Fox Business host Charles Payne tried to put a negative spin on the news that the unemployment rate fell in June, tweeting that it might be "too good for the stock market."
Economists and business reporters praised the numbers from the July 3 Bureau of Labor Statistics jobs report. That report found an increase in total nonfarm payroll employment of 288,000 in June, with unemployment decreasing to 6.1 percent, the lowest rate since September 2008.
Payne immediately attempted to negatively spin the report, asking in a tweet "is the jobs number too good for the stock market?"
Is the jobs number too good for the stock market...equity futures are drifting lower not sure how to react-- Charles V Payne (@cvpayne) July 3, 2014
The Dow Jones Industrial Average is currently near 17,000. When President Obama took office on January 20, 2009, it was at 8,279.63.
At least 15 Fox News hosts and contributors have recently campaigned with two political organizations created and heavily funded by billionaire industrialists Charles and David Koch. Many of those same Fox News personalities have also defended the Kochs from attacks and praised their political efforts on-air.
The controversial conservative brothers founded the 501(c)(4) group Americans for Prosperity (AFP) and its 501(c)(3) sister group the Americans for Prosperity Foundation (AFPF) in 2004. David Koch has called AFP the group he feels "most closely attached to and most proud of" and chairs AFPF's board. (The Washington Post notes of the IRS code distinction: "A 501(c)(4) is allowed to do considerably more issue advocacy work than a 501(C)(3), however. Neither group has to disclose the identity of its donors or the amounts of money those contributors have given.")
Politico's Ken Vogel reported that AFP "intends to spend more than $125 million this year on an aggressive ground, air and data operation benefiting conservatives, according to a memo distributed to major donors and sources familiar with the group." The Washington Post wrote that with a paid staff of 240, split between 32 states, AFP "may be America's third-biggest political party." In 2012, "More than $44 million of the $140 million the organization raised in that election cycle came from Koch-linked feeder funds."
AFP and AFPF are part of a massive $400 million network of political groups spearheaded by the Kochs. The Huffington Post's Paul Blumenthal noted, "It is the electoral focus of the Koch nonprofits and their sophisticated efforts to shield donors' identities -- plus the vast sums of money they move -- that has brought them the unwanted attention of both Democratic Senate leadership and reporters. There exists no outside network or organization supporting Democratic Party candidates in elections, while not disclosing its donors, that spends money in comparable amounts."
AFP states that it "mobilizes citizens to effectively make their voices heard in public policy issue campaigns" and "educates citizens about where their elected officials stand on our issues." AFP campaigns have included false attacks about health care reform, clean energy, economic issues, and elected Democrats like President Obama.
Fox News personalities are the public face of many AFP/AFPF events. Promotional materials heavily tout the speakers' affiliation with Fox News to increase attendance. According to a Media Matters review, the following Fox News personalities have participated in AFP and AFPF events since 2012: Guy Benson, Tucker Carlson, Monica Crowley, Jonah Goldberg, Greg Gutfeld, Mary Katharine Ham, Mike Huckabee, Laura Ingraham, Andrew Napolitano, Sarah Palin, Charles Payne, Dana Perino, John Stossel, Cal Thomas, and Juan Williams.
The Koch/Fox News events are aimed at rallying attendees to support conservative causes and fight progressive initiatives. For example, an invitation for a May event featuring Tucker Carlson stated the rally will "send a message to the Left that we know the truth and support free market solutions." Information for a November 2013 rally with Monica Crowley said participants will "learn how you can fight back against government restrictions, taxes, and out-of-control spending." And an October 2012 event with John Stossel was a "Hands Off My Health Care Rally" which sought "to fully repeal Obama's deeply flawed health care bill."
Media Matters previously documented how numerous Fox News personalities campaigned for Republican candidates and organizations during the 2011-2012 election cycle.
