Monday, March 02, 2009

Panic among the fewer news workers

The news reporters who were assigned to report that 4.8% unemployment under President Bush was as bad as the Great Depression are massively endangered. No one is paying for their product. Who is sorry for them? They were lazy during the 2008 campaign, just regurgitating Obama's press releases. They didn't earn their keep. They have continue to lie about the economy. President Jimmy Carter - who can respect a president who calls himself Jimmy? - brought 7.0% unemployment and the prime interest rate reached 21%. Carter's misery index was 20.5 = 13.5% inflation and 7.0% unemployment. Do you want a 12% mortgage? How about 13%? President Reagan inherited an economy in worse shape than what Obama receives. - Richard Rahn at Cato Institute >> Politics:
A recession is like the Spanish flu — the weakest members of the population are always the first to go. And among American industries, there were few weaker at the onset of the current panic than the news business. It’s no wonder then that the reporters still clinging to jobs have been quick to declare catastrophe and credulous about proposals for a titanic reordering of the American economic model. When one’s inbox is peppered with e-mails announcing colleagues’ layoffs and buyouts, reporting on a political or economic story is more than just hammering out some copy. It’s an effort for survival. “This was the year that pretense and pride fell by the wayside and the president reported to the nation that things have skidded wildly off course,” wrote The New York Times’ Peter Baker in a piece about President Barack Obama’s address to Congress last week. Baker, like many reporters, put Obama’s jaw-dropping proposals in the context of Franklin D. Roosevelt and the Great Depression, not the malaise of the 1970s or any of the 17 other economic downturns since American independence. Over at The Associated Press, which officially jumped the shark in June with a story headlined “Everything is seemingly spinning out of control,” Ron Fournier followed suit. “[Obama] sounded like Roosevelt, who, after closing banks briefly in the first days of his presidency, stoked the embers of American optimism. ... Like Roosevelt, Obama asked Americans to unite against pessimism.” While many journalists are optimistic about Obama’s strategy, those reporting on the economy and government seem pessimistic to the point of panic.
If their words had value they wouldn't make one paragraph per sentence.

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