A full-page ad in USA Today reminded me that today is the debut of Erin Burnett’s CNN show OutFront. Burnett gained a following at CNBC, and came to the attention of many conservatives with a report on the Today show (7/17/07) that managed to touch on almost every conservative myth about the economy, earning praise from Rush Limbaugh in the process.
After a clip of Hillary Clinton saying that soaring corporate profits were “like trickle-down economics but without the trickle,” Burnett made these claims:
But while the rich are getting richer, you may be, too. Here’s why: More than half of Americans are invested in the market whether through a 401(k) plan or buying stocks or mutual funds, and many of those investments are surging. The Dow Jones industrial average is up 12 percent so far this year. And if your retirement plan invested in oil, that alone is up 21 percent. It’s also worth noting that while politicians talk about two Americas, virtually all Americans are seeing wages rise, and unemployment is at an historic low.
The idea that a surging stock market is great news for everyone because we all have a piece of the Wall Street pie is totally misleading–most people have little invested in the market, even when retirement accounts are counted. But Burnett really wanted to push that point–she even squeezed it into an NBC Nightly News segment the same evening (7/17/07), claiming that because everyone has a piece of the action this “means the majority of Americans directly benefit from what happens on Wall Street.”
And when a deal was cut to keep low tax rates on dividends and capital gains at the end of 2010, Burnett explained: “With capital gains and dividend taxes staying low, the half of Americans that own stocks get a benefit there as well.” Except they don’t–very few Americans report any such income.
Back to her Today show segment:
You know, for a while, Matt, wage growth had lagged inflation for most Americans. Right now, though, that’s not the case. Wages are growing more quickly than they have over the past few years. And, you know, you’ve been talking so much about whether the tide lifts all boats, the issue of taxes is important here. The top 1 percent of Americans, Matt, pay 30 percent of taxes in this country. The bottom 20 percent of American wage earners pay only 5 percent.
Over this period there was very little growth in median household income; it’s not clear what Burnett was excited about. And, of course, nothing warms conservative hearts more than complaining about the heavy tax burden of the wealthy. The bottom 20 percent, who are mostly below the poverty live, pay relatively little in taxes because they don’t have much money–according to the Congressional Budget Office (6/10), they make 4 percent of the income in the country, so if they were paying 5 percent of the taxes, as Burnett says, that would be more than their share.
That report earned her praise from right-wing talker Rush Limbaugh. When he reiterated his support for her work on MSNBC, she responded: “You made my day. I’m done now, I’m going home.”
That wasn’t Burnett’s only chance to stick up for the wealthy. She attempted to bat away criticism that TARP bailout funds weren’t going to pay sky-high bonuses–only the evidence would seem to indicate that they were.
Then again, Burnett may be best known for these comments about China:
I think people should be careful what they wish for on China. Ya know, if China were to revalue it’s currency or China is to start making say, toys that don’t have lead in them or food that isn’t poisonous, their costs of production are going to go up and that means prices at Wal-Mart here in the United States are going to go up too. So, I would say China is our greatest friend right now, they’re keeping prices low and they’re keeping the prices for mortgages low, too.
When Limbaugh cheered Burnett, he teased that he was “probably now ruining her career because I have praised her.” Quite the opposite.
Unemployment is at an historic low among the employed. It always has been. People who can’t see that are real downers.
Learn to do pretzel logic at home in your spare time, and you too can have a fabulous career in broadcasting.
I can’t imagine Burnett shopping at Walmart.
I can easily imagine her owning stock in it.
Naomi Klein puts the lie to Burnett’s dissembling:
http://www.democracynow.org/2011/10/6/naomi_klein_protesters_are_seeking_change
As does Matt Taibbi’s piece on a sorry slap on the wrist, while we get the full finger:
Attorneys General Settlement: The Next Big Bank Bailout?
http://www.commondreams.org/headline/2011/10/06-10
No surprises here. CNN has become a FOX, Jr. for quite some time now and the main reason I haven’t watched it for a couple of years. Where’s Ted Turner when we need him?
Yes, indeed, another massive embarassment for CNN, but at least it’s directors and CEOs can face assholes like Rush Limbaugh and Burnett’s future husband on the golf course and hold their heads up high. Burnett’s just a nice, pretty (and don’t think this has escaped Limbaugh’s notice) sorority girl out of a nice, wealthy background and tutelage who’s learned all the right things. She’s perfectly snotty, rude, and ignorant, the wet fever-dream of unbearable turds like Limbaugh and the ascendant media-right. She’s Rush’s bastard media love child, born out of fear (CNN’s), ignorance (your average FOX/CNN consumer), and greed (most of the Beltway media). She’ll go far.