Right-wing media personalities took victory laps following the Supreme Court's decision in Burwell v. Hobby Lobby Stores, in which the Court ruled that closely held corporations cannot be required to provide health coverage for employees that includes contraception if the employer has a religious objection.
From the May 24 edition of Fox News' Cavuto On Business:
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From the May 21 edition of Fox News' Your World with Neil Cavuto:
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Financial analyst and Fox Business contributor Charles Payne, who has been fined by the Securities and Exchange Commission (SEC), been paid to promote now virtually worthless penny stocks, and smeared the poor as "indebted servants" to the government who are too "comfortable" living in poverty, is being rewarded with his own show, the network announced today.
Fox Business said the show, Making Money with Charles Payne, will debut on June 2 in the evening. FBN executive vice president Kevin Magee praised Payne as having "an incredible talent for identifying growth sectors in the markets and we're excited to launch a new show dedicated to helping viewers spot these emerging investment prospects."
That Payne has a talent for identifying growth may be a surprise to someone who followed some of Payne's previous stock advice. After joining Fox in 2007, Payne was compensated to push the prospects of three stocks, as Media Matters documented in July 2013. Payne used his Fox credentials in promotional materials to assure skeptical investors that his advice was trustworthy. The stock of those companies are now virtually worthless:
The practice of compensated stock endorsements is currently prohibited by Fox rules, and resulted in the contract termination of contributor Tobin Smith. Payne responded to inquiries from Media Matters by ducking questions and scrubbing his corporate website of information.
Payne and his company, Wall Street Strategies, have a problematic history related to the proper disclosure of stock recommendations. In 1999, the SEC announced that while not "admitting or denying" wrongdoings, Payne "agreed to pay a civil penalty of $25,000." The SEC alleged of Payne:
Fox News misrepresented economic research while arguing against efforts to extend lapsed long-term unemployment benefits, ignoring the fact that the research itself noted the benefits of extending unemployment insurance to the jobless.
This week, the Senate is expected to vote on a bipartisan bill that would restore benefits to the long-term unemployed. Emergency unemployment compensation (EUC) lapsed in December 2013, and Congress has put forth multiple proposals to restore the program over the past few months.
On the March 26 edition of Fox & Friends, Fox Business' Charles Payne was brought on to preview the effort to extend lapsed benefits. Payne touted a Brookings Institution study co-authored by economist and former chair of the Council of Economic Advisers Alan Krueger, which found that only 10 percent of the long-term unemployed are able to find new employment within a year. Payne used this finding to argue against extending long-term EUC benefits, claiming that the unemployed "have to be pushed back into the job market" and that being unemployed should not be "too comfortable."
If Payne had actually taken time to read the study he cited, he would have found that the authors actually note the exact opposite.
Contrary to Payne's claim that unemployment benefits keep people from entering the job market, Kruger and his co-authors point out that the benefits, which require the unemployed to search for jobs "[have] been shown to induce unemployed workers to stay in the labor force." Indeed, the idea that unemployment insurance somehow suppresses labor participation is a well-worn falsehood, and multiple studies have shown EUC benefits do not discourage job seeking.
Furthermore, while the Fox & Friends segment attempted to paint Krueger's research as an indication that he opposes government efforts to help the unemployed, he recently stated that the government should be more aggressive at preventing people from becoming long-term unemployed.
Clinging to persecution fantasies that seem to grow darker each year, conservative voices continue to hype doomsday scenarios in which President Obama is scheming to confiscate firearms, socialize American medicine, silence his critics through brute political force, and wage violent class warfare. Allegedly under siege at every turn as their freedoms are stripped away, conservatives embrace an imagined status as perennial victims.
The result? Wallowing in self-pity and convinced of the dark forces moving against them, conservatives launch attack after attack, insisting they're fighting forces at home akin to Hitler's Nazi storm troops. They complain louder and louder that America has become like Nazi Germany under Adolf Hitler when 6 million Jews were murdered during the Holocaust.
