Category: Hack Journalism

Classic Right Wing Smear Job

Yep, we have Rupert Mordoch’s New York Post going front page on an article about CPS reporter Lara Logan having an affair in Baghdad.

Imagine that, a war correspondent in theater having an affair.

In any case, I agree with Will Bunch. Lara Logan is being smeared for her criticism of Iraq war coverage, which she has been highly critical of.

This started when she said on the Daily Show, that, “If I were to watch the news that you’re hearing in the United States, I’d just blow my brains out. ‘Cause it would drive me nuts.”

Too Stupid for Silverware

New York Times Columnist Thomas L. Friedman is a complete pratt. Really….

That also helps explain why Iraqis initially never took ownership of their governing institutions, like the Coalition Provisional Authority, or C.P.A. They never fought for it. It was handed to them. People have to fight and win their own freedom, and that’s what gives their institutions legitimacy.

Anyone who does not understand that the CPA was a US institution, enforced at the barrel of a rifle by the US military, and answerable only to Bush and His Evil Minions is too stupid to cut his own meat.

And When We Talk About Rats Leaving a Sinking Ship

We cannot leave out the retirement of Leonard Downie Jr. as the Washington Post’s Executive Editor, though I would argue that the WaPo is a sinking ship because of the aforementioned rat, as he not only piloted the Post into the ice berg, but has repeatedly backed up and run it into said block of ice again…and again…and again.

He will be out September 8.

As to what has happened to the Post, go to this link, and look for the phrase Washington Post Death Spiral Watch. Their OP/ED page gives the WSJ a run for its money on stupidity and lying, and their political coverage seems to have sprung full blown from Karl Rove’s wet dreams.

It may be better when he’s gone, but I doubt it. I think that Woodward and Bernstein’s Watergate coverage was the exception, and not the rule, at the post, which has had a history of sucking up to the “very serious people” inside the beltway for a very long time.

More F$#@ed Up Real Estate Press Coverage

So, the real estate market in Manhattan is finally softening, and what lead article from blithering idiot Leslie P. Norton?

Signs of cracks in Manhattan’s property market could mean the rest of the country is on the road to recovery, since New York tends to feel the effects of a slowing economy later than the nation does. One segment still in the stratosphere: luxury condos and co-ops in exclusive buildings.

So, it could mean that the market is turning around…..or it could mean that that space aliens have abducted you and replaced you with a robot.

What it means that prices are dropping in Manhattan, which indicates a down market in Manhattan.

How does that saying go, ahhh…yes:

For example, given the premise, “all fish live underwater” and “all mackerel are fish”, my wife will conclude, not that “all mackerel live underwater”, but that “if she buys kippers it will not rain”, or that “trout live in trees”, or even that “I do not love her any more.” This she calls “using her intuition”. I call it “crap”….

And it gets me very irritated too.

The New York Times Does Not Get It, Employment Edition

The New York Times notes that there is a labor shortage in Iowa, and says that, Remedies are not simple. Companies want to be in Iowa because wages are lower than elsewhere in the nation or region, except South Dakota. But low wages also drive young college graduates out of the state, especially as student debt loads have risen, and they discourage workers from other states from moving to Iowa.”

The remedy is tough to find, and in the very next sentences the source of the problem is found: there is a worker shortage in Iowa because wages are too low.

Employers are subject to the same laws of supply and demand as everywhere else.

If they want wages to be more competitive, then they need to tighten up their minimum wage laws ($300K turnover and 90 days without a minimum wage don’t help), and revoke the state’s right to work laws so that unions can organize more efficiently.

H/T Dean Baker‘s Beat the Press.

Times Ombud Evicerates Times OP/ED Editor

Clark Hoyt reviews Edward Luttwak’s OP/ED in the New York Times, and finds that his observations have nothing to do with the truth when he said that Barack Obama would be considered an apostate who deserved death under Islamic law.

The Times Op-Ed page, quite properly, is home to a lot of provocative opinions. But all are supposed to be grounded on the bedrock of fact. Op-Ed writers are entitled to emphasize facts that support their arguments and minimize others that don’t. But they are not entitled to get the facts wrong or to so mangle them that they present a false picture.

….

I interviewed five Islamic scholars, at five American universities, recommended by a variety of sources as experts in the field. All of them said that Luttwak’s interpretation of Islamic law was wrong.

David Shipley, the editor of the Op-Ed page, said Luttwak’s article was vetted by editors who consulted the Koran, associated text, newspaper articles and authoritative histories of Islam. No scholars of Islam were consulted because “we do not customarily call experts to invite them to weigh in on the work of our contributors,” he said.

