Stocks Fall 279 Points—Mainstream Media, Google Search: It Didn’t Happen?
posted at 1:34 pm on June 2, 2011 by Rovin
Seriously……Google “Stocks Fall 279 Points” or “Stock Market Falls 279 Points”, and you will find very little headlines from the major liberal media outlets. Every search of the major papers and network online sites have already buried this plunge in the Markets as if it just never happened, or they’ve been relegated to their blog sites. We can all imagine how a major stock market plunge would have greeted George W. Bush by our liberal media friends.
But, let’s give credit where credit’s due. Patrick Allen posted this story at CNBC dot com with a title that just has to have the liberal media cringing:
“Horror for US Economy as Data Falls off Cliff”
And if the headline didn’t ring the reality bell, the first few lines certainly did:
The last month has been a horror show for the U.S. economy, with economic data falling off a cliff, according to Mike Riddell, a fund manager at M&G Investments in London.
“It seems that almost every bit of data about the health of the US economy has disappointed expectations recently,” said Riddell, in a note sent to CNBC on Wednesday.
“US house prices have fallen by more than 5 percent year on year, pending home sales have collapsed and existing home sales disappointed, the trend of improving jobless claims has arrested, first quarter GDP wasn’t revised upwards by the 0.4 percent forecast, durables goods orders shrank, manufacturing surveys from Philadelphia Fed, Richmond Fed and Chicago Fed were all very disappointing.”
“And that’s just in the last week and a bit,” said Riddell.
Adding another post by Reuters that CNBC posted to their site, (and dared to mention “a failed stimulus”), might be a recipe to call into action President Obama’s “rapid response coordinator” Jesse Lee, (see Morrissey’s related post), to put a stop to what Douglas Borthwick calls “a sugar-high wearing out”:
The sugar high that has buoyed the U.S. economy over the past six months is wearing out, and there is little in economic growth or foundation to show for it,” said Douglas Borthwick, a managing director with Faros Trading in Stamford, Connecticut.
The job additions were the lowest published by ADP since September 2010. Analysts expect Friday’s official total non-farm payroll numbers for May to be much better.
“It fits very neatly in with the puzzle we are putting together that speaks to another soft patch and really, a genuinely failed stimulus approach to growing the economy,” said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
“And it’s not just about jobs. It’s about manufacturing, it’s about real estate, it’s about consumer confidence. This is one data point in a very broad picture, and it’s not encouraging.”
It’s still the economy, stupid—
In a related story that had to be found across the pond, Nile Gardiner at the Telegraph filed this story, (including a quote from none other than the New York Times’ Robert Reich) that will (most likely) never be written by an American Liberal News Agency:
Why Barack Obama may be heading for electoral disaster in 2012
By Nile Gardiner
“……Ultimately, the 2012 presidential election will be decided by the state of the economy, and new data released this week makes grim reading for the White House. In fact you cannot watch a US financial news network at the moment, from Bloomberg to CNBC to Fox Business, without a great deal of pessimism about the dire condition of the world’s biggest economy. 66 percent of Americans now worry the federal government will run out of money in the face of towering public debts.”
Bill Clinton’s labour secretary Robert Reich summed up the grim mood in a hard-hitting op-ed in The Financial Times, which took aim at both the administration and Congress:
“The US economy was supposed to be in bloom by late spring, but it is hardly growing at all. Expectations for second-quarter growth are not much better than the measly 1.8 per cent annualised rate of the first quarter. That is not nearly fast enough to reduce America’s ferociously high level of unemployment… Meanwhile, housing prices continue to fall. They are now 33 per cent below their 2006 peak. That is a bigger drop than recorded in the Great Depression. Homes are the largest single asset of the American middle class, so as housing prices drop many Americans feel poorer. All of this is contributing to a general gloominess. Not surprisingly, consumer confidence is also down.”
This is liberal media blasphemy at its finest folks—