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Market Currents

Saturday, September 5, 2009
8:00 AM TweetThis
  • Robert Reich's "ode to Labor Day" raises key questions: Why isn't the media screaming about the stack of bad job and wage numbers? And without jobs, where does the demand come from to dig us out?

This news story has 21 comments:

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    <<Why isn't the media screaming about the stack of bad job and wage numbers?>>

    You have to be kidding me right? The media no longer "reports" the news. It is about hype. It is about getting inside a persons head and getting them excited.
    The financial media and all their anchors fall back to the same argument EVERY single time someone with any real credibility or brain power debunks this notion that the recession is over.
    That argument is: "Well the S & P 500 is up 50% of the lows, so that means everything is OK now."
    That is the only argument the self serving pundits on TV (whose sole job is to "convince" mom and pop americans to get their money in the market now) have to fall back on.

    Things take time to occur. Maybe when the unemployment rate gets to 15%, 30 million people are unemployed, and the government just can't extend the unemployment/ welfare benefits anymore will people finally wake up and take back their country.

    Right now I see none of that happening because I-Phones and reality TV are just way to important to the average American right now.
    2009 Sep 05 09:18 AM Reply
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    Archman - "The media no longer "reports" the news." The MSM is of the opinion (just in case you haven't figured this out yet) that they "make the news." News is no longer something that happens. News is what the MSM says it is, whether it has any resemblance to reality or not. As a matter of fact, I believe that the MSM also thinks that it controls reality, being able to interpret facts and data to support their agenda with just a "little" spin. Their opinions are the news!

    To answer the author's questions: The headlines you (we) would like to see do not fit the MSM agenda and are therefore not considered news at all.
    2009 Sep 05 10:27 AM Reply
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    I agree with Archman (above). The American society has gotten used to measure everything through the S&P.

    Even many of the unemployed remain hopeful because they see the stock market going up. After all, that is what they saw in the last recession and there is no shortage of so-called experts reassuring them about the infallibility of the stock market.

    Live by the Dow, die by the Dow.
    2009 Sep 05 10:29 AM Reply
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    Mark Bern: Man, do you have their number. MSM has become a complete joke. We got a self professed communist revolutionary on the white house staff saying Bush was in on 911 and ABC news and Jeffy Immelt's NBC say absolutely nothing. CBS calls it out but spins it so bad you might have thought the rest of us were a bunch of birthers.
    2009 Sep 05 12:15 PM Reply
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    "We got a self professed communist revolutionary on the white house staff saying Bush was in on 911 ." Source please, and not a link to Glen Beck's site.
    2009 Sep 05 12:31 PM Reply
  •  
    The "demand" is coming from debt, meaning that people are mortgaging their futures--assuming that they have one.
    2009 Sep 05 12:39 PM Reply
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    PCS: Are you serious about that? Google will swamp you with sources! Wikipedia for one.
    2009 Sep 05 01:00 PM Reply
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    The media is more fascinated with the lives of the rich and famous in New York, Washington and Hollywood. The media is, more and more, owned by the rich and famous who DO NOT WANT a deep, incisive media with a passion for social and economic issues and principles. FASHION. Michael Jackson was the story of the year, not the poor of the world who have been devastated by bankers' miscalculations. We're losing our democracy; and it is being replaced by the 'it's all good mentality' served up in tv and newspaper gossip magazines.

    When the media identifies with the rich, we have global parties followed by a global depression. When the media identifies with the poor, we have global unrest followed by global conflict. Followed eventually by a rainbow. Light appears, saves, expands, crystallizes, breaks; falls, shatters, disappears underground, rests, reconfigures itself, coalesces, rises, and re-appears as the symbolic rainbow. That's how we know it is Spring: the rainbow re-appears.
    2009 Sep 05 01:36 PM Reply
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    Oh, and that was quite an article by Robert Reich. He should be publishing it on this site.
    2009 Sep 05 01:37 PM Reply
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    Mad_Max: I Googled "self professed communist revolutionary on the white house staff." First hit, no kidding: "G-Beck Exposes Obama's 'Self-Professed Communist' Green Czar, a Co ..."
    2009 Sep 05 01:54 PM Reply
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    Oh, and the other sources were pretty much equally suspect for their bias.
    2009 Sep 05 02:00 PM Reply
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    Reich's article has the typical liberal slant; "Oh, there is a problem and it is terrible and we need a government program to fix it." Meanwhile there are tens of millions of main stream Americans doing what they can to help through local charitable agencies or through their own personal efforts (but that's not newsy enough). Meanwhile, Mr. Reich goes to his cocktail parties to discuss what's wrong with the country. What's wrong is the post-Christian mentality that says, "I'm not my brother's keeper, it's the government's job". Hey, Mr. Reich, you give somebody a job.
    2009 Sep 05 02:02 PM Reply
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    Reich is a well known liberal, so what he writes here should come as no surprise. But being a liberal is no better or worse than being a conservative. There is no wisdom at either end of the spectrum. East and West agree on this (e.g., see Socrates "Middle Road," Terence's "Moderation in all things," and Buddha's "Middle Way"). Where is good old American problem solving by the radical middle?
    2009 Sep 05 02:29 PM Reply
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    It is that way because more people watch Entertainment tonight with Mary Hart than do the CBS Evening news with Catie Curric or the others. If the network news programs want the advertising dollars, they have to include more entertainment and less "news". There is no one to blame for this but the majority of the viewing public that wants fluff and no stuff. I suggest we quit watching the biggies and watch PBS. If the PBS news programs increase viewship maybe the other biggies will start adding more content.


