Yesterday on Fox and Friends, Dan Gainor, Vice President of the Business and Media Institute, along with conservative hosts Steve Doocy and Brian Kilmeade, concluded that America’s economic downturn was the result of the “mainstream media.” Doocy, Kilmeade and Gainor explained that news outlets like the New York Times and the three major television networks are talking themselves, and the American public, into recession.
Sure, the media has been talking about the economy, but so have LOTS of other people. It’s amazing how easily Fox News is able to ignore the opinion of prominent economists, business leaders and government officials in this dialogue.
–Warren Buffet: “I believe that we are already in a recession […] Perhaps not in the sense as defined by economists. … But people are already feeling the effects of a recession […] It will be deeper and longer than what many think.” [USA Today, 5/26/2008]
–Alan Greenspan: “I still believe there is a greater than 50 per cent probability of recession.” [Financial Times, 5/27/2008]
–Sen. Chuck Schumer (D-NY): “Americans are being squeezed at every possible pressure point – at the gas pump, at the grocery store, by their mortgage company, and by their employers. Just because President Bush won’t say the word doesn’t mean Americans aren’t feeling like we’re in a recession.” [Joint Economic Committee, 4/30/2008]
Fox has apparently forgotten to read the news themselves — unless Doocy, Kilmeade and Gainer think that the ‘media’ went out at night and set the price of gas at $4.00/gallon , increased the number of food stamp recipients by 7% nationally and placed 649,917 homes in foreclosure during the first three months of this year.