Bigots On Fox: Capitalist Pig On Fox News Lives Up To His Name

Posted by Mark NC on August 12, 2013 at 8:45 am. 7 Comments :

Jonathan Hoenig is the manager of the Capitalistpig Hedge Fund and a Fox News contributor who appears weekly on “Cashin’ In.” He routinely blurts out ignorant rants such as declaring that access to health care makes everyone a slave, or that kids would do better on the streets than in public school, or that Social Security should be scrapped.

On this week’s edition of the program (video below) Hoenig demonstrated that he is not above religious bigotry to make a dubious point and to slander a Democratic congressman.

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During a discussion about the Inclusive Prosperity Act (aka the Robin Hood tax), a bill that would impose a fee of a fraction of a percent on certain financial transactions, Hoenig abandoned any pretense of debating the merits of the bill and instead decided to attack the bill’s sponsor, Keith Ellison, for his religious beliefs.

Hoenig: I don’t know if Rep. Ellison has read the Constitution. I know he is a practicing Muslim and in Sharia law, there is a prohibition against trading of derivatives, against speculation of any type. And so in my opinion you could make the argument this is even a little bit of Sharia creep here with the cracking down on trade, cracking down on the derivative trade, cracking down on wealth production.

The only “creep” here is Hoenig. His repulsive attack on Ellison’s faith is not only evidence of his ingrained hatred, but he makes no sense whatsoever on a financial basis. Nothing in the bill prohibits derivative trading or any other stock transaction. And in addition to generating billions of dollars, the nominal fee would produce a more stable trading environment that in recent years has become dangerously volatile.

The fact that Ellison is Muslim has nothing to do with the bill. It is co-sponsored in the House by 17 representatives who are mostly Christians (and at least on Jew). Hoenig is obviously not an expert in Islamic practices. Millions of Muslims invest in equities markets in the United States and around the world. That includes one Muslim named Al-Waleed bin Talal, a Saudi prince whose share of stock in the network Hoenig is broadcasting on is exceeded only by Rupert Murdoch and his family.

Furthermore, Hoenig’s snide curiosity about whether Ellison has read the Constitution only reveals his own constitutional illiteracy. Article I, Section 8 of the Constitution explicitly grants authority for the government to assess taxes and fees such as the one in Ellison’s bill.

This segment is the perfect capsulization of Fox’s abhorrent philosophy and mission. It illustrates both their overt contempt for anyone who is not a member of their preferred fraternity (in this case Muslims), and their kneejerk opposition to any tax measure that benefits the nation if it imposes even a tiny burden on the wealthy and greedy corporations whose rights they regard as superior to the people.

Hoening is just another ignorant and insulting cretin to whom Fox News provides a platform to disseminate hatred and disinformation. And that includes the program’s host, Eric Bolling, who was quick to agree with Hoenig’s dumbshit commentary.

For God’s Sake, Do Not Take Financial Advice From Fox News

Posted by Mark NC on June 19, 2013 at 1:21 pm. 7 Comments :

It has already been well established that Fox News is a round-the-clock lie factory (see Fox Nation vs. Reality), but in case anyone was ever curious about whether that distinction extended to their business channel, the Fox Business Network, you no longer need to wonder. This morning’s interview of FBN reporter Lauren Simonetti on Fox & Friends First has summarily resolved this question.

The segment raised the issue of golfer Phil Mickleson’s recent showing at the U.S. Open where he came in second. It was the sixth time Mickleson fell just shy of victory at the event he has never managed to win. As a consolation, Fox News crunched some numbers and concluded that Mickleson was better off placing second because, according to their math, he would be poorer had he won. Here is Simonetti’s brilliant analysis (video):

“Sometimes coming in second pays off in the end. […] We broke down the numbers with the help of some tax gurus, for how much he could save, and the answer is $400,000 on taxes. […] So all in all, he’s $400,000 richer, I guess.”

Guess again. Simonetti’s logic revolved around the fact that had Mickleson won he would have earned an additional $3 million in prize money and bonuses on his sponsorships. The tax bill for that would have been about $400,000. Of course, that would still mean that after taxes Mickleson would be ahead by $2,600,000. But in the Fox universe, being able to avoid a $400k tax bite makes you $400k richer even though in the real world that the rest of us inhabit, you are actually $2.6 million poorer.