    On Sep 05 01:36 PM Michael Clark wrote:

    > The media is more fascinated with the lives of the rich and famous
    > in New York, Washington and Hollywood. The media is, more and more,
    > owned by the rich and famous who DO NOT WANT a deep, incisive media
    > with a passion for social and economic issues and principles. FASHION.
    > Michael Jackson was the story of the year, not the poor of the world
    > who have been devastated by bankers' miscalculations. We're losing
    > our democracy; and it is being replaced by the 'it's all good mentality'
    > served up in tv and newspaper gossip magazines.
    >
    > When the media identifies with the rich, we have global parties followed
    > by a global depression. When the media identifies with the poor,
    > we have global unrest followed by global conflict. Followed eventually
    > by a rainbow. Light appears, saves, expands, crystallizes, breaks;
    > falls, shatters, disappears underground, rests, reconfigures itself,
    > coalesces, rises, and re-appears as the symbolic rainbow. That's
    > how we know it is Spring: the rainbow re-appears.
    2009 Sep 05 02:32 PM Reply
  •  
    Its funny how the wingnuts have twisted "creating green jobs in the private economy" into "self-professed communist revolutionary".
    2009 Sep 05 02:34 PM Reply
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    PC Scipio : 1 seemingly fair source for truth or falsehood re Van Jones

    en.wikipedia.org/wiki/...

    It does carry this warning:

    "This page is about an active politician who is running for office, is in office and campaigning for re-election, or is involved in some current political conflict or controversy. Because of this, this article is at increased risk of biased editing, talk-page trolling, and simple vandalism."

    However, to my eye it appeared to be detailed, non-judgemental, and objective without comment or the goodness or badness of a particular action by Van Jones, just a recounting of his life and activities he joined, founded, or in which he participated in a meaningful way.

    If the bio is accurate he was and evidently remains, a communist, a radical, and of the genre of Obama's life: involved in NGOs, community organizing, righting the wrongs of what he sees as a racist, and unequal capitalist society ... and he does want to change that society to more closely conform to what his view of it should be. It's a free country. Let 'em try.

    I am convinced they will fail simply because the model they would follow has already been tried and failed. But they could do a good deal damage if they do get the chance to make their dream a reality.
    2009 Sep 05 02:35 PM Reply
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    Niner, your comment made me curious about TV ratings. First listing on Google was tvbythenumbers.com. One of the lead items is:

    "Updated: Fox Airs So You Think You Can Dance, Glee Instead of Obama Address; Posted on 04 September 2009 by Bill Gorman

    "It’s now official, FOX won’t carry the President’s address and will go with its regularly scheduled premieres on September 9."

    Fox, a news organization to be proud of! And I understand Fox cleans the competition's clock on ratings. We're in deep kimche.
    2009 Sep 05 02:46 PM Reply
  •  
    Jack, gave you a +1. Sounds like you're a flaming moderate. ;-)
    2009 Sep 05 03:12 PM Reply
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    ".....If we've learned anything from the Great Recession-Mini Depression of the last 18 months, it's that the skewing of income and wealth to the top has made our economy far less stable."

    Thank you George W.
    2009 Sep 05 04:17 PM Reply
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    PCScipio
    Re
    Jack, gave you a +1. Sounds like you're a flaming moderate. ;-)

    Thanks, don't know about the "flaming" - conservative moderate might be the best description. But thanks for the +1.
    2009 Sep 05 07:11 PM Reply
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    The media is in the Wall Street's pocket, with CNBC a case in point. Networks don't want to lose Wall Street's advertising or their access to big shots for exclusive interviews. This is why we get puffery and hype instead of accurate reporting. Buyer beware in this market.
    2009 Sep 06 03:10 AM Reply
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