Don Irvine Blog - Accuracy In Media

Doh! Biden Admits W.H. ‘Misread’ The Economy

2009-07-05T22:44:18+00:00

In what seems like a glaring understatement vice president Joe Biden acknowledged that the administration underestimated the severity of the recession.

From the Washington Post

Vice President Biden acknowledged today that the administration underestimated the depth of the economic recession months ago as it prepared a recovery package that is only now beginning to take effect.

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden said on ABC's "This Week." "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having distributed the bulk of the money."

Figures released last week showed that the national unemployment rate has reached 9.5 percent, and that the economy is still shedding nearly half a million jobs a month.

President Obama pushed through a $787 billion stimulus package within his first month in office to slow the economic slide by replacing retreating private-sector demand, in part, with government spending.

But criticism has been mounting from the left and right, albeit for different reasons, that the plan was misconceived.

Administration officials have argued for weeks that the economic projections made before Obama took office presented an overly optimistic view of the economy, a case Biden reiterated in blunt terms today.

Conservative critics have used the mounting job losses to argue that the stimulus package - a mix of government spending and tax cuts - should have been titled more toward the latter than it was.

Meanwhile, liberal economists such as Paul Krugman have argued for more public spending, just as the stimulus money begins trickling into the economy.

After acknowledging the economic "misreading," Biden said "the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in?"

"And we believe it is the right package given the circumstances we're in," he said.

Asked if a second stimulus package is needed, Biden said it is "premature to make that judgment."

Instead, he said, the administration will monitor the effect of the government spending in the coming months, as the public-works projects financed by federal funds move from the planning stage to the hiring and construction phase.

"And so this is just starting," Biden said. "The pace of the ball is now going to increase."

If they misread the economy so badly then how do they know that the stinulus package was the correct move? The fact is that they don't and as a result we are saddled with more debt than we can ever hope to repay while the economy bumbles along at best.

Post #2161

Kristol Compares Palin to Obama

2009-07-05T18:36:36+00:00

Bill Kristol defends Alaska Gov. Sarah Palin and compares her experience level to that of Barack Obama.

From the Politico

Weekly Standard editor Bill Kristol, who's emerged as one of Sarah Palin's highest profile conservative boosters, defended the Alaska governor's decision to step down today in a panel appearance on "Fox News Sunday," and compared her level of experience to that of Barack Obama, who served less that one full term in the Senate before being elected president.

Kristol, who argued that Obama had markedly limited accomplishments in his brief time in the Senate before kicking off his presidential run, said, "In 2004, Obama had given one good speech at the Democratic convention. And Palin gave one good speech in 2008."

Palin, said, Kristol, is making a sound decision in "a world where people don't value years of experience in Washington, or even conceivably two terms as governor of Alaska."

"It's high risk," he said of Palin's move to resign her office after serving less than one full term. "She's really all-in here. She has no safety net." Comparing her team's national experience unfavorably to those of Bush, McCain and Romney, he said that it will also come down to Palin's personal appeal and talents: "She's really just getting out there and it's going to depend on her talents and abilities."

Kristol added: "I do think the attacks were amazing. She had been the object of more hated, I would say, and more hatred thats been accepted by the mainstream media than any politician I could remember."

Assessing the movie, he concluded, "She had had an interesting political career and I don't rule her out. The odds are against her, but the odds were against her anyway."

But Palin's move has perpelxed conservatives with former presidential candidate Mike Hucjabee telling the Politico that "You don't call a press conference to create questions, you call one to resolve them." and Karl Rove adding that "She can't be a conventional candidate, she never has been."

If Palin thinks that her resignation will slow or stop the media attention on her family or the probes into her governorship, she is more politically naive than everyone thought and may be her undoing if she enters the presidential race in 2012 as expected.

Post #2160

Obama Unhappy With Left Wing Attacks

2009-07-04T22:12:11+00:00

President Obama urges left wing groups to stop attacking liberal Democrats.

From the Washington Post

President Obama, strategizing yesterday with congressional leaders about health-care reform, complained that liberal advocacy groups ought to drop their attacks on Democratic lawmakers and devote their energy to promoting passage of comprehensive legislation.

In a pre-holiday call with half a dozen top House and Senate Democrats, Obama expressed his concern over advertisements and online campaigns targeting moderate Democrats, whom they criticize for not being fully devoted to "true" health-care reform.

"We shouldn't be focusing resources on each other," Obama opined in the call, according to three sources who participated in or listened to the conversation. "We ought to be focused on winning this debate."

Specifically, Obama said he is hoping left-leaning organizations that worked on his behalf in the presidential campaign will now rally support for "advancing legislation" that fulfills his goal of expanding coverage, controlling rising costs and modernizing the health system.

