CNNMoney

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  • NY Post Columnist Fearmongers About Recession While Backing Trump Plan That Would Create One

    ››› ››› ALEX MORASH

    New York Post columnist and Donald Trump supporter Betsy McCaughey pointed to findings from Moody’s Analytics to claim that Democratic presidential nominee Hillary Clinton’s economic plan would dampen economic growth and job creation. McCaughey attempted to argue that Trump’s plan would help the economy, but she neglected to mention that Moody’s actually predicted Clinton’s plan would generate millions of new jobs and spur economic growth while Trump’s plan would cost jobs and likely lead to a recession.

  • CNN Reports First High-Level Executive Leaves Fox News Only Days After Sexual Harassment Investigation Forced Out Roger Ailes

    Blog ››› ››› BRENDAN KARET

    CNN's Dylan Byers reports that former Fox News Executive Vice President Michael Clemente has left the network "days after Roger Ailes' departure from Fox News.”

    CNN reported that Clemente’s departure “was unrelated to the recent sexual harassment allegations surrounding Ailes,” which continues to plague the network, with new reports that sexual harassment may be widespread at Fox. Clemente’s number two, Peter Boyer, also left the network. CNN noted that Clemente "showed no signs of leaving the network prior to the scandal”:

    Michael Clemente, a longtime executive vice president of News at Fox who was effectively demoted earlier this year, has left the network, spokespeople confirmed. Peter Boyer, a former New Yorker writer who recently served as Clemente's number two, has also left.

    Clemente's departure, first reported by TVNewser, was approved by 21st Century Fox co-chairman Rupert and Lachlan Murdoch. Network insiders say the move was unrelated to the recent sexual harassment allegations surrounding Ailes, though it's also true that Clemente showed no signs of leaving the network prior to the scandal.

    Clemente's exit from Fox follows reports from New York magazine's Gabriel Sherman that Fox News executives had helped Ailes "cover up" sexual harassment allegations, as well as Good Morning America's report that there was a "culture inside Fox News" of sexual harassment.

  • CNN Reports Trump And Ailes Have “Counseled Each Other In Multiple Phone Calls This Week”

    Blog ››› ››› MEDIA MATTERS STAFF

    Republican presidential nominee Donald Trump and former Fox News chairman and CEO Roger Ailes have “counseled each other in multiple phone calls this week,” according to CNN, a week marked by Ailes’ resignation as head of Fox and Trump’s nomination at the Republican National Convention.

    Roger Ailes resigned as chairman of Fox News on July 21 amid allegations of sexual harassment by current and former Fox employees, the same day Trump is slated to accept the nomination as the Republican candidate for president.  

    Ailes and Trump have a long and inexorably linked history together, and media figures have noted that Ailes and Fox News “created space that Trump filled.” Fox has provided Trump an unprecedented platform during his candidacy, giving Trump endless free airtime, talking points, and defenses of his actions and rhetoric. In return, Trump defended Ailes against the sexual harassment allegations.

    CNN’s Brian Stelter reported that amid the fallout from the sexual harassment allegations, Ailes and Trump “counseled each other in multiple phone calls,” and that “even as [Ailes] was negotiating the end of his time leading Fox News, [he] was still talking with” Trump. CNN also reported that “there was immediate speculation … that Ailes might seek to advise Trump in a formal capacity now that he is no longer with Fox News.” The report noted that “Ailes and Trump have had a friendly relationship for decades.” From the July 21 CNN.com report:

    Even as he was negotiating the end of his time leading Fox News, Roger Ailes was still talking with Republican presidential nominee Donald Trump.

    The two counseled each other in multiple phone calls this week, two Trump aides told CNNMoney.

    [...]

    There was immediate speculation -- even among some Fox staffers -- that Ailes might seek to advise Trump in a formal capacity now that he is no longer with Fox News.

    [...]

    Ailes and Trump have had a friendly relationship for decades.

    After Ailes was sued by ex-anchor Gretchen Carlson earlier this month, Trump expressed support for him. When asked about the allegations by the Washington Examiner, Trump said, "I think they are unfounded just based on what I've read. "Totally unfounded, based on what I read."

  • CNN: Fox’s Megyn Kelly Meets Privately With Donald Trump

    CNN Money Reports Meeting "Raises Possibility Of A Kelly-Trump Interview"

    Blog ››› ››› MEDIA MATTERS STAFF

    Megyn Kelly met GOP presidential front-runner Donald Trump at his Manhattan skyscraper, Trump Tower, Wednesday morning for a private meeting, CNN Money reported.