I really have to sympathize with the losers who have been duped by Fox into thinking that their business network is a reputable place to get information and advice. The irony is that Fox’s counsel is creating more financially deprived people who will necessarily have to rely on the government services that Fox so viscerally hate.

On the bright side (as Fox would say) is the fact that hardly anyone watches the network. After six years they are still a distant competitor to the business leader CNBC. That should mitigate the effect of the bad financial advice they disseminate along with their climate change denial, tax cut obsession, anti-ObamaCare hype, and general ultra-rightist propaganda. And remember, FBN was launched with a promise by its CEO, Rupert Murdoch, that it would be openly biased in favor of the corporatists saying that…

“…a Fox channel would be ‘more business-friendly than CNBC.’ That channel ‘leap[s] on every scandal, or what they think is a scandal.”

And Mr. Murdoch knows a thing or two about leaping on every scandal (i.e. Fast and Furious, Benghazi, IRS, NSA, birth certificate, ACORN, etc.). Murdoch’s Fox News leaps on scandals like a horny teenager at whorehouse.

Pure Idiocy From Fox News On The Stock Market

Posted by Mark NC on October 5, 2012 at 4:12 am. 5 Comments :

OK, just about anyone with a functioning brain already knows that Fox News is a biased player working on behalf of the GOP. But their analysis of financial matters and stock market activity is not just biased, but astonishingly stupid. Yesterday on Fox Nation they posted this “news” item: Romney Rally? Stocks Close Higher One Day After Debate.

Any time someone makes projections based on a single day of activity it is regarded by professionals as naivete and/or ignorance. So it goes without saying that Fox did just that. On the Fox Business Network, Stuart Varney dropped this mind-numbing stupidity: “Some will say this is a Romney Rally.” And Fox’s Lou Dobbs said “This is the beginning of what will be an even bigger Romney rally as the days unfold.”

Of course, any credible economist knows that market activity is based on a variety of financial data. Yesterday there was an abundance of factors to which the market’s movement could be attributed, including better than expected economic data and the European Central Bank’s freeze on interest rates at 0.75 percent.

Fox has a long history of making idiotic assessments of the stock market. In May of 2009, Brenda Buttner gushed, “Call it a tea party rally. Wall Street’s sure partying, up six weeks in a row.” In September of 2011, Fox Nation reported “Stocks Tumble Worldwide After Obama Speech.” Then in June of 2012, they fantasized that “Stock Market Drops After Obamacare Upheld.”

This tendency of the right to misinterpret all market activity as being the result of Obama (if stocks go down) or some conservative (if stocks go up), extends all the way back to Rush Limbaugh’s nutty commentary on February 8,2009, a mere two weeks after Obama’s inauguration, when he said “The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come.” Since then stocks have died to the tune of doubling from about 6,600 to over 13,500. Nice call, Rush.

Even Mitt Romney got into it a few days ago saying that “If it looks like I’m going to win, the markets will be happy. If it looks like the president’s going to win, the markets should not be terribly happy. […] Without actually doing anything, we’ll actually get a boost in the economy.” Romney, who considers himself an expert in finance, thinks the markets will advance by doing nothing. His magical name alone will rescue the economy.

What they commonly miss at Fox is that markets traditionally perform better under Democratic administrations than Republicans. And note that that link is to an article on the Fox Business Channel’s web site.

The one lesson that people can take away from this display of ignorance, is that anyone who relies on Fox News for economic advice deserves the economic ruin they suffer.

The Roots Of Romney’s Rage: Where His 47% Fiasco Came From

Posted by Mark NC on September 18, 2012 at 3:45 am. 39 Comments :

The Making of a Meme
Just in case anyone is wondering where Mitt Romney came up with the data behind the contemptuous affront he leveled at half of the population that he hopes to serve as president, it is a tenet of conservative philosophy that has been expressed repeatedly by pundits and politicians alike, although rarely with such disdain. Here is what Romney, a man who accuses President Obama of being divisive, told a roomful of wealthy donors:

“There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax.”

The erroneous charge concerning an alleged 47% of American freeloaders is one that has been exciting right-wingers for more than two years and has been notably championed by Fox News. To fill in the background of this story, I am re-posting an article I wrote in August of 2011 that describes the length and breadth of this fictitious political assault on the middle and working class of America. It illustrates explicitly the themes that Romney articulated to his wealthy supporters.

