Tag Archives: bloomberg

Media: GOP Blocks Unemployment Bill to Hurt Economy Before Midterm Elections

On Thursday, a new unemployment bill died in Congress as Senator Ben Nelson (D-Neb.) joined Republicans on the grounds that government spending can’t go on forever. Instead of reporting both sides, the media couldn’t seem to hide their anger. The bill was called a “jobless aid” package that “governors were counting on” to help “the poor” across the nation. Almost all news reports began from the Democrat perspective and waited several paragraphs before weakly defending Republicans. Worse yet, a consensus with far more damaging impact began to grow: the loss will cause the nation’s economy to fall into a double dip recession, and it will be entirely the Republicans’ fault. Never mind last year’s stimulus bill worth $700 billion, or the bank bailout of 2008, both of which have failed to live up to promises of recovery. No, our economy is suffering because fiscal conservatives won’t spend even more. The Seattle Times was quick on the draw Thursday night with a clearly disappointed report headlined ” Republicans Continue Blockade of Federal Aid Bill .” What followed was an obviously biased effort to paint Republicans in a bad light: Senate Republicans on Thursday once again blocked legislation to reinstate long-term unemployment benefits for people who have exhausted their aid. With the Senate apparently paralyzed by partisan gridlock, the fate of the aid, as well as tax breaks for businesses and $16 billion in aid for cash-strapped states, remains unclear. Dozens of states, including Washington, are hoping for federal aid to help balance their budgets. Republican lawmakers – joined by Democrat Ben Nelson of Nebraska – maintained a unified front to sustain a filibuster of the $110 billion bill. The vote was 57-41, three short of the 60 needed to cut off debate and bring the bill to a final vote. Democrats said they would give no further ground and put the onus on Republicans to make concessions. Those who have “exhausted their aid” are the long-term unemployed who received financial assistance for up to 99 weeks already. Republicans seem to have this crazy notion that receiving government assistance that long might be long enough, and perhaps it’s time to start asking if Keynesian economics is working. But according to the Seattle Times, that kind of talk is just “partisan gridlock.” The article quoted one Republican against three Democrats and never got any deeper than vague concerns about the national debt. Toward the end, the Times went to White House Press Secretary Robert Gibbs to imply that Republicans were sabotaging the economy: In a statement, the White House vowed to keep pushing for the bill. “The president has been clear: Americans should not fall victim to Republican obstruction at a time of great economic challenge for our nation’s families,” spokesman Robert Gibbs said. By Friday morning, this became the battle cry for reporters around the country. Reuters published an article that advanced the point in plainer terms: The bill, which also would have provided more aid to cash-strapped states for the Medicaid health program for the poor, fell a few votes short of the 60 needed to advance in the 100-member Senate. One Democrat, Ben Nelson, joined 40 Republicans to block the measure. Democrats argued that the bill would have helped shore up the fragile U.S. economic recovery, a priority for President Barack Obama’s administration. Yes, saving the economy has been one of President Obama’s priorities for some time now, mostly because nothing he does seems to save it. But Reuters didn’t have time to mention an inconvenient thing like that. Readers were expected to believe the premise that one more spending bill would have shored up the economy if not for those meddling Republicans. A few hours later, the Associated Press got involved with an even sharper accusation aimed directly at Republicans: The rejected bill would have provided $16 billion in new aid to states, preserving the jobs of thousands of state and local government workers and providing what White House officials called an insurance policy against a double-dip recession. It also included dozens of tax breaks sought by business lobbyists and tax increases on domestically produced oil and on investment fund managers. “This is a bill that would remedy serious challenges that American families face as a result of this Great Recession,” said Max Baucus, D-Mont., the chief author of the bill. “This is a bill that works to build a stronger economy. This is a bill to put Americans back to work.” How strange that quote didn’t show up in the early dispatches Thursday night. It’s almost as if the media spent Friday collectively drifting toward a good narrative. By 4:00 Friday, the economy-sabotage angle was official. The Washington Post’s Greg Sargent used the Plum Line blog for the announcement : A number of bloggers today have been up in arms about the apparent failure of the jobs bill in the Senate, now that it looks like no Republicans will help Dems break the GOP filibuster. This could have terrible consequences, and Senator Debbie Stabenow, in particular, is furious. Today she argued that Republicans want the economy to tank in order to help themselves in the midterms Thus in less than 24 hours, it went from Republicans worrying about the national debt to Republicans purposely tanking the economy just to embarrass Democrats. Not to be left out, Bloomberg’s Shobhana Chandra also cut right to the bone in an article on Friday: The Senate’s failure to pass legislation extending unemployment benefits will slow the pace of the U.S. recovery, said economist David Resler. The bill’s demise will trim economic growth by 0.2 percentage point this quarter and by 0.4 point in the period from July through September, estimated Resler, chief economist at Nomura Securities International Inc. in New York. So you see, economic growth apparently comes only by way of government spending, and this time there’s a real expert to say so! But all is not lost. While working hard to opine on the terrible news, Chandra inadvertently let something slip: Resler estimated that the unemployment rate, 9.7 percent in May, may decline by as much as one percentage point as some workers drop out of the labor force and others accept jobs they might have rejected earlier. Wait…when people finally realize they can’t live on government assistance forever, they might buckle down and accept a tough job? This nugget appeared exactly 11 paragraphs down from the headline and was quickly glossed over. So maybe, just maybe, Republicans are trying to enact market-based principles by urging people to go back to work. Maybe it has nothing to do with sabotaging the economy after all. Don’t count on that particular narrative to grow any legs, though. An hour after the Washington Post hit piece, the Associated Press was back for more : Labor Secretary Hilda Solis said Friday that Senate Republicans could be prolonging the recession by opposing a spending bill that would have extended unemployment benefits. Solis, talking to a group of Latino government officials in Denver, said Republicans were wrong to oppose to a broader jobs bill that would have extended jobless benefits for about 200,000 people a week. She warned of dire consequences if benefits are shut off. “This will be devastating and could take us back to a deeper recession,” Solis said Oh yeah, urging healthy workers to accept less glamorous jobs is really the “devastating” consequence of a diabolical Republican strategy. Good to know we have professional, independent, unbiased journalists hard on the trail of Republican masterminds. 