    Trump has been feuding with Fox and Kelly since she questioned Trump about his offensive remarks toward women during a Fox News GOP primary debate in August. Trump said Kelly “had blood coming out of her eyes” and “her wherever” after the debate, promoted a tweet describing her as a “bimbo,” and called her a “lightweight reporter.” Trump boycotted the following Fox News debate co-hosted by Kelly in January. Although Trump is a frequent Fox guest, logging more airtime than any of his competitors, the network pushed back against his frequent attacks on Kelly, saying his “sick obsession” and “vitriolic attacks” were “beneath the dignity of a presidential candidate.” CNN's report notes that Trump has not attacked Kelly since April 1.

    CNN’s Brian Stelter reported that the meeting was prompted by Kelly reaching out to Trump’s office, and may indicate the possibility of a Trump-Kelly interview in the future. From CNN Money:

    Donald Trump and the Fox News host Megyn Kelly met at Trump Tower on Wednesday morning, people with knowledge of the matter told CNNMoney.

    Fox News chairman Roger Ailes was not in attendance, the people said.

    An NBC reporter spotted Kelly entering Trump Tower shortly before noon.

    Representatives for Trump and Fox had no immediate comment. But Kelly is planning to discuss the meeting on her prime time program Wednesday night.

    Kelly reached out to Trump's office to set up the meeting, one of the sources said.

    The face-to-face chat raises the possibility of a Kelly-Trump interview sometime in the future.

    Kelly is known to be seeking high-profile guests for a Barbara Walters-style prime time special on the Fox broadcast network in May.

    Later, during an interview on CNN Newsroom with Brooke Baldwin, Stelter said the meeting was "the culmination of Kelly reaching out to Trump, seeking a face-to-face," suggesting Kelly has been seeking a meeting for some time. From the April 13 edition of CNN's CNN Newsroom with Brooke Baldwin:

    BROOKE BALDWIN (HOST): A source tells CNN the Republican front-runner and Kelly met at Trump Tower in Manhattan. Trump's intense dislike of Kelly has been on display all throughout this campaign, so let's talk it over with the man with the scoop, CNN's senior media correspondent Brian Stelter, host of Reliable Sources. So what is the scoop? She rolled up into Trump Tower incognito?

    BRIAN STELTER: Yeah, there's a real mystery about this. She hasn't commented on it yet. Neither has Trump. But my sources say this meeting was the culmination of Kelly reaching out to Trump, seeking a face-to-face. It was on-again-off-again for a while. It finally it happened this morning. And it is intriguing because if you think about all of Trump's targets, all the people that he seems to dislike, Megyn Kelly would be at the top of the list. He has criticized her viciously at times. He says that she is unfair to him, that he can't stand to watch her show. So if he's out, maybe having a détente with her, it would suggest to me that at the same time we're seeing him talking about wanting to unify the party, find unity within the GOP, maybe he's even trying to break bread or make amends with one of his critics.

    UPDATE: Fox News issued a statement on the meeting, confirming that Chairman & CEO Roger Ailes and Megyn Kelly contacted Trump about appearing on Kelly's upcoming special on May 23. The statement said the results will be announced on tonight's edition of Fox News' The Kelly File:

  • Media Push Right-Wing Myths After California's $15 Minimum Wage Announcement

    ››› ››› ALEX MORASH

    On March 28, Gov. Jerry Brown (D-CA) announced a legislative compromise to raise the California minimum wage gradually from $10 per hour in 2016 to $15 per hour by 2022. Right-wing media have attacked the historic wage increase, claiming it will kill jobs and that it "goes against every law of capitalism." Meanwhile, mainstream media have promoted misinformation about the minimum wage peddled by restaurant industry front groups.

  • CNN Wildly Off The Mark On Pope Francis' Call For Climate Action

    ››› ››› DENISE ROBBINS

    CNN Money claimed that if the U.S. heeds Pope Francis' call to address climate change it will hurt the economy and cost jobs, but CNN based these claims on a six-year old analysis of failed cap-and-trade legislation rather than recent research showing that the climate plan the Obama administration has put in place will benefit the economy and increase employment. CNN also alleged that the U.S. is hesitant to act on climate change "without other nations around the world doing the same," despite the fact that 78 countries have already submitted climate change plans ahead of international negotiations that will occur in December.

  • Fox's Flawed Solution To The Economy: What Would Reagan Do?

    ››› ››› MARCUS FELDMAN

    Fox has attacked the economic recovery under President Obama by claiming that if Obama just adopted the policies of former President Ronald Reagan, there would be a stronger recovery. But as economists have pointed out, the Reagan recession ended not because of Reagan's fiscal policies but because the Federal Reserve drastically cut interest rates. Because interest rates are already at zero, such a rate cut is not a possible option now.

  • Right-Wing Media Attack Geithner For Staving Off Economic Disaster

    ››› ››› ANDY NEWBOLD

    Right-wing media have attacked Treasury Secretary Timothy Geithner for using federal workers' pension funds to ensure that the government meets its obligations for the short-term while lawmakers and the White House try to reach a deal on raising the debt ceiling. In fact, Geithner's actions are in line with those of the Treasury Department under former Presidents Bush and Clinton, the government is legally required to reimburse the program once the debt limit is increased, and economic disaster could have occurred had Geithner not taken these measures.