Debt Wish XI: The GOP/Tea Party Plan To Tax The Poor
(August 24, 2011) America’s Republican/Tea Party contingent, who are defined by their dogmatic devotion to lower taxes as a panacea for everything, have finally found a sector of society that they can comfortably saddle with a higher tax burden: The Poor.

That’s right. These anti-tax zealots have concluded that fairness cannot be achieved in the country’s tax code as long as there are disadvantaged freeloaders who are allegedly not paying into the system. While they fight tooth and nail to protect wealthy individuals and corporations from contributing even modest amounts to the nation’s recovery, the rightist brigade is marching lock-step in favor of soaking the poor in order to heal the malaise on Wall Street and the misery of long-suffering bankers. Their battle cry goes something like this: “Half of the Country Doesn’t Pay Any Taxes At All.” Fox News has been pushing that theme for quite a while. For the past two years they headlined it on Fox Nation right at tax time.

This movement is not some scruffy assemblage of disorganized trust-funders seeking to upgrade their yachts. It is a coordinated campaign that has pulled together high profile proponents from politics and the press. Here is a sampling of the breadth and unity of the movement and the message:

Rick Perry (R-TX): We’re dismayed at the injustice that nearly half of all Americans don’t even pay any income tax.
Michele Bachmann (R-MN): A system in which 47% of Americans don’t pay any tax is ruinous for a democracy.
Sarah Palin (R-AK): The problem is more than 40% pay no income taxes at all.
Orrin Hatch (R-UT): 51 percent don’t pay anything.
Jim DeMint (R-SC): Over half of Americans pay no federal income tax.
Mitch McConnell (R-KY): In fact, about half of Americans don’t pay any income taxes at all.
John Boehner (R-OH): Fifty-one percent — that is, a majority of American households — paid no income tax in 2009. Zero. Zip. Nada.
Eric Cantor (R-MD): We also have a situation in this country where you’re nearing 50 percent of people who don’t even pay income taxes.
Alan West (R-FL): Currently we have some 40-45% of Americans who are not paying any taxes.

We’re not through yet.

Donald Trump (R-HisOwnEgo): You do have a problem because half of the people don’t pay any tax.
Bill O’Reilly (Fox News): 50 percent of Americans don’t pay any federal income tax now.
Stuart Varney (Fox News): About half the people who work in America, half the households, actually, pay any federal income tax at all.
Dave Briggs (Fox News): [A]lmost half of this country pays no income tax whatsoever.
Gretchen Carlson (Fox News): But what does that mean when you factor in that 50 percent of the nation doesn’t even pay federal income tax? Is that fair?
[Idiot Award Winner] Steve Doocy (Fox News): With 47% of Americans not paying taxes – 47% – should those who don’t pay be allowed to vote?
Sean Hannity (Fox News): 50 percent of Americans no longer pay taxes.
Neil Cavuto (Fox News): I’ve discovered nearly half of this country’s households don’t pay any taxes at all.

Oh yes, there’s more.

Dave Ramsey (Fox News): This idea that 42% of Americans don’t pay anything…that’s just morally wrong.
Brian Kilmeade (Fox News): Fifty-one percent of the country isn’t paying any taxes at all.
Eric Bolling (Fox News): 43 percent of households don’t pay any federal tax.
Glenn Beck (Right-Wing Radio): There was like 48 percent say they pay their right amount of taxes and 49 percent don’t pay any tax.
Rush Limbaugh (Right-Wing Radio): Meanwhile, 45% of Americans pay nothing.
Gary Bauer (Right-Wing Evangelist): But the reality is that nearly half of Americans don’t pay any income tax.
Rick Warren (Right-Wing Evangelist): HALF of America pays NO taxes. Zero.
Ted Nugent (Right-Wing Douchebag): This, of course, will not apply to those 50 percent of Americans who pay no income taxes.

Is there anyone who could seriously argue that this is not a coordinated effort aimed at demonizing low-income and working class citizens? The conformity and ubiquity of the identical messaging from such a broad spectrum of players is audacious and disturbing. And what’s worse, it is deliberately misleading and/or false.

Tax Payer Chart Click chart to enlarge.