That’s a pity in this case, because it might have sparked a discussion about whether Luttwak’s categorical language was misleading, at best.

Interestingly, in defense of his own article, Luttwak sent me an analysis of it by a scholar of Muslim law whom he did not identify. That scholar also did not agree with Luttwak that Obama was an apostate or that Muslim law would prohibit punishment for any Muslim who killed an apostate. He wrote, “You seem to be describing some anarcho-utopian version of Islamic legalism, which has never existed, and after the birth of the modern nation state will never exist.”

….

Shipley, the Op-Ed editor, said he regretted not urging Luttwak to soften his language about possible assassination, given how sensitive the subject is. But he said he did not think the Op-Ed page was under any obligation to present an alternative view, beyond some letters to the editor.

I do not agree. With a subject this charged, readers would have been far better served with more than a single, extreme point of view. When writers purport to educate readers about complex matters, and they are arguably wrong, I think The Times cannot label it opinion and let it go at that.

Emphasis mine.

The way that I read this, he is calling out David Shipley, and not Edward Luttwak. While he clearly states that Luttwak is speaking from profound ignorance, his main beef is with the NY times OP/ED page, and he is saying that is a disgrace that they let this sh%$ show up on their pages.

Deliberately Bad Real Estate Reporting

You have an article titled California Home-Price Cuts End Sales Losing Streak, noting that home sales were up 2.5% in April.

That’s the lead. While one can be heartened by the fact that it is the first increase in 30 months, in any normal market, April is always bigger than March. The problem is that real estate reporting is hostage, so what should have been the lead, the fact that median home prices fell 32% year over year, is in the 2nd ‘graph, and there is no mention of the year over year home sales numbers, which are down 19%.

More Detail on What the PPI Numbers Mean

Here is the more detail on the PPI that I promised in an earlier post:

I would note that of the news networks, I find that CNN is the most breathlessly optimistic, and their take on the PPI numbers is simply wrong, but even they got it a bit right about the seasonal adjustment for the end of the heating season:

The overall moderation in prices primarily reflected how the government adjusts its data to compensate for seasonal changes. Those adjustments showed gasoline prices falling last month even though motorists were seeing prices soar.

When CNN starts questioning official inflation numbers, it’s game over.

You will note that they scream to the high heavens that it’s down to 0.2%, of course the core rate is twice that, 0.4%, and the 0.2% is an artifact of already suspect seasonal adjustments.

When the total number is bad, they report core, when the core number is bad, they report total numbers, with a little caveat slipped in. CNN’s financial reporting sucked.

Barry Ritholtz puts this in some perspective:

Follow this if you will: Each year in the Spring, we get a fairly large seasonal adjustment. If memory serves, its about a ~7% increase in Energy for April. This year, however, energy prices are up so much in advance of April, that we only got a ‘modest’ one month energy increase of 5.2%. In other words, the market ran up in advance of the usual seasonal gains. Hence, a 5.2% increase looks like a reduction after seasonal adjustments. (Note: I need to double check the precise #s).

So does Dean Baker:

The core finished goods index rose by 0.4 percent in April. It has now risen at a 5.0 percent annual rate over the last quarter. The core intermediate goods index rose by 1.2 percent in April and has risen at a 12.4 percent annual rate over the last quarter. With productivity growth having slowed sharply, it is difficult to believe that these higher costs won’t be passed on at the consumer level. This is big news.

So we are looking at some very real, and very troubling inflation numbers. Barry Ritholtz has some nice graphs that I recommend.

Wanktacular Financial Press Coverage

They are just discovering that commercial real estate may be dropping too.

Commercial real estate typically lags residential in a downturn, and it’s been heading down by all standard measures for 6 months, and now, they are finally getting around to saying that there might be a risk of downturn?

Seriously, the ads realtors run do f&^% up coverage, because the papers and cable networks are so dependent on it.

Obama Just Did Something Mindboggling Stupid

I don’t care what the calculus behind this is, his decision to appear on Fox News Sunday is very very stupid.

Because top line Democrats no longer appear on their show, Fox has lost credibility, and they know it, and now Obama is sitting down because he thinks that he’s somehow going to charm them into liking him.

Even if they weren’t dishonest excuses for journalists, this would not happen. Journalists are small people who hold grudges over stuff like this, and they buy ink by the hogshead,* so this is a lose-lose.

It’s sh%$ like this that makes me wonder if he’s not ready for prime time.

*OK it’s hundreds of TV stations, but the analogy holds….

