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After devoting extensive coverage to Geithner hearing on AIG, cable networks all but ignore live testimony on Treasury powers

March 26, 2009 5:06 pm ET

SUMMARY: CNN, MSNBC, and Fox News aired virtually no live coverage of Timothy Geithner's testimony before a House Financial Services Committee hearing on regulatory reform in the financial industry. By contrast, CNN and MSNBC each aired live more than an hour, and Fox News approximately 14 minutes, of Geithner and Ben Bernanke's testimony at a committee hearing on AIG two days earlier.

13 Comments

On March 26, the major cable news networks -- CNN, MSNBC, and Fox News -- all but ignored Treasury Secretary Timothy Geithner's testimony before a House Financial Services Committee hearing, "Addressing the Need for Comprehensive Regulatory Reform," airing virtually none of the hearing live. In fact, two of the three networks -- MSNBC and Fox News -- aired no live coverage of the March 26 hearing whatsoever, though MSNBC played a recorded clip from the hearing during a related report. CNN aired about three minutes of that hearing live. Their failure to devote live coverage to Geithner's testimony regarding regulatory reform stood in stark contrast to the more than an hour of live coverage CNN and MSNBC each devoted to Geithner's and Federal Reserve Chairman Ben Bernanke's testimony at the House Financial Services Committee hearing two days earlier, "Oversight of the Federal Government's Intervention at American International Group." Fox News aired approximately 14 minutes of the March 24 hearing live.

The comparison was based on network coverage from the first 90 minutes of each hearing, from 10 a.m. to 11:30 a.m. ET. Only live coverage with audio was counted. Though both hearings continued past 11:30 a.m. ET, coverage past this point was not included in the comparison due to President Obama's March 26 town hall scheduled at that time.

MSNBC

March 24: 67 min.

March 26: None

Fox

March 24: 14 min.

March 26: None

CNN:

March 24: 70 min.

March 26: 3 min.

March 24 coverage

Live coverage start time (ET, rounded)

Network

Program

Length of coverage (rounded)

10:05:00 AM

MSNBC

MSNBC Live

1 min.

10:07:00 AM

MSNBC

MSNBC Live

26 min.

10:40:00 AM

MSNBC

MSNBC Live

2 min.

10:52:00 AM

MSNBC

MSNBC Live

38 min.

11:01:00 AM

FNC

Happening Now

7 min.

11:23:00 AM

FNC

Happening Now

7 min.

10:04:00 AM

CNN

CNN Newsroom

13 min.

10:20:00 AM

CNN

CNN Newsroom

20 min.

10:53:00 AM

CNN

CNN Newsroom

37 min.

March 26 coverage

Live coverage start time (ET, rounded)

Network

Program

Length of coverage (rounded)

10:32:00 AM

CNN

CNN Newsroom

3 min.

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    • Author by pros2pros2940 (March 26, 2009 5:10 pm ET)
         

      This is the kind of stuff that keeps people unware of what's happening

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      • Author by jamesB (March 26, 2009 5:14 pm ET)
           

        nonsense. people who are interested in this can go to c-span or online to watch something so tedious, as this would be for most people.  AIG captivated people's anger and emotion, cable news fed into that rage and couldn't get enough of that.  that is the reason for the difference in coverage.

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    • Author by dexteritas0071418 (March 26, 2009 5:43 pm ET)
         

      Ok.

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    • Author by Eric Jaffa (March 26, 2009 5:55 pm ET)
         

      Maybe they realized that Tim Geithner wouldn't be proposing the dramatic changes.

      If it were up to me, "credit default swaps" would be banned; the size of financial organizations would be limited under a principle of too-big-to-fail= too-big-to-exist.

      But Geithner just wants oversight of "credit default swaps" and to continue to have corporations which are too big to fail, which would supposedly be saved from needing to be bailed out again by the wisdom of a <i>systemic risk regulator</i>.

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      • Author by dexteritas0071418 (March 26, 2009 6:02 pm ET)
           

        Eric Jaffa for Treasury Secretary.

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      • Author by thejbomb65 (March 27, 2009 9:07 am ET)
           

        Keith's last special comment says it all

        "Bust the Trusts"

        they are not trusts but they are damn well close

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    • Author by rgoldberg3456 (March 26, 2009 7:20 pm ET)
         

      They haven't figured out how cast it in a negative fashion on the Admin.

      Eric: for a arguement agaist your recommendation to eliminate CDS, short selling, etc. please listen to Terry Gross' excellent peice from yesterday's Fresh Air with Frank Partnoy.

      Report Abuse
    • Author by congero6189599 (March 26, 2009 8:23 pm ET)
         

      I remembered reading this article in Time Magazine on Corporate welfare in 1998 and thought it was pertinent to the discussion of the day on how to stimulate the economy.  The conservatives are offering tax-cuts for the wealthy and corporations as a way to create jobs, this Times article offers a far different picture of the stimulative effects of corporate welfare.  http://www.time.com/time/magazine/article/0,9171,989508,00.html  : This article exposes the lie of the stimulative effect of corporate welfare!