First of all, claims that half the population pay no taxes at all are factually wrong. (See the chart at the left from the Wall Street Journal). There are about 46% who do not pay federal income taxes, but most of them do pay many other taxes including Social Security, state and local, sales, property, gas, etc. Secondly, it should come as no surprise that those with little or no tax liability have little or no income. The majority of this group is comprised of senior citizens, students, the disabled, and the unemployed. Those are the folks that the right wants to tap for new revenue rather than the rich who they have taken to calling “job creators” despite the fact that they haven’t created any jobs since they got the Bush tax cuts a decade ago.

To put this into perspective, federal income taxes account for just 20% of all taxes. When you include all the other sources of tax revenue, people making $20,000 a year pay approximately the same effective tax rate as people making $500,000, give or take 5 percent. However, those earning a half-million have seen their rate decline almost 50% since 1980, while the rate for the 20K earners barely budged.

What’s more, corporate taxes as a percentage of federal revenue dropped from 27.3% in 1955, to 8.9% in 2010. During that same time period individual income/payrolls as a percentage of federal revenue skyrocketed from 58% to 81.5%. Thus the burden of paying for our government shifted broadly from corporations to ordinary people (notwithstanding the Supreme Court ruling that corporations are people). These facts prove that the whole faux controversy over the tax liability of low income Americans is, in technical terms, a crazy zombie lie.

Also worthy of note is that one of the main reasons that many Americans owe no federal income tax is due to the earned-income tax credit that was introduced by Republican President Gerald Ford and expanded by Ronald Reagan and George H.W. Bush. And now the GOP is threatening to impose a tax hike on working people by opposing the extension of President Obama’s Payroll Tax reduction. This relief was passed as a temporary measure and is set to expire at the end of this year. Obama has proposed extending it for another year, but House Republicans are balking, saying that “not all tax relief is created equal” (Rep. Jeb Hensarling, R-TX), and that tax reductions, “no matter how well-intended,” will push the deficit higher (Rep. David Camp, R-MI). Camp is a member of the deficit reduction seeking Super Committee. A spokesman for House Majority Leader Eric Cantor (R-VA), says the legislator “has never believed that this type of temporary tax relief is the best way to grow the economy.”

Really? Is this the same Eric Cantor who fought so fiercely for the temporary tax relief produced by Bush’s tax cuts for the rich? Cantor, and the rest of the Tea-publicans, are putting their deficit cutting necks on the line to raise the 120 billion dollars that would be restored to the treasury by letting the Payroll tax relief expire, but they will take the fight to Hell and back before considering the recovery of 800 billion dollars from the expiration of Bush’s gift to taxpayers earning more $250,000 a year. Apparently Republicans are opposed to temporary tax relief when it benefits the middle and working classes, but they are wildly in favor of it when it benefits the wealthy.

How can the GOP get away with portraying themselves as tax-cutters while advancing an agenda that would increase taxes for most Americans who happen not to be rich? How can the Tea Party assert through their acronym that they have been “Taxed Enough Already” when they view seniors, and other low-income Americans as not taxed enough? And when will the media expose this brazen hypocrisy?

So it’s clear that Romney was not speaking off the cuff in this newly released video. He merely reiterated what has been a mainstay of the conservative agenda for some time. If he tries to explain this away as a mistake or a gaffe, he is going to have to provide explanations for all of the identical statements itemized above. There is nothing out of character in the remarks he gave at his fundraiser. He is, after all, the same guy who said “I’m not concerned about the very poor.” He’s the same guy who said “If you’re looking for free stuff you don’t have to pay for, vote for the other guy.” His denigration of Americans struggling during hard time is entirely on message, just as RNC chairman Reince Preibus said following the release of the video.

The condescending tone of Romney’s comments is what is likely to cause the most damage to his campaign. But let us not forget that the substance of his remarks is consistent with Republican ideology, and it is woven intricately into the fabric of the party’s structure. It reflects the views of their congressmen and senators and state officeholders. And it flows through the airwaves of their PR division, Fox News, and down the media food chain from there.

[Update] Romney may want to do some research into those 47 percenters he is writing off. Of the ten states with the highest percentage of residents who pay no federal income tax, ten are solid red, Republican states.

Fox Nation vs. Reality: Who’s To Blame For Bad Economy?

Posted by Mark NC on July 23, 2012 at 10:36 am. 1 Comments :

There have been numerous polls asking respondents to say who they hold responsible for the state of the American economy. In every one of them George W. Bush ranks at or near the top, with Congress and Wall Street following close behind. Usually President Obama is not the target of most of the blame.

