Business Coverage

It must be difficult every night for the media to find a fresh angle on the housing downturn. Perhaps the so-called "victim" angle is played out, so ABC's May 7 "Nightline" blamed the builders. The broadcast featured Maricopa, Ariz., a community near Phoenix where one in 10 homes is for sale. "While existing homes go begging for buyers, builders continued putting up new houses," said ABC…

The Associated Press's business writers just won't let go of their claim (or is it audacious hope?) that we are in a recession -- not heading towards one, but actually in one. Despite yet another decent economic report, this one on productivity, the AP's Martin Crutsinger downplayed a significant beating of expectations, and continued to invoke the R-word (bolds are mine): Worker productivity…

Three things in life are certain: death, taxes, and media hype about gasoline prices. On television that third item often takes place not just in your usual standup at a gas station interviewing outraged motorists. In Web-based media, however, the still shot is worth 1,000 barrels.We've noted how CNN.com has done it. Today, it's ABCNews.com with its front-page teaser headline "Oil: Another Day,…

Big bad oil company ExxonMobil is "on the defensive in the face of consumer ire and congressional indignation" as it raked in a "huge" first quarter profit, Washington Post's Steven Mufson informed readers of his front page May 2 article.Mufson later noted that "[d]espite Exxon's colossal profit, the company's stock fell yesterday." Mufson blamed investors "shift[ing] gears" to turn to other…

Despite all the gloom and doom, the employment picture in April was much better than economists had expected, and, maybe more important, quite different than the Hooveresque, Depression Era picture media members have been painting for months.Makes you wonder if in press rooms all around America, as well as in Democrat campaign headquarters across the fruited plain, there was a huge sigh of…

Hillary Clinton's tax policy on gas and oil is "pointless" while John McCain's is "evil," according to New York Times columnist Paul Krugman. But in explaining the difference, Krugman betrays either his ignorance of the flawed history of the so-called "windfall profits tax" on petroleum or his tacit approval of the tax despite its folly as public policy.From Krugman's April 29 Conscience of a…

Old Media business reporters have a definitionally-incorrect habit of labeling single industries or economic sectors as being "in recession," when the term, as defined here, can only describe national economies or the world economy. Two examples of this are New York Times reporter David Leonhardt's description of manufacturing as being in recession in February 2007 (laughably incorrect, in any…

You have to wonder if the Associated Press felt the need to find an exceptionally gloomy story to write when it learned that the economy would probably show positive growth in the government's first-quarter GDP report. That report was released earlier today -- and came in at +0.6%. If so, this article by the AP's Anne D'Innocenzio (HT to a NewsBusters e-mailer) does the job: The for-sale…

The Associated Press's Jeannine Aversa really should change her writing focus, because economics is clearly not her specialty.After telling readers in March that "Dangerous cracks in the nation's job market" are "ominous signs that the country is falling toward a recession or has already toppled into one," Aversa had the gall to report Wednesday, "The bruised economy limped through the first…

College textbooks are overpriced and something should be done. Why, Congress should even step in! That is the message that The New York Times wants us to understand and I can't say it is, in and of itself, entirely the wrong message -- save the whole bit about Congress stepping in, of course. But, as is typical of The New York Times, their story is only a small part of the whole story. In their…

At the end of Wednesday’s CBS "Early Show" co-host Harry Smith introduced a segment on a new group of environmentally-friendly young professionals: "Earth Day, of course, was yesterday, but for many Earth Day is every day, especially for a growing number of Americans of means." Correspondent Priya David went on define this new demographic: "Scuppies, so interesting, that's what the people in this…

For months, NewsBusters has been warning readers of the likelihood that media will adopt the 1992 Clinton playbook of regularly depicting the economy as being far worse than it really is.On Sunday, the Democratic National Committee released a new television advertisement attacking GOP presidential candidate John McCain with economic statistics that don't measure up to even the slightest scrutiny…