Obama expected nothing but hero worship from both the Democratically controlled congress and the left wing groups that supported him during his campaign. But he has disappointed the left and fellow Democrats by mainitaining some Bush era policies and not going far enough when it comes to climate change, health care etc... At this point it is unlikely that the left will listen to Obama which will only step up their activism in an attempt to force the president to toe the line and show his true colors.

Post #2159

Powell Growing Concerned About Obama

2009-07-04T15:29:33+00:00

Colin Powell who supported Barack Obama for president is grwoing concerned about his agenda.

From the Politico

Colin Powell, who has not been shy about criticizing his own party, reflects a bit of Washington CW in raising mild doubts about President Obama's agenda in an interview slated to air on John King's "State of the Union" this Sunday.

Per excerpts in this a.m.'s Playbook:

KING: So, it’s early but you're a little worried? Is that a fair way to put it?

POWELL: Yes, yes. I'm a little concerned. Concerned would be a better way. I'm concerned at the number of programs that are being presented, the bills associated with these programs and the additional government that will be needed to execute them.

KING: As you go forward — you say you talk to his people. What's your relationship with him?

POWELL: Very good.

KING: Talk to him much? Does he seek your advice?

POWELL: I have met with him not too long ago. I don't insert myself. But, we stay in touch.

Maybe Powell is concerned but Obama seems to ahve taken a "What, me worry?" attititude as the country sinks slowly into the abyss.

Post #2158

Dems Could Pay for Climate Change Vote

2009-07-03T14:48:39+00:00

Freshmen Democrats hope their support for the climate change bill won't cost them their jobs in 2010.

From the Politico

Rep. Thomas Perriello relishes an energy fight with Republicans — even here in the rural Southside.

The freshman lawmaker understands the potential consequences that he and other vulnerable Democrats face for backing a sweeping climate-change bill, and rather than ducking the issue, he’s embracing what may have been the toughest vote of his young political career.

“There’s got to be something more important than getting reelected,” Perriello said in an interview with POLITICO. “If I lose my seat, and that’s the worst that happens, I could live with that.”

But the 34-year-old believes Democrats will win this fight.

“This is a gift,” Perriello said of the vote. “For the first time in a generation, we have the chance to redefine our energy economy. …This is a great moment for us.”

It’s unclear whether voters in this part of Virginia, where tobacco farms are shrinking, textile mills have shut down and unemployment remains well above the national average, will embrace Perriello’s optimism about green jobs and cap and trade. Like many Democrats from Republican-leaning districts, Perriello is back home this week defending what may be a game-changing vote with consequences for 2010.

Perriello is one of the top targets in a national barrage of attack ads by the National Republican Congressional Committee, which has paid for a rare off-year television ad campaign against Perriello and launched radio ads and automated phone calls against a handful of his fellow Democrats.

But Republican confidence may be a little premature.

“This is an issue that is very dependent on the overall state of the economy,” said Larry Sabato, who runs The Center for Politics at the University of Virginia, in an e-mail. “If the economy continues to be bad through 2010, then voters are more likely to give credence to the GOP charges.”

However, “if the economy improves,” Sabato continued, “voters won’t find the attacks credible. Really, how is anybody — even a professional economist — to know exactly what the effect of this bill will be? It’s so entangled with the rest of the economy.”

The president claimed that this was a jobs bill and after a lot of arm twisting the Democrats held forth with the support of some Republicans. With unemployment at a 25-year high and the stimulus not stimulating anything but a larger national debt the last thing we need is more government regulation.

Post #2157

WaPo Reaffirms Commitment to Integrity

2009-07-02T18:48:15+00:00

The Washington Post repsonded to a story in the Politico earlier today that made it look like the paper was influence peddling.

Washington Post publisher Katharine Weymouth adddressed staff today over POLITICO's report on a non-canceled series of dinners in a memo obtained by POLITICO.

Weymouth, who's currently on vacation, wrote that "a flyer went out that was prepared by the Marketing department and was never vetted by me or by the newsroom. Had it been, the flyer would have been immediately killed, because it completely misrepresented what we were trying to do."

She continued:

    I do not normally respond to stories but this one has created enough of a stir that I wanted to take the time to reaffirm our commitment, first and foremost, to our journalism and our integrity. There is nothing more important and no amount of money that would cause us to jeopardize that. We are always looking for new revenue streams but we will pursue only avenues that uphold our high standards of journalism.