Leave it to Fox News to come up with a poll that contradicts the others. And it should come as no surprise that the poll they’ve latched onto is the work of Rasmussen’s Pulse Opinion Research. However, even with a fixed pollster, and a rabidly partisan news outlet, Fox still finds it necessary to outright lie about the poll’s results:

The headline of this article is blatantly false. In Rasmussen’s poll 34% said that Obama is the most to blame for the slow economic recovery. Most elementary school graduates know that that is not a majority. What’s more, if you add the responses of those who said that it was either Congress, Wall Street, or George W. Bush, it comes to a clear majority of 61% saying that Obama is not to blame. Some other significant results from the poll that Fox Nation declined to report are…

The poll found almost 6-in-10 are unhappy with the actions of Republicans in Congress who have challenged the president on an array of policy initiatives.
Fifty-seven percent of voters said congressional Republicans have impeded the recovery with their policies, and only 30 percent overall believe the GOP has done the right things to boost the economy.
Centrist voters, who may well decide the 2012 outcome, tend to blame Republicans in Congress more than the president for hindering a more robust recovery.
53 percent of centrists said Obama has taken the right actions as president to boost the economy, compared with 38 percent who said he had taken the wrong steps.
Seventy-nine percent of centrist voters said Republicans had slowed the economy by taking wrong actions. Only 13 percent of centrists credited GOP lawmakers with policies that have helped the economy.

And that’s the poll that Fox Nation managed to feature on their website with a headline blaring that a “Majority Blame Obama For Bad Economy.” The Fox Nationalists must take great comfort in the knowledge that their audience is too stupid to actually look into anything themselves – or understand it if they did.

The Swiss Boating Of Mitt Romney: A CNN Fable

Posted by Mark NC on July 17, 2012 at 10:50 am. 9 Comments :

When you hear the right complain, as they always do, about the so-called liberal media, keep in mind the fact that Fox News is the most watched cable news network, that the Wall Street Journal is the largest national newspaper, that talk radio is dominated by conservatives, and that the Internet’s most referenced site belongs to Matt Drudge. What exactly do they think the media is?

Add to that the fact that many establishment news providers bend over backwards to avoid being targeted by conservative critics for having a liberal bias. Or worse, they strive to emulate the right-wing media in hopes of duplicating their perceived success.

CNN is the worst offender in this contest of running to the right. Their aggressive shift in ideology has been well documented. They have hired numerous far-right extremists with no effort to achieve any sort of balance. And that includes the news chief, Ken Jautz. Consequently, their ratings have collapsed along with their journalistic integrity.

Swiss Mitt This past weekend CNN broadcast another example of how their sinking ethics have impacted their news judgment. The segment by Tom Foreman was centered on the absurd premise that the Obama campaign has engaged in “Swiftboating” Mitt Romney by accurately questioning his business experience, his millions of dollars in off-shore tax havens, and his refusal to release more than a year or two of his tax returns. Foreman concludes his report saying…

Tom Foreman: In ad after ad, Democrats are suggesting that Romney is a fatcat job outsourcer, an opportunistic financial predator, and an elitist out of touch with the working class. Never mind that many of those claims appear to be backed with little or no evidence. […] Some Republican analysts fear that Mitt Romney could be the second politician from Massachusetts to be Swiftboated out of the presidency.

The problem with Foreman’s conclusion is that there is abundant evidence of the claims made in the Obama ads. And the questions they raise are those that would require answers from any political candidate. Who could deny that Romney is a fatcat? The job outsourcing by Bain entities is not even denied by Romney. He just argues that he wasn’t there at the time (despite official SEC filings that contradict him). And how could someone be more out of touch than by saying that he likes to fire people, he’s not concerned about the poor, and that corporations are people?

Foreman was not alone in raising the specter of Swiftboating on CNN. Reporter Jim Acosta misused the term when he interviewed Mitt Romney on Friday asking him whether he thought he was being Swiftboated. Talk about your softball questions. And media analyst Howard Kurtz also misused the term while promoting his Sunday program Reliable Sources. He was acutely concerned about Romney’s welfare under the intense pressure he must be suffering.

Howard Kurtz: I’ve been increasingly worried about whether the media that have been pushing a lot of these stories, “Boston Globe”, “Washington Post” on outsourcing, “Vanity Fair” on Cayman Island accounts, seem to some people to be echoing the message of the Obama campaign by raising so many questions about Romney’s business background.

