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Daily Archives: October 3, 2012

Economic Statistics for 3 Oct 12

The following US economic statistics were announced today:

ADP private payroll employment for September was estimated at a gain of 162,000, but they’ve been overstating the actual Employment Situation as released by the Labor Department. Last month, the BLS reported half the number of new jobs ADP did. So, if that holds, expect 80,000 net new jobs in Friday’s Employment Situation, which is…not good.

The MBA reports mortgage applications rose 16.6% last week, as purchases rose 4.0% and refinancings rose 20.0%, as homeowners refinanced homes at record rates to take advantage of lower mortgage rates.

The composite index from the ISM non-manufacturing survey for September rose 1.4 points to 55.1, thanks to a big jump in the new orders component to 57.7.

~
Dale Franks
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MSM – the traditional Democratic ally?

I’m sure you’re watching the MSM give a huge collective yawn concerning the Obama video that has been surfaced showing an Obama that most of America hasn’t seen.

“Old news” they’re saying.  “We’ve covered it,” they claim.  Funny, I don’t remember it (oh, it was on MSNBC?  No wonder no one has seen it).

Meanwhile the MSM is fixed on 1985 videos of Mitt Romney and his stance on … Vietnam?

Ed Driscoll, via Instapundit, sums up a couple of points that are pretty much true.  First, he quotes Andrew Ferguson at Commentary, who makes a good point using the Heisenberg Uncertainty Principle as a basis:

Heisenberg’s principle can be crudely generalized (it’s the best I can do) as follows: An observer can change the nature of a thing or an event merely through the act of observation. Observation all by itself can become an intervention. Heisenberg was describing how reality works at the level of quantum mechanics, where a wave becomes a particle and vice versa depending on how it’s being measured. But it applies, too, at the level of political journalism, where reality is even stranger. There, facts can become interpretations, interpretations can become facts, and events of no significance can achieve an earthshaking importance simply by virtue of being pawed over by a large number of journalists.

A typical journalist, if he’s any good, insists at least theoretically on the iron divide between observer and participant. At its best the press corps sees itself as a squadron of Red Cross workers, wandering among the combatants in a battle zone and ensuring their own safety with a claim of strict neutrality. The Heisenberg Principle of Journalism puts the lie to all that. You see it at work whenever a news anchor announces that “this story just refuses to go away” or a headline writer insists that “questions continue to be raised” about the conduct of one hapless public figure or another.

The story refuses to go away, of course, because the anchor and his colleagues won’t let it; and the questions that continue to be raised are being raised by the headline writer and his editors. Reporters create more news than anybody, just by pretending they’re watching it unfold.

How often have we seen the absolute over-kill by the media on stories most would consider trivial.  It seems to always depend on who is involved, doesn’t it?   But, as Bengazi and Fast and Furious are proving, the inverse is also true.  The MSM can blatantly ignore what most would consider important stories as well.   Driscoll lists the exceptions:

Let’s.  And that’s precisely what the media is doing.  I’d also add to that list a litany of economic failure that is simply being ignored.

Or to put it another way, as the Washington Examiner notes tonight in an editorial, “To believe Obama is to forget the last four years.” That’s what both the Obama Administration and their palace guard are hoping.

It has gotten so obvious that even Howard Fineman has criticized the press for its obvious bias and its selective coverage.  Pat Caudell went off on the media just the other day.

The intent of the media?  To drag their chosen one across the finish line regardless of how poorly he’s done.   There seems to be no attempt to hide it anymore.  Simply peruse the stories of the day, identify what should be the stories of the day (a useful tool is to identify something not being covered and say to one’s self “if that were a Republican president …”), and it becomes clear which side, literally, the press is on.

Tonight is going to be interesting as well.  We’ll see how subtle the “moderators” of the debate are going to be about their bias by the questions they ask.  Will they focus on the economy, the unfulfilled Obama promises, the disaster his foreign policy has become, ObamaCare and its cost, etc.  Or are we going to talk about “lady parts”, what Romney said in 1985 and the evil Bain corporation.

My guess?  Not much economy, not much Obama record, lots about Mitt’s past (with the excuse that we know about Obama, but this is an opportunity to introduce America to Romney).

~McQ
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