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Media: GOP Blocks Unemployment Bill to Hurt Economy Before Midterm Elections

Ground Zero

Yesterday we accompanied Mom and Dad to a September 11th memorial ceremony at Ground Zero in New York City. Mom and Dad met with Senator Obama and they accompanied New York Mayor Mike Bloomberg to the temporary memorial that exists in the middle of the construction site where the towers once stood. It was a day of somber reflection and remembrance.

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Ground Zero

Culture of Fear Inflames Financial News Wires

Bloomberg News staffers no longer have the market on fear and loathing cornered: Informants tell us that high-stakes monitoring of reporters’ performance has poisoned the atmosphere at Reuters and the Associated Press business desk, too. On Wednesday we reported on how Bloomberg’s neo-Soviet method of tracking scoop production, “Breaking News Points,” led to perverse outcomes like the obvious misrepresentation of some stories as exclusives and waning enthusiasm for enterprise journalism. On top of all that, we were told the system exacerbated a newsroom culture of paranoia and fear. Almost immediately, we began hearing from business journalists about similar problems at Reuters and AP Business. Our AP source says a majority of the staff — 90 percent, this person claims — are about to send a jointly-signed letter to Business Editor Hal Ritter accusing him of “installing a culture of fear.” Chief among their complaints: An annual review process “in which the entire staff is slammed.” Why would the news cooperative’s management want to demoralize staff like that? One theory is that the negative reviews would allow the newswire to cut more staff loose without having to pay severance. Then there’s Reuters, and its “Beats and Exclusives” scoop-tracking system — “the bastard twin to the one at Bloomberg,” as one source described it, in which the act of breaking news first is recorded via written “notes.” The “Beats and Exclusives” system wasn’t a very big deal until this year, when for the first time it will be used as the basis for pay, says our source, following an impasse in negotiations between Reuters and a union to which its journalists belong. Now “reporters who don’t file the requisite number of beats and exclusives will take it in the paycheck, so to speak.” It’s not clear how widely within the global Reuters newsgathering organization this change will spread, but our source indicated the new connection between pay and “Beats and Exclusives” notes is the reason New York Equities Editor Martin Howell this week implored staff to file fewer such records of scoops. You can read his internal memo here ; it was first printed by Talking Business News. Dig the part where he says Reuters reporters should write more about Reuters clients. The abuse we’re told is rampant under the Reuters “Beats and Exclusives” system should only get worse now that money is involved. Our source: The people who actually file [“Beats and Exclusives” notes] tend to shamelessly game the system by trying to get credit for non-news that no other outlet had or cared about or for “exclusive” executive interviews that broke zero ground. I can’t imagine what’s going to happen now, when jobs and pay are on the line. Of course, the fact that so much is on the line is, from a management standpoint, the precise reason for the system, as well as for the fearsome annual review at AP Business and for the Breaking News Points system at Bloomberg. The financial wires are being battered by several disasters at once: The implosion of financial services; the meltdown in the traditional news media; and a broad economic recession. This is the maelstrom that has AP lashing out at Google , that has seen Reuters spike a perfectly good investigation