Apparently Kurtz is of the opinion that if a story is getting a lot of attention the reporters should immediately stop covering it for fear of overtaxing the beleaguered subject of the story and to avoid charges of bias by “some people” on the receiving end of the bad news. How very considerate of him.

For the record, Swiftboating is a term that describes a campaign to disparage a candidate’s strengths that is based on falsehoods and lacks evidence. It is wholly improper to use the term simply to denounce ads that are critical of a candidate. Criticism that is rooted in the truth, with evidence to back it up, is not Swiftboating in any way shape or form. In fact, refraining from such relevant criticism would be campaign malpractice.

Asking Romney to account for his activities in business, which is the core of his campaign, is fair game. So is asking him to release tax returns as almost every candidate in modern times does – since his own father set the standard back in 1968. But suggesting that news coverage of such issues is Swiftboating, as CNN has done three times in as many days, is proof that the network has lost all interest in being a professional news enterprise.

Fox News Can’t Stop Lying About Tax Cuts For The Middle Class

Posted by Mark NC on July 9, 2012 at 10:33 am. 12 Comments :

The announcement today that President Obama is committed to preserving the current tax rates for middle class Americans has been met by Fox News choosing to frame the issue in a more negative and dishonest manner.

On the Fox News web site the story was featured with a headline reading, “Obama ‘100% Committed’ To Tax Hike.” Later, on Fox News as the President was speaking, the network displayed a caption reading, “Pres Urges Congress To Pass Tax Increase On Households Earning More Than $250,000.”

Both of those statements are false. The President is neither committed to, nor urging, a tax increase. The tax increasing was passed and signed into law by Republican president George W. Bush. The legislation implementing the Bush-era tax cuts included a sunset provision for when the cuts would expire. That was Bush’s doing, not Obama’s. What Obama is trying to do is to preserve the tax cuts for the vast majority of Americans who actually need them and will spend them to help the economy grow. It is flat out dishonest to say that, because Obama supports allowing the cuts to expire for a few people at the top of the economic scale, that he is proposing a tax increase as characterized by Fox News.

Deficit Factors Most independent economists agree that lower taxes for the middle class is more likely to fuel economic growth because the middle class spends more of their money on cars, clothes, food, appliances, electronics, travel, etc. The rich, on the other hand, disperses more of their income to savings or retirement accounts that do nothing to stimulate the economy. And studies have proven that the Bush-era tax cuts are one of the biggest contributors to the deficit.

The President is making a rational proposal that Congress come together and agree to pass the middle class relief that both sides insist is necessary to spur growth. There is simply no reason not to do so. The question of whether to cut taxes further for the rich can be debated separately and need not put everyone else at risk. If Republicans refuse to do this because the wealthy are being left out, then they are effectively holding the majority of Americans hostage on behalf of helping millionaires become even richer. But then, that’s the mission of the GOP (Greedy One Percent).

These facts are available for everyone to see and factor into their appraisal of the current economic debate. Everyone except for Fox News viewers, that is. They will continue to be misinformed and subject to opinions that are contrary to reality and harmful to their own interests.

Fox Nation Panic: Run For The Hills, The World Is Ending

Posted by Mark NC on May 5, 2012 at 10:39 am. 2 Comments :

Sell! Sell! Sell! It’s all over. The stock market is collapsing. Wall Street is bankrupt. The economy is toast. Head for your bunker with your gold bullion, guns, and bibles. The End Times are here.

Fox Nation is feverishly reporting that “Stocks Tank, Nasdaq’s Worst Week Of 2012.” If this isn’t evidence of Armageddon, I don’t know what is.

After this horrific market crash the NASDAQ will only be up 13.5% year-to-date – a mere nine times more than what the average bank savings account is earning for the whole year. If you listened to Fox you would have missed out on one of the most precipitous stock rallies in decades.

And when was the last time that Fox reported that the market was significantly higher in any week this year? Good luck finding that report. Fox is on a mission to make President Obama and his administration look bad. That requires trumpeting bad news about the economy and ignoring the good news.

The problem is that by doing that, Fox also exacerbates negativity that can have the effect of producing a self-fulfilling prophecy and frighten people out of the market. But Fox doesn’t care about that. Hurting Obama is more important to Fox than accurately reporting on the economy.