Maybe. The current Wall Street occupation, along with ordinary American’s rude awakening at the wheel of their destruction via Wall Street and craven, run-amok capitalism might cause the ordinary people (the 99 percenters) to look at chumps like Burnett with a new viewpoint. a new discernment. Here’s hoping.
This whole article is trying to say that if we can only bring those who are successful down we can………(can you feel the silence?)
That if we can only take more of what they have we can……..(more silence)
Class warfare really has nothing to stand on.I just feels better to know people are hurting like you.Even if what it accomplishes is nothing.
“Pretzel logic”….so well said
So having all those cheap toxic toys from China is a good thing…who knew?
Once again Michael, NOBODY wants ALL the money from your sweet rich people. Nobody argued with a healthy profit when a healthy society came with it. The concentration of wealth with only 2% of this society is unhealthy in the extreme. Pretty soon we will not even be able to afford those lovely toxic gifts of the free market at all. That would be a mixed blessing indeed. Take a look at some of those lopsided societies why don’t you. Study them well because we are fast becoming one.
You can’t have a free prosperous democratic society if only 10% of the population has close to 70% of the wealth. It just can’t happen. You become a de facto 3rd world country. Welcome to our world.
It is class warfare – and you wannabe republicans are expendable to your owners.
Carol look to the right to stand “tougher” on Chinese manipulation of their currency(listen to Trump on this).Lets face it-Obama craps his pants every time the Chinese (food) delivery man comes to the white house door and holds his hand out.
As far as the concentration of wealth…there is no pot of money that the rich hold under lock n key in the black tower.Never letting anyone else in.It is not like shared stocks with only so much printed ,and held for sale.This is class warfare nonsense.Just another canard to disempower people with a dream.Steve Jobs was told his idea was crap too.He was told he could not do it.That he could never enter the hallowed halls of the successful few.He brushed that(your mantra on the left)aside without so much as a second thought.And don’t worry about Bill Gates being worth a 100 billion…. or 500 billion.It does not effect you except in a good way.Worry about the total loss of jobs do to this administrations mishandling of an already bad economy.Every pressure they put on job creators, or business creation is the village idiot’s game.No body is buying it.Taxing the so called rich at higher levels will(and please listen to this)NOT ACCOMPLISH ANYTHING.Listen to Bill Clinton recently when he said exactly that.It is a feel good moment for the left.As usual short sighted, and not helpful.
Recently I was thinking about Bill Gates.Think if he would of stopped at making his first million in line with Obamas “when is enough enough”leftist ideology.What a different world it would be.And how does his wealth effect me?The wealthiest man in the world?NOT ONE BIT.Except for some lousy computer things i grumble about -i don’t think of him or curse him on a daily basis.We need a million more like him.
And never say that there are not people who want 100% of what the rich have.They are on these blogs love.
My inner TimN says don’t respond to Michael’s TP rhetoric, but I’m weak. After an over 30 year decline of the middle class and a steady rise in income disparity,do you seriously offer an explanation that blames this country’s woes on Obama?? How very TP of you. That alone discredits your “logic”. AGAIN look at the very simple charts that show quite clearly who made this deficit riddled economy.The Repubs great love of paying for things on credit is no secret. I do not think Obama is helping but not for the reasons or lack thereof you give. Obama, like Clinton, is a Repub President. I don’t know why you don’t hold them in the highest esteem. Obama lost my vote with his great relish of never ending war, but make no mistake who started these wars. You are right Repubs lead…they lead us right into war and huge deficits.
As for “no pots of money”. get real, Michael. There are great big pots of money sitting overseas that your sweet 2% is holding hostage and will not repatriate until their demands are meet on taxes. There are great big pots of money in illegal Swiss bank accounts and nobody goes to jail but the whistle blower. There were great big pots of the people’s money that disappeared in Bush’s war frenzy, or do you think that massive debt spent on these wars went to properly arming, feeding and care of soldiers?
I do not think being wealthy is evil. Most people don’t. That is a false accusation. It is when the wealthy abandon the society they live in and focus on nothing but more, more, more money at the expense of that very society, that we have a problem. If an economy can not sustain more than 2% of its society then it is an economy that is not worth having. The dementia of trickle down NEVER worked. If it did thousands would not be in the streets now. And by the way all this bashing of the 99% because they are hitting the streets shows how the “pretzel logic” (thanks, Glenn) of the TP shows them to be great hypocrites. You guys with your paltry numbers thought you were great patriots when you were out there with your racist tee shirts and racist misspelled signs in your buses bought and paid for by no “grassroots” organization but by the Koch Bros and their ilk who were laughing at you every step of the way for the pawns that you are.