  • Media Chronically Wrong On Social Security And The Deficit

    ››› ››› DAVID SHERE

    The national debate on the future of Social Security is surrounded by falsehoods and misconceptions regarding the program's finances and its relationship to the federal budget -- misconceptions that are repeatedly reinforced by major media outlets. In fact, as it's currently constructed, Social Security cannot add to the deficit in the long run, does not present a major threat to America's fiscal future, and is backed by some of the safest financial assets in the world.

  • CNNMoney Touts Ryan's Roadmap, Forgets To Tell Readers Where It Leads

    Blog ››› ››› JAMISON FOSER

    CNNMoney gets in on the "Paul Ryan puff piece" trend:

    Ryan, a longtime member of the House Budget Committee, which he now heads, is steeped in the math of deficits and debt and has crafted his own fiscal overhaul plan.

    That plan -- the "Roadmap for America's Future" -- proposes sweeping changes to Social Security, Medicare and the tax code that would be a significant departure from the status quo, and mainline Republican thinking.

    Yes, yes. Paul Ryan has sterling fiscal credentials -- never mind his career-long support for deficit-inducing wars and tax cuts and the like. CNNMoney sure didn't mention it. But what's worse is that CNNMoney refers to Ryan's "fiscal overhaul plan" without telling us how that plan would affect the nation's fiscal situation. The whole article is about how Ryan is going to attack the Obama administration's "handling of the economy and budget," and it mentions Ryan's budget plan without ever telling us what that plan would do. So what would it do? It would take 50 years to balance the budget. And that's the optimistic assessment, based on the dubious assumption that Ryan's deep tax cuts don't reduce revenue.

    Yes, Paul Ryan has "his own fiscal overhaul plan." So what? Buying a whole bunch of Powerball tickets is a "plan," after all. The question is what the plan will do, and what the likely results are. News organizations should be sure to answer those questions, not just fall all over themselves in a rush to assert Ryan's fiscal bona fides.

    Finally, the CNNMoney article is part of a special package on "America's Debt Crisis." I can find no such package devoted to "America's jobs crisis." CNNMoney might want to re-think those priorities. Not just because jobs are the more urgent concern to most Americans, but because focusing on debt rather than jobs and economic growth may be counterproductive even if your primary concern is the debt.

  • 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?

  • Don't trust CNNMoney.com's economist survey

    Blog ››› ››› JAMISON FOSER

    Under the header "Economists: Extend Bush tax cuts for everyone," CNNMoney.com is hyping the "first in a series of economic surveys" with a write-up that does not bode well for the reliability of those surveys.

    CNNMoney doesn't waste any time misleading its readers:

    With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are.

    Well, no. CNNMoney's survey doesn't establish that "most economists" think anything. The survey involved 31 economists, and even CNNMoney doesn't claim that's a representative sample.

    Next:

    a majority of a panel of leading economists surveyed by CNNMoney.com said that the tax cuts should be renewed for everyone.

    Leading economists? Perhaps, but the list is heavy on representatives of business interests (Bank of America, Mortgage Bankers Association, National Association of Homebuilders, etc) and light on economists with academic affiliations (only 3 of the 31 economists are listed with academic affiliations.) I don't know if university economists are more likely to be right than economists employed by big banks, but they do seem less likely to be affected by the interests of their employers.

    Now, this next part pretty thoroughly undermines the whole exercise:

    The first in a series of economic surveys revealed that extending the tax cuts for all taxpayers is the most important thing Congress can do to help the economy. Of the 31 economists surveyed, 18 chose that from a list of options now being debated on Capitol Hill.

    The survey didn't "reveal" any such thing. It found that, given a list of options, most of the 31 economists surveyed chose extending the tax cuts for all taxpayers. And what were those options? CNNMoney doesn't tell us. Oh, sure, there's a link labeled "See the full survey results." But the page it takes you to is simply a chart of each of the economists' projections of various economic indicators -- it doesn't say anything about proposed solutions. The remainder of the main article hints at some of the other options provided, but nowhere does it spell them all out. But even if it did, "the most important thing Congress can do" is not the same thing as "the most important thing among a narrow list of things now being debated on Capitol Hill."

    Despite CNNMoney's broad and emphatic claims, the actual survey results it presents tell us approximately nothing.

  • CNNMoney.com stimulates misinformation

    Blog ››› ››› JOCELYN FONG

    An April 26 CNNMoney.com headline blares:

    Ecomists: The stimuls didn't help

    And the lead of the article reads, "The recovery is picking up steam as employers boost payrolls, but economists think the government's stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday."

    Only problem is: the survey didn't say that.