“Recession is when a neighbor loses his job. Depression is when you lose yours.”
Perhaps the above Ronald Reagan quote is a good example of why the Mainstream Media is so gloomy about the economy.
If you’re employed by the MSM, job cuts and downsizing is not only a fact of life, there’s no end in sight for the members of the Media Pampered Class. It’s easy to see why the MSM talking heads are so obsessed with any bad economic news: if arrogance and conservative-bashing are no longer enough to ensure one’s continued employment in the MSM, then the economy MUST be in shambles.
Red Planet Cartoons has a good point in their latest, “Hoping for Recession”. The Mainstreamers reported unemployment of 5.4% during the Bill Clinton re-election campaign as the attainment of economic Nirvana.
Now, with unemployment having just having reached 5.1%, their reporting is anything but subtle: 5.1% is the end of the U.S. economic world.
John Hindraker of Powerline asks a question that everyone (outside the DNC and the MSM itself) already knows the answer to: “Still, it makes you wonder: is the current hysterical treatment of economic news the product of a rational evaluation of the data, or is it just one more sign of the media’s desire to put a Democrat in the White House in 2009?
Do you remember 1996, when Bill Clinton swept to an easy re-election victory over Bob Dole, on the basis of what pretty much everyone in the press considered a near-perfect economy? No “pink slip nation” in 1996!
Actually, though, the unemployment rate in November 1996, when Clinton rode a soaring economy to victory, was 5.4%. That’s right–three tenths of a percent higher than the “grim picture” of a “pink slip nation” painted by this month’s unemployment report.
Of course, that’s one component to the Mainstream’s OC economic reporting behavior. The other one is that many reporters are mistaking the economic condition of the Mainstream Media for the economy as a whole.
Read the rest of “Mainstream Media’s Shifting Economic Definition a Reflection of MSM Woes” at DBKP.com.
* Mainstream Media’s Shifting Economic Definition a Reflection of MSM Woes
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Also posted at DBKP at Blogger.