    We were planning to do a series of dinners and had requested newsroom participation but with parameters such that we did not in any way compromise our integrity. Sponsorship of events, like advertising in the newspaper, must be at arm's length and cannot imply control over the content or access to our journalists. At this juncture, we will not be holding the planned July dinner and we will not hold salon dinners involving the newsroom.

    We do believe that there is a viable way to expand our expertise into live conferences and events that simply enhances what we do - cover Washington for Washingtonians and those interested in Washington. And we will begin to do live events in ways that enhance our reputation and in no way call into question our integrity.

The Post Ombudsman also chimed in.

Washington Post ombudsman Andy Alexander weighed in on POLITICO's report this morning, describing the fallout from a controversial flier as a "public relations disaster."

Alexander spoke not only to executive editor Marcus Brauchli -- who's said the newsroom hadn't seen the event flier, and if they had, wouldn't have agreed to such an event -- but also to Charles Pelton, who's listed as the event contact.

“There’s no intention to influence or pedal,” Pelton said this morning. “There’s no intention to have a Lincoln Bedroom situation,” referring to charges that President Clinton used invitations to stay at the White House as a way of luring political backing.

Pelton said newsroom leaders, including Brauchli, had been involved in discussions about the salons and other events.

“This was well developed with the newsroom,” he said. “What was not developed was the marketing message to potential sponsors.”

Brauchli acknowledged discussions, but said they had centered on “identifying events that we think are worthy of newsroom participation, whether it’s a conference or a smaller event.”

All I can say is it is a CYA situation.

Post #2156

Pay to Play at the Post

2009-07-02T13:40:47+00:00

The Washington Post has taken a page from politicians by offering access to Obama officials and its own reporters for a fee.

From the Politico

For $25,000 to $250,000, The Washington Post is offering lobbyists and association executives off-the-record, nonconfrontational access to "those powerful few" — Obama administration officials, members of Congress, and the paper’s own reporters and editors.

The astonishing offer is detailed in a flier circulated Wednesday to a health care lobbyist, who provided it to a reporter because the lobbyist said he feels it’s a conflict for the paper to charge for access to, as the flier says, its “health care reporting and editorial staff."

The offer — which essentially turns a news organization into a facilitator for private lobbyist-official encounters — is a new sign of the lengths to which news organizations will go to find revenue at a time when most newspapers are struggling for survival.

And it's a turn of the times that a lobbyist is scolding The Washington Post for its ethical practices.

"Underwriting Opportunity: An evening with the right people can alter the debate," says the one-page flier. "Underwrite and participate in this intimate and exclusive Washington Post Salon, an off-the-record dinner and discussion at the home of CEO and Publisher Katharine Weymouth. ... Bring your organization’s CEO or executive director literally to the table. Interact with key Obama administration and congressional leaders …

“Spirited? Yes. Confrontational? No. The relaxed setting in the home of Katharine Weymouth assures it. What is guaranteed is a collegial evening, with Obama administration officials, Congress members, business leaders, advocacy leaders and other select minds typically on the guest list of 20 or less. …

“Offered at $25,000 per sponsor, per Salon. Maximum of two sponsors per Salon. Underwriters’ CEO or Executive Director participates in the discussion. Underwriters appreciatively acknowledged in printed invitations and at the dinner. Annual series sponsorship of 11 Salons offered at $250,000 … Hosts and Discussion Leaders ... Health-care reporting and editorial staff members of The Washington Post ... An exclusive opportunity to participate in the health-care reform debate among the select few who will actually get it done. ... A Washington Post Salon ... July 21, 2009 6:30 p.m."

POLITICO has asked The Washington Post for a response, and will post it when it arrives.

Everyone knows that times are tough in the newspaper industry but this move by the Post while it may fatten its bank account seriously damages any notion that they are a serious and objective news organization if they are willing to sell access to the highest bidder.

Post #2155

New York Gay Newspaper Folds

2009-07-02T12:29:41+00:00

The harsh advertising climate has forced one of New York City's leading gay and lesbian newspapers to lay of its staff and suspend publication.

From the New York Times

The New York Blade, one of the two major gay and lesbian newspapers in New York City, has laid off its editor in chief and suspended publication, the chief executive of its publishing company said on Wednesday.

“Everyone was let go, but the people on The Blade know that they may come back if The Blade is coming back,” said the executive, Matthew Bank, of HX Media, which was formed in 2005 by the merger of The Blade and HX Magazine.

The moves came on Tuesday after HX was sold to undisclosed buyers. The Blade, a biweekly paper with a free circulation of 22,000, was left with an uncertain future.

“It doesn’t have an issue scheduled until a week from Friday.” Mr. Bank said. “There are a lot of things that can happen between now and then.”