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      • Author by congero6189599 (March 26, 2009 8:46 pm ET)
           

        Here is the sequel to the above Time article on corporate welfare ;  http://www.time.com/time/magazine/article/0,9171,989572,00.html ; 

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        • Author by congero6189599 (March 26, 2009 8:53 pm ET)
             

          Here is the link to the 3rd part in the series on corporate welfare : http://www.time.com/time/magazine/article/0,9171,989624-1,00.html

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          • Author by egb (March 27, 2009 2:53 am ET)
               

            Article #1 defines corporate welfare as "any action by local, state or federal government that gives a corporation or an entire industry a benefit not offered to others". That would include all the bailouts (currently in vogue), roads and highways (railroads had to build their own infrastructure), tariffs, harbors, and more. If you have ever watched one of these "corporate welfare" contests happen you'll find there are some interesting questions. For instance, Google, built a data center in Lenoir, NC. The bidding for that data center, and thus, its jobs, was fierce. Several states wanted it and the city, county and state offered more "corporate welfare" to Google than anyone else and they won. What did they win? Jobs for the citizens of Lenoir, Caldwell County and North Carolina. Can the people who are paying the bills (the citizens) make this contract? Is it OK for them to do it if it brings jobs to their community?

            As with any welfare, you should look at the whole picture. Is the net economic benefit to the Caldwell County, NC area positive or negative after such "corporate welfare"? That is the question to ask, I think.

            Welfare: the good fortune, health, happiness, prosperity, etc., of a person, group, or organization.

            Whose welfare are we talking about? In the above articles, "corporate welfare" to Google really means "handout". So it is a misnomer. Nevertheless, the question should be asked: Is Lenoir, NC better off by offering the handout?

            See:

            http://www.datacenterknowledge.com/archives/2007/01/19/google-picks-nc-for-600m-data-center/

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            • Author by congero6189599 (March 27, 2009 12:21 pm ET)
                 

              From the articles I think the answer to your basic question of "is it worth the give-aways to provide jobs?, the aswer is no.  I thought the articles were relevant to this discuassion because their are those who are saying we are taxing and over-regulating businesses and that is why the economy is in a tail-spin.  Of course their solution is to further lower taxes(on the top 2% and corporations)and further relax labor laws and regulation, the question is that what's needed for the common good?  I say no!  I think the corporations are getting away with murder,they gouge themselves at the  public trough like pigs leaving us to clean up their mess when they leave,and then come back and ask for more. The cases presented in the articles were from the 80's and 90's since then we have further weakened our laws, regulation and given tax-breaks(when G.Bush took office he gave corporations $15bil. in back taxes even  to those who had not payed???)and today we are facing the worst economic crisis since the "Great Depression?" The republicans are saying we must continue these policies:"...In 1989 Illinois gave $240 million in economic incentives to Sears, Roebuck & Co. to keep its corporate headquarters and 5,400 workers in the state by moving from Chicago to suburban Hoffman Estates. That amounted to a subsidy of $44,000 for each job.

              In 1991 Indiana gave $451 million in economic incentives to United Airlines to build an aircraft-maintenance facility that would employ as many as 6,300 people. Subsidy: $72,000 for each job.

              In 1993 Alabama gave $253 million in economic incentives to Mercedes-Benz to build an automobile-assembly plant near Tuscaloosa and employ 1,500 workers. Subsidy: $169,000 for each job.

              And in 1997 Pennsylvania gave $307 million in economic incentives to Kvaerner ASA, a Norwegian global engineering and construction company, to open a shipyard at the former Philadelphia Naval Shipyard and employ 950 people. Subsidy: $323,000 for each job.

              This kind of arithmetic seldom adds up. Let's say the Philadelphia job pays $50,000. And each new worker pays $6,700 in local and state taxes. That means it will take nearly a half-century of tax collections from each individual to earn back the money granted to create his or her job. And that assumes all 950 workers will be recruited from outside Philadelphia and will relocate in the city, rather than move from existing jobs within the city, where they are already paying taxes..." Would you say it was profitable to these communities?  I think not. These conservatives whine and extol the how welfare robs intiative, makes people lazy ...blah,,,blah,, but all they ask for is to be subsidized at tax-payer expense, corporate welfare and when workers are layed-off or get sick and unable to pay their medical bills or mortagages that was caused by corporate greed and programs are designed to help those workers they whine again how there is not any money. To give more to the rich and corporations in tax-breaks is not the solution to this crisis since is wasn't taxes and regulation that caused this crisis.  Those advocating this backward approach are only trying to rob us some more.

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    • Author by egb (March 27, 2009 2:58 am ET)
         

      Re Live coverage of Geithner: Who cares?

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