Great MoDo Takedown

Maybe the best ever, but deconstructing the bitchy bitter and generally stupid woman that is Maureen Dowd is a very rich lode of material.

In any case, Kathy G., who describes herself as “A shrill feminist, bleeding heart liberal, hardcore policy wonk, political junkie, ardent cinephile, and lover of 19th century novels.” does a very good job in explaining what is wrong with MoDo. An excerpt:

But there’s another problem with the opening sentence of the Dowd column. “I’m not bitter.” Oh Maureen — who the hell do you think you’re kidding? The woman positively soaks in bitterness. Marinates in it. It oozes out of her pen and pours into just about every damn word she writes. Her bitterness has utterly corroded her soul. It’s turned her into a twisted freak whose chief pleasure in life seems lie in vicious, barking-mad attacks on the only people capable of ending our long national nightmare — the Democrats. Seriously, if there is any other single person in the media who’s been a more powerful enabler of Republican high crimes and misdemeanors than Modo, I don’t know who it is.

No go read.

And could someone explain to me how the hell she ever got a job as a columnist? Dowd writes about things like health care policy with all the depth of a girl who wants to be in the “in crowd” in high school talks about some lesser being’s choice in shoes at the prom.

Capital Gains Tax Bullsh$# Deconstructed

Well, it appears that at the debates, Charlie Gibson echoed the latest right wing talking point/lie, that recent cuts in the capital gains tax rate have increased revenues, and that tax increases cut revenues. (I must have missed this because I found the debates too painful to watch).

This, along with the assertion that people making $200,000/year (the top 3%) are somehow middle class show why one should not put innumerate idiots in positions of authority in journalism.

Saying that tax cuts in capital gains increase revenue is like saying that running a year long sale in a store will increase profits.

What does happen is that one the eve of a change in the capital gains tax, you have accelerated (in the case of a future tax increase) or deferred (in the case of a future tax cut) profit taking. This is a one time per tax change effect.

It’s exactly like a store sale. It produces a temporary effect, and any attempt to use it to guide long term fiscal policy is dishonest.

Economics Update

First, let me complain, yet again, about the nature of financial reporting. They are neck deep in dung, but they continue to look for a pony.

Cases in pointL

The the Institute for Supply Management’s (ISM) manufacturing index rose to 48.6 from 48.3 in February, which while higher than the 47.5 anticipated is still a contraction. Any number below 50 is a contraction. The index is a derivative (the calculus type, not the financial type), with 50 being zero. 48.6 is still a trend down, and this should be the lede.

Then we have construction spending “falling less than expected“. Again, construction spending fell, and while the “consensus” was 0.9%, and it fell 0.3%, this isn’t news, unless you tell us who, or why the consensus was that number.

Grrrrr.

On the “economic news for the rest of us” front, we have predictions that 200,000 jobs will be eliminated in the banking sector, and the number of food stamp recipients has gone through the roof.

BTW, if you are wondering if the real estate collapse is just a locak phemenon, the answer is no. We are now seeing the beginnings of a real estate collapse in china, and the housing crunch has now moved to the Hamptons.

Shanghai and the Hamptons. When you look at the range covered, there ain’t much left outside of this.

In the world of currency, it appears that the dollar has had the biggest quarterly loss since Q4 2004. The ECB is concerned with inflation, and quite honestly is not experiencing the same sort of meltdown that the US is, so it’s holding rates steady, which strengthens the Euro.

Finally, we have banks writing down billions of dollars (here, and here) in various bad investments. The markets rewarded them today, but I think that this will get much worse before it gets any better.

Home Sales Rise (Not Really, We Are All Still Doomed)

So, according to so-called business reporters, we have a slight sales rise in home sales off of the biggest price drop ever, 10.7% year over year.

This might be a reasonable story, a tale of light at the end of the tunnel, except for the fact that by any reasonable metric, as Barry Ritholtz so ably notes, housing sales fell. They are down 28.3% from a year ago, and the uptick is actually a seasonal difference from January to February, which is conveniently ignored by the National Association of Realtors, who never tell the truth when a lie would serve.

People do not buy homes in January.

Signs of the Apocalypse: Fox News Edition

First, Fox and Friends anchor Brian Kilmeade walks off the set over constant Obama bashing, though to be fair, they also made fun of his background as a sports caster, and then Chris Wallace also on FOX and Friends, objects to similar behavior.

The Fux Newsies were objecting to the bashing over the phrase, “typical white person”.

If it were just Chris Wallace, I would assume that his father, Mike Wallace, had dope slapped him over it, but two news anchors essentially defending Obama?

I’m expecting to see the Stay Puft Marshmallow Man.