The decision to suspend publication comes at a particularly active period for journalism concerned with gay issues: the 40th anniversary of the Stonewall riots and the gay pride parade on Sunday, the proposed same-sex marriage bill in the State Senate and discontent over the Obama administration’s performance on gay-rights issues.

“It is an incredibly exciting time for gay journalism,” said Kat Long, who had been editor in chief of The Blade since February. “It’s important that gay papers are around to document it.”

Paul Schindler, editor in chief of Gay City News, the rival New York City gay newspaper, said The Blade had “made good contributions over the years.”

While a minority owner in HX Media has gone into receivership, Mr. Bank said that had little to do with the decision to sell the magazine.

Instead, he pointed to the advertising climate: “The economy and the future of print media being more difficult was definitely weighing on us.”

The Blade’s recent gay pride issue had been a relatively slim 28 pages.

“Gay pride is to gay publications what Christmas is to retail,” Mr. Schindler said. “When I pick up The Blade and it’s in 28 pages, then this is a business that is in serious problems.”

The Blade isn't the first and certainly won't be the last newspaper to fold, but considering the relatively high income demographic that it catered to it only underscores how deep this recession is.

Post #2154

Struggling to Save Journalsim

2009-07-02T12:05:50+00:00

News honchos struggled for answers on how to save journalism at a recent Aspen Instutte panel.

From the Politico

“At any given moment, there is a panel taking place somewhere in the world discussing the future of journalism,” Aspen Institute president and longtime journalist Walter Isaacson said at the end of Tuesday night’s panel discussion titled, “What’s the News Worth to You?”

Isaacson’s panel at the Institute’s Ideas Festival in Colorado was just the latest example of such a discussion and featured Washington Post publisher Katharine Weymouth, ABC News’s David Westin, Bloomberg L.P.’s Norman Pearlstine, Time's Josh Tyrangiel and Journalism Online’s Steven Brill.

As is usually the case with such discussions, the group didn’t break any serious ground in determining how to save a troubled journalism industry. In fact, many had to admit that they had no idea what to do.

“We will look at anything and are taking a wait-and-see approach,” said Weymouth. “We think about a ton of things. Everything is open.” When asked whether print papers will always be around, Weymouth said, “I don’t know. I don’t predict. Nobody knows.”

What everybody did know, however, is that the old days of journalism are long gone

“We got spoiled,” said Weymouth.

“We used to be really fat and bloated,” said Tyrangiel.

“There’s been a lot of journalism that’s been done over the years that’s not worth a whole lot,” said Westin. “You could have gotten it anywhere.”

Although Westin and others struggled to agree on a successful business model for news organizations going forward, they all agreed that specialization was going to play a crucial role.

“Basically, news organizations have had a strategy of covering the same news that everyone else does but trying to do it better,” said Westin. “That strategy is no longer a successful one. Half to two-thirds of evening newscasts are basically the same.”

Westin cited ABC News’s coverage of 2008’s Hurricane Gustav as a classic example. “We spent over a million dollars and sent 20 people,” said Westin. “And to be honest? We could have played the same footage from the last hurricane and no one would have noticed.”

Traditional journalism is doomed if the people running newsapapers and television networks can't agree on the best way to save their industry before it's too late. Then again maybe it is too late.

Post #2153

More Bad News For Times Employees

2009-07-01T12:50:11+00:00

Employees of the New York Times Co. received more bad news with the announcement of their retirement fund investment losses.

From the Boston Business Journal

The 401(k) retirement plan for New York Times Co. employees, including workers at The Boston Globe and Worcester Telegram and Gazette, suffered $154 million in investment losses in 2008, according to a regulatory filing.

Net assets of the plan for the Times, which owns the Globe and T&G, fell to $417.7 million.

The plan was particularly hard hit by some $171.5 million in losses within several mutual funds. For example, the plan’s largest holding, the Vanguard 500 Index Investment fund, suffered a nearly 40 percent loss in value. Another fund in the Times’ portfolio, the Vanguard Asset Allocation Investment fund, dropped nearly 32 percent year-over-year.

Only one of its major fund holdings, the Dodge & Cox Income Fund, posted a positive return in 2008.

Investments in fixed income and insurance assets generated $5.3 million in income. Dividend income of $11.6 million also helped offset losses.

Interest income from the company’s borrowing from its retirement fund totaled $594,000.

The Times has traditionally matched a fraction of Globe employees’ contributions to their 401(k) accounts, however a proposal in front of Boston Newspaper Guild leadership would eliminate the program.

The Times wasn't the only company that suffered investment losses last year, but for employees of the paper it only adds insult to injury.

Post #2152