And taxing the rich at higher levels in the past created one of the most equitable, prosperous societies ever on this earth. Turning that table and deregulating greed got us here today, Michael, not Obama.
Don’t say I didn’t warn ya, Carol. And there’s no real Tea Party–they’re just the most ignorant reactionaries come home to roost in their natural coop, the Republicon Party.
In Reply to Michael e: Increasing taxes on the wealthy back to what was good for America’s economy in the past “WILL NOT ACCOMPLISH ANYTHING.” Not so. It will pay for the jobs bill currently in the congress. Improved and dangerous outdated infrastructure and jobs are a plus to this economy. However, I will agree with your point to a lesser degree as without regulation of the banking and financial industry, we are headed for another downward plunge.
Kopes that jobs bill is a joke.Doubt it would pass on the left.Perfect example.Obama will tax success and subsidize failure for….A JOKE!
And the downward plunge is a given…if the private sector cannot recreate wealth.Government out of the way please
Carol if you have an inner timN -than you DO have a socialist bone(head) in your body, and need it removed toot sweet.
Obama’s economic ideas crashed so he must be a republican huh?He wasn’t Lib enough.Oh so is that it? Thats why it all failed?What a load of bunk.And the Rs are bigger spenders than the left huh?On what planet?And taxes on the rich(who already pay all the taxes)and support 50% of the population and 76% of the economy(not 2%)will fix all huh?Even Clinton says that is nonsense.No insult intended -but I believe him over you.
So we wear racist tea shirts and are payed of by the Koch brothers huh?Never saw a racist shirt or a K brother at any rallies ,but you believe away.Wanna see racism?Watch if mr Kane gets nominated.Racism is alive and well on the left.only they throw race cards.Buy It is a free country after all.Go say we all wear white hoods for all I care.It’s crap.Let me leave you with a thought.Your president dumped trillions on the heads of this economy.Round about 4 trillion.Barely created a single job.But you actually believe if only he can squeeze a couple million more out of the rich all will be well?you look to better times in the past and this is what you gleam from that history lesson?Let me write this in crayon for you.Tax the rich(all those making over 250 thou) at 100%.Times it by 5 and you can’t touch this problem.it is not a fiduciary problem.Do the taxes you want and this bloated government will spend it all in a sneeze.
Deregulation did not cause this problem. “Not enforcing” the standing regulations helped big time.Clinton and reno forcing the banks to sell bad loans and bundle them helped.Massive socialist Dem run things like Fanny and Freddy began the fall.And yes republicans also spent too damn much.Bush was no conservative.
But Obama was like a million leeches applied to a hemorrhaging man.The wrong medicine at the wrong time.
You were soooo right, TimN!!! The pictures of your racist brethren were everywhere on YouTube, Michael. Maybe you didn’t see them because they weren’t drawn in crayon. By the way the word socialist does not make normal people sh** their pants.
Carol i was in New York this past week looking at the parade of idiots .Wanna know how many signs there were depicting bankers hanging from a rope?Or with a spike through the head?You get the general idea.I counted 16! I pointed out to my friends that a lot of the depictions looked like the old characters of “the dirty jew”,we have seen in news reels.Not a word in the press.Not a picture in the news.Disgraceful.
I have been to all the major tea party rallies in my area.I have never seen ,or heard anything racist in any way ,shape, or form.You have to learn that pointing at people who don’t agree with you, and calling them racist may be an effective liberal trick…..but it does not make it so.Clean your own filthy house before you worry about anybody else’s.
Socialism does not make me shit my pants.Little sick to my stomach
Michael,
You are truly one of the dumbest motherfuckers that I’ve had the displeasure of reading. The extensiveness of your imbecility is breathtaking.
Rob go to New york.See for yourself.Count em yourself.They were still there yesterday.Just more than the last time i counted.Go now.no need to argue about it.They are there right now.It is not like the figments in peoples imagination concerning the tea party that seldom happened.It is as we speak.
Ever look at where the majority of wall street money ,and corporate money went last election?Ever check how many banks paid back their government loans -with interest?Ever look into how GM’s payback is going? And Im dumb?Dude you are a wooden headed puppet.Dancing ,dancing,dancing for a wooden headed puppet master.