The economic data today highlites the paradox in media presentations of financial news. The networks are hyping the continued slide in the consumer confidence survey but ignore the fact that consumer spending is not falling. The consumer spending number is harder to manipulate since it is based on reported spending hard data. But the consumer confidence number is not a government regulated process and can be easily manipulated by both the selection of whom to survey and the political leanings of the responders. Regardless of fact, the responders often provide views which support the political positions of the party they support. And one party in particular has a vested interest in a perception of a crippled economy.
I know you're joking; but it brings up something that's disturbing: Do the morons on CNBC "report" the business news,,, or do they "create the panic" for ratings? They always love to stick their noses up the butt end of every CEO and try to claim that you have to overpay for "talent." Today I think that asshole CEO Schwartz at Bear Sterns is worth 2 cents!!! And he's overpaid!!!!
You make a good point. CNBC and its sister networks (NBC, MSNBC) have a vested interest in hyping a bad economy. They have been doing this since the surge in Iraq started showing progress. And as the situation in Iraq improved, their rhetoric became more and more intense. It is more than coincidence that this coincided with the shift in the democratic campaign strategy to focus on the economy rather than the Iraq situation. It was hard for these networks to continue their "failing surge" hype in light of positive results. So they followed the lead of the party platform and shifted to a failing economy strategy. So it will be interesting to see how fast the financial "crisis" disappears if they regain the white house.