Nazi analogies aren't new and conservatives didn't trademark them. But the cries have become far more frequent during Obama's sixth year in office.
Four years ago, Fox News chairman Roger Ailes accused the management of National Public Radio of having "a kind of Nazi attitude" for firing commentator Juan Williams. Former Fox host Glenn Beck frequently immersed himself in offensive Hitler rhetoric during Obama's first years in office, while the then-burgeoning Tea Party movement did the same. And so did Rush Limbaugh, who obsessed over Obama-Nazi comparisons in 2009: "Adolf Hitler, like Barack Obama, also ruled by dictate."
In 2009, the Anti-Defamation League, led by Holocaust survivor Abe Foxman, documented the Tea Party's growing reliance on "Nazi comparisons" as a way to express its anti-Obama rage. Yet today the Nazi claims arrive effortlessly and on a depressingly regular basis as conservatives line up to compare this president, his allies, and this country to one of the worst chapters in civilized history.
The thoughtless rhetoric not only captures how detached Obama's critics have become from reality (not to mention the blanket insensitivity involved), but it also reveals the bizarre view conservatives have of their alleged political strife.
Fox News contributor Dr. Ben Carson recently claimed America is now "very much like Nazi Germany" in that it has a government "using its tools to intimidate the population." Carson defended the insulting comparison by suggesting American conservatives are being targeted and intimidated by the government: "Maybe if I don't say anything, I won't be audited, people won't call me a name."
Audited? Name-calling? Historical note: Those were certainly among the least painful afflictions Jews suffered during the Nazi reign of terror. "I know you're not supposed to say 'Nazi Germany,'" said Carson. "But I don't care about political correctness."
Fox News hosts are attacking Apple for defending its green energy measures against right-wing activists. However, Apple is simply the latest business to realize the strategic value of sustainability -- a list that includes Fox's own parent company.
On Friday, the right-wing National Center for Public Policy Research urged Apple CEO Tim Cook at a shareholder meeting to pledge to end all environmental initiatives that didn't lead to a return on investment (ROI), complaining that Apple was concerned with the "chimera" of "so-called climate change." Cook responded that Apple's environmental efforts make economic sense, and that those who want Apple to blindly pursue profit regardless of societal impact should "[g]et out of this stock." Cook added, "When we work on making our devices accessible by the blind, I don't consider the bloody ROI."
Cook's righteous indignation didn't sit well with Fox News and its sister network Fox Business, which accused him of putting "politics before profits" and "ideology ahead of the shareholders." Fox News host Sean Hannity even announced that he's going to drop his stock after Cook's announcement.
Hannity's bizarro version of the fossil fuel divestment movement would have to extend to Fox News' parent company 21st Century Fox as well. Chairman Rupert Murdoch has trumpeted FOX's efforts to "become carbon neutral" and the corporation touts sustainability efforts at Fox News and Fox Business.
Sustainability is not only smart public relations, but also key in long-term planning for businesses according to business leaders such as McKinsey and Co. A recent report by the investor group Ceres found that clean energy investments must reach $1 trillion a year (a "Clean Trillion") in order to have an 80 percent chance of avoiding global warming of more than two degrees Celsius (3.6 degrees Fahrenheit) -- a measure deemed necessary by international governments at the Copenhagen climate conference to avoid the most catastrophic impacts of climate change. However, without greater commitments to addressing climate change, we face the potential of 4 degrees Celsius (7.2 degrees Fahrenheit) warming, which would severely disrupt global supply chains including food stocks. That is one reason why companies such as Apple are recognizing the risks climate change poses to their businesses and turning toward cleaner sources of energy.
This is not the first time Fox News has politicized voluntary corporate social responsibility measures. Earlier this month, Fox News criticized CVS for announcing it would stop selling cigarettes, asking if it was potentially illegal for the pharmacy chain to do so.