Fox News Revives Lie To Advocate Raising Taxes On The Poor

Posted by Mark NC on February 23, 2012 at 10:54 pm. 11 Comments :

Every year around early April, Fox News unpacks a phony statistic about taxpayers in order to imply that many Americans don’t pay taxes at all. They are starting a little early this year.

Neil Cavuto, the VP of business news at Fox, must know better when he alleges that 49.5% of Americans do not pay taxes. The truth is that they pay about the same tax rate as other Americans, just no “federal” taxes. And there is a good reason for that. Most of the citizens in this category are either seniors living on Social Security, students with little or no income, and the working poor who earn less than the statutory minimums to be liable for federal levies. They do, however, pay state and local taxes, sales taxes, mortgage taxes, and payroll taxes. But that doesn’t stop Fox from repeatedly asserting the lie that they pay no taxes at all.

By complaining that these disadvantaged people are tantamount to freeloaders, Cavuto is in effect advocating an increase in taxes for the poor. While he and his right-wing cohorts fight tooth and nail to protect wealthy individuals and corporations from contributing even modest amounts to the nation’s recovery, they are enthusiastically in favor of soaking the poor in order to heal the malaise on Wall Street and the misery of long-suffering bankers. It’s nice to see that these conservative, anti-tax zealots have finally found a class of people whose taxes they want to raise.

The phrase that Cavuto used repeatedly is that “everyone has [to have] skin in the game.” The arrogance dripping from that commentary is that it assumes that those not paying federal income taxes do not already have skin in the game. Cavuto thinks that people who have spent a lifetime paying into the system, and are now struggling to survive in retirement, haven’t sacrificed enough. He thinks that the unemployed would prefer to remain that way rather than find jobs and resume payments to the IRS. That’s an astoundingly stupid point of view that demonstrates just how ignorant he is of economics and the plight of people less fortunate than he is. But surprisingly, it isn’t the stupidest thing he said. In his program’s sarcastic epilogue he issued this order to the folks who are already undergoing significant hardships:

“Stop demanding benefits from a system you give nothing.”

Really? Let me get this straight. If you are so broke that you can’t pay for taxes – or housing or food – then you should not be getting any benefits from the social safety nets set up to provide housing and food for the poor? Apparently Cavuto thinks that such benefits should only go to people who already have money.

To say that the poor should stop demanding benefits because they are poor is like chastising a child for wanting to be adopted just because she’s an orphan. What a selfish freeloader. And she’s just the sort of ne’er-do-well from whom Cavuto would like to steal candy.

Fox Nation vs. Reality: Stimulating Unemployment

Posted by Mark NC on February 22, 2012 at 11:03 am. 40 Comments :

In yet another example of the intentionally deceptive news perverters at Fox News, the Fox Nation website has posted a headline article that deliberately misrepresents reality with this headline: WH Senior Advisor: Unemployment Stimulates the Economy.

That would be a remarkably stupid comment if anyone had actually said it. What Valerie Jarrett actually said was that…

“Even though we had a terrible economic crisis three years ago, throughout our country many people were suffering before the last three years, particularly in the black community. And so we need to make sure that we continue to support that important safety net. It not only is good for the family, but it’s good for the economy. People who receive that unemployment check go out and spend it and help stimulate the economy, so that’s healthy as well.“

So what Jarrett was talking about was the stimulative effect of unemployment insurance, not unemployment. And her views on continuing to support Americans struggling in this difficult economic environment are consistent with most economists who recognize that funds received in the form of unemployment checks are quickly spent in the communities of the beneficiary, creating an economic stimulus.

“Many analysts, including the Congressional Budget Office as well as [Moody’s Mark] Zandi, have found that in a weak economy, UI and refundable tax credits — and other measures that put money into the hands of hard-pressed individuals and families who will spend it — have a significantly larger impact on economic activity and job creation than tax cuts primarily benefiting high-income individuals, who are likely to save a large amount of any increase in income they receive. In the Moody’s Analytics model, extending unemployment insurance benefits generates $1.60 of additional GDP for each dollar of budgetary cost, while a permanent extension of all of the Bush-era income tax cuts generates only 35 cents in economic activity per dollar of cost.”

The Fox Nationalists frequently lie about the economic benefits of aid to working class Americans, but this intentional misrepresentation of Jarrett’s remarks is even more dishonest than their routine dishonesty. I’m sure they are very proud of themselves.

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