into one its investors and that led Bloomberg to kill a coverage expansion that was the pet project of its editor-in-chief. Executives are scared, and when executives get scared editors get scared. Said editors are now so frightened that they are positively racing, it would seem, to ape Bloomberg’s longstanding culture of near-psychotic paranoia — racing everywhere but at at Bloomberg, where they are scrambling to become even more Stalinist than they already were. The trouble with panic is that it actually makes a person (or, ahem, organization) less able to tackle challenging situations. Which helps explain why these scoop-measuring systems are now significantly inhibiting the very thing they’re supposed to be monitoring, by sapping time and energy from working journalists. Hence Howell’s memo to chill out with the scoop “notes,” and hence the plan we’ve been told Bloomberg has to tweak its Breaking News Points system again in 2010. Here’s a better idea for finance wire managers: Take the money earmarked for performance monitoring overhauls and rewarding Breaking Exclusive Scoop Beat Things and plow it into several dozen rounds of beers, and maybe some hot cocoa and rice krispy treats or whatever, spread out over the course of the year. Then when the time comes to let people go, as it probably will, do the sort of agonizing you knew deep down you’d have to do at layoff time even after you started pretending you could judge everyone using statistics. You’ll probably still feel terrible, but your (more) relaxed and brave reporters will have created an atmosphere where it’s much easier to hire people back when the rebound comes, and where it’s more likely you’ll still have lots of readers — err, clients — still paying for your content. Or just keep doing what you’re doing and hope (in vain) your staff doesn’t blow off steam by sending their horror stories and rants to tips@gawker.com . It’s cool either way, as far as we’re concerned. (Top pic by artemuestra on Flickr ; second pic by Max Sang )

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Culture of Fear Inflames Financial News Wires

Calculated Risk: Report: BofA CEO Ken Lewis to Retire

Report: BofA CEO Ken Lewis to Retire. by CalculatedRisk on 9/30/2009 05:48:00 PM Continue reading

Your Bernie Madoff Penis Size Update

Yes, we know Bernie “Winky Dink” Madoff had a small penis, thanks to author/ lovah Sheryl Weinstein —but do we know enough about his penis’ circumference and performance? Now we do. Respected finance-oriented news service Bloomberg helpfully provides these updates : “Bernie had a very small penis,” she wrote.

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Your Bernie Madoff Penis Size Update

Sorry, Reasonable Republicans, But These Are Literally ‘Brownshirt Tactics’

Michael Gerson says we should never, ever, ever accuse anyone of behaving like a Nazi , because the Nazis were super, super evil. There is an internet law about it and everything: as soon as you call someone a Nazi you have lost the argument. We won’t quibble with that law’s infallibility when it comes to, you know, overheated message board (or chat show) arguments

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Sorry, Reasonable Republicans, But These Are Literally ‘Brownshirt Tactics’

Betsy McCaughey, Liar

Betsy McCaughey is a professional liar. She lies

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Betsy McCaughey, Liar

Ben Silverman Leaving NBC for Online Venture With Barry Diller …

Ben Silverman , the embattled chairman of NBC Entertainment and Universal Media Studios is leaving the company and partnering with Barry Diller’s IAC to launch a new company, which, according to Bloomberg, will capitalize on the …

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Ben Silverman Leaving NBC for Online Venture With Barry Diller …