Conservative media are latching on to the climate change denial of Patrick Moore, who has masqueraded as a co-founder of Greenpeace. But Moore has been a spokesman for nuclear power and fossil fuel-intensive industries for more than 20 years, and his denial of climate change -- without any expertise in the matter -- is nothing new.
From the February 7 edition of Fox Business' Varney & Company:
Right-wing media figures are baselessly stoking fears about calls to reduce inequality and expand opportunity to low-income Americans, claiming that these efforts are evidence of persecution of the rich and class warfare.
Fox Business' Charles Payne falsely claimed that the 16-day government shutdown helped increase economic growth, despite direct evidence to the contrary.
On January 30, the U.S. Department of Commerce's Bureau of Economic Analysis released its report on gross domestic product (GDP) for the fourth quarter of 2013. According to the report, the U.S. economy grew at an annual rate of 3.2 percent, down from 4.1 percent growth in the third quarter. Despite GDP growth falling, a number of economists agreed that the number was impressive.
Discussing the report on Fox News' America's Newsroom that day, Payne asserted that the 16-day government shutdown -- which occurred in the fourth quarter of 2013 -- helped spur economic growth:
PAYNE: Our economy has gotten so much traction since the government shutdown, which the mass media has said is an evil awful thing and it hurt us, well, during that period, more jobs were created, during that period, the stock market was up and we continue to see, as government gets out of the way, the private sector comes in.
Payne is completely incorrect.
While it's true that the GDP report showed a relatively strong increase, it is important to note how much better it would have been absent the government shutdown. According to MSNBC's Steve Benen:
The congressional Republicans' government shutdown, for example, shaved about 0.3% from the overall total. That's a difference, in other words, between 3.2% growth and 3.5% growth. It's still not clear exactly why GOP lawmakers did this, or what they hoped to accomplish, but there's evidence now that the gambit took a toll on the economy.
And despite Payne's claim that the shutdown helped job growth, Jason Furman, head of the Council of Economic Advisers, previously claimed that it reduced private sector employment by 120,000 jobs in October, 2013.
Furthermore, while Payne claimed that less government spending helped grow the economy, evidence suggests otherwise. Absent government spending cuts, economists estimate GDP in the fourth quarter would have risen an additional 0.9 percentage points.
Image via DJHEAVYD using a Creative Commons License.
Fox Business contributor Charles Payne argued that a businessman "may be a couple of years ahead of the curve" after he drew parallels between the treatment of the wealthy in America and "fascist Nazi Germany."
On January 24, The Wall Street Journal published a letter to the editor comparing the alleged "demonization of the rich" to the boiling over of European anti-Semitism that led to the Holocaust. The letter, written by billionaire venture capitalist Tom Perkins, questions whether a "Progressive Kristallnacht" looms on the horizon:
Progressive Kristallnacht Coming?
Regarding your editorial "Censors on Campus" (Jan. 18): Writing from the epicenter of progressive thought, San Francisco, I would call attention to the parallels of fascist Nazi Germany to its war on its "one percent," namely its Jews, to the progressive war on the American one percent, namely the "rich."
From the Occupy movement to the demonization of the rich embedded in virtually every word of our local newspaper, the San Francisco Chronicle, I perceive a rising tide of hatred of the successful one percent. There is outraged public reaction to the Google buses carrying technology workers from the city to the peninsula high-tech companies which employ them. We have outrage over the rising real-estate prices which these "techno geeks" can pay. We have, for example, libelous and cruel attacks in the Chronicle on our number-one celebrity, the author Danielle Steel, alleging that she is a "snob" despite the millions she has spent on our city's homeless and mentally ill over the past decades.
This is a very dangerous drift in our American thinking. Kristallnacht was unthinkable in 1930; is its descendant "progressive" radicalism unthinkable now?
Mr. Perkins is a founder of Kleiner Perkins Caufield & Byers.
In response to media criticism, Perkins defended his remarks during a January 27 interview with Bloomberg. Perkins admitted that Kristallnacht was a "terrible word to have chosen," but reiterated that he neither regrets nor retracts his core argument that the rich are being demonized and persecuted in the United States.
