairbanks Daily News-Miner, Palin wrote that in 2008, her administration "requested 31 earmarks, down from 54 in 2007" and that "the federal budget, in its various manifestations, is incredibly important to us, and congressional earmarks are one aspect of this relationship."
On CBS' The Early Show, Maggie Rodriguez did not challenge McCain campaign adviser Steve Schmidt's claim that "Senator [Barack] Obama has a plan to raise" taxes, even though McCain's own chief economic adviser has reportedly said it is inaccurate to say "Barack Obama raises taxes." Rodriguez did not point out that, in fact, Obama has proposed cutting taxes for low- and middle-income families and raising them only on households earning more than $250,000 per year.
Fox News contributor Mike Huckabee falsely claimed that, under Sen. Barack Obama's health-care plan, "the government will be in control," and that "we're going to be rationing it." In fact, Obama has not proposed government-run health care. Indeed, Obama's website specifically states that, under his proposal, individuals "will not have to change plans."
During an appearance on Fox & Friends, Donald Trump claimed, "The worst thing that can happen [in this economy] is everybody has to pay double and triple the taxes, and that's what [Sen. Barack] Obama is looking to do." Fox & Friends co-hosts did not challenge Trump's claim, even though it is false. Obama has proposed cutting taxes for low- and middle-income families and raising taxes only on households earning more than $250,000 per year in income.
On his radio show, Neal Boortz described "single mothers receiving public assistance" as "welfare broodmares" -- a "broodmare" is "a mare [a female horse] kept for breeding." Boortz previously referred to "welfare brood mares" in a "Nealz Nuze" post on his website.
The Washington Times uncritically repeated the McCain campaign's false claim that Sen. Barack Obama "oppos[es] ... tax cuts for small businesses." In fact, Obama supports tax cuts for small businesses, including "eliminat[ing] capital gains taxes for small businesses" and "provid[ing] a refundable credit of up to 50 percent on [health care] premiums paid by small businesses on behalf of their employees."