The sentiment that America's ultra-wealthy are being singled out for persecution is shared by some voices in the right-wing media. On the January 28 edition of Fox Business' Varney & Co., contributor Charles Payne glossed over Perkins' demeaning allusion to the horrific, racially-motivated violence that defined Nazi Germany at the onset of the Holocaust. Rather than criticizing the paranoia of Perkins' comments, Payne argued that the wealthy have "justified rage" and Perkins "may be a couple of years ahead of the curve":
Fox News has a history of facile and offensive comparisons of progressive economic or social policies with Nazi Germany. This is not even the first time a Fox employee has used Kristallnacht as the impetus for their faux outrage. In response to his recent indictment for violating campaign finance regulations, Fox darling Dinesh D'Souza wasted no time in parroting the "this is like Nazi Germany" line.
The fact remains, the United States in no way resembles Nazi Germany and there is no legitimate defense of Tom Perkins, or any other person, comparing Kristallnacht and other Nazi atrocities to protestors advocating in favor of better wages, affordable housing, and reasonable income tax rates for high earners. Perkins, a yacht-enthusiast who owns high-end property around the world as well as his own personal submarine, is not witnessing the sort of persecution faced by European Jews in the 1930s. The real Kristallnacht (November 9-10, 1938) saw intense racial violence in which 267 synagogues were destroyed, at least 91 innocent Jewish citizens of Germany were killed in the streets, and tens of thousands more were rounded up and placed in concentration camps. Most of them would die before Europe was liberated from Nazi oppression.
At Fox News, President Obama's push to increase the federal minimum wage for millions of American workers through legislative and executive action is merely a "symbolic" gesture.
On January 28, the White House announced that President Obama had authorized an executive order raising the minimum pay for federal workers to $10.10 per hour, a regulation that will be effective for all employees signing a new federal contract. According to the White House's official press release, the president hopes that this move will encourage Congress to take action on a proposal by Representative George Miller (D-CA) and Senator Tom Harkin (D-IA) to increase the federal minimum wage to $10.10 for all American workers.
On the January 28 edition of Fox News' America's Newsroom, co-host Bill Hemmer called the move a "shot across the bow" for congressional Republicans resisting an increase to the minimum wage. Fox Business' Stuart Varney questioned the White House's motivation, claiming that it was a "symbolic" move motivated by political circumstances and concluding that an executive order lifting wages for all federal employees was simply "not a big deal":
Varney's disregard for the impact of executive action on the minimum wage mirrors comments from other Fox News personalities. On the January 27 edition of The Real Story, contributor Charles Payne scoffed at the notion that lifting the minimum wage is an important goal, noting, "higher minimum wage is not the cure, we're talking about something that impacts less than 3 percent of real workers."
Demos' Heather McGhee hailed the Obama administration for lifting federal pay through executive order, noting that the decision "adds momentum to the fight for a federal minimum wage increase." According to research from the Economic Policy Institute, adopting a $10.10 minimum wage nationwide, which would require congressional legislative action, would positively impact the wages of more than 27 million workers while boosting overall economic growth by $22 billion and creating enough economic demand to support 85,000 new jobs.
Increasing the federal minimum wage to $10.10 nationwide also has the support of hundreds of economists around the country, including numerous Nobel Laureates.
In an economy as large as the United States, while it may be easy for right-wing media voices to shrug off the implications of minimum wage policies, the fact is that, according to the Bureau of Labor Statistics, roughly 3.6 million American workers currently work at or below the federal minimum wage of $7.25 per hour. After adjusting for inflation, the federal minimum wage is lower than at any point from the 1950s to the early 1980s.
Right-wing media's opposition to raising the minimum wage has grown as public sentiment has turned in favor of it. Varney's pattern of deriding both policies to lift wages and low-wage workers themselves appears to be par for the course.