Comments on: And the band played on: covering the economic crisis

By: Yeh Ling-Ling

Yeh Ling-Ling — Thu, 16 Jul 2009 19:05:30 +0000

When will the media inform Americans that the U.S. cannot achieve fiscally responsible health care reform or substantially reduce unemployment unless we first drastically reduce legal and illegal immigration although some immigrants are great assets to the U.S.? I used to prepare immigration applications.Acording to the March 2007 Current Population Survey conducted by the U.S. Census Bureau, about one-third of all foreign-born lack health insurance; immigrants and their U.S.-born children under 18 accounted for nearly one third of all people in the U.S. without health insurance and more than 70 percent of the growth of the uninsured population in the U.S.Meanwhile, every year one million legal immigrants, at least half a million illegal migrants, plus hundreds of thousands of “guest workers” continue to enter the U.S. Their U.S.-born children are American and will be eligible under the Obama health plan.President Obama and Congress should be aware of the explosive fiscal burden if the misnamed “comprehensive immigration reform” — amnesty and massive guest worker visas — promoted by open-border advocates is enacted. That “reform” could add over 120 million U.S. and foreign-born relatives of legalized people and “guest workers” to the U.S. over the next 20 years.Not only will these newcomers need jobs, they will also require health care, education and other social services whose expenses could well exceed the tax dollars they will generate because of their low incomes.Decades ago, China already understood that population growth would impede its economic success. It has seriously restricted immigration even for people of Chinese descent. When will American leaders stop burrying their heads in the sand?

By: Jim E

Jim E — Tue, 27 Jan 2009 16:05:42 +0000

I know your business is selling information and getting eyeballs on media print… but at least state that as a qualifier of ALL information before pretending to report the facts and not promote an agenda for sensationalism and sales.To wit: Why is it that in “reporting” the issue with Citgroups 50mil plane contract the 70 BILLION GIVEN to that group is characterized as a “rescue” (mind you this is money given, not borrowed) where as a manufacturing base like the domestic auto industry is listed as a MULTI BILLION BAILOUT when in fact it is a loan to be paid back?This is a small not so subtle unconcious mind slip that speaks volumes about the intention.Some people just read…others actually think, compare, and watch that the walk matches the talk!Be honest, look up this word in an dictionary then maybe try standing on solid ground.

By: magster

magster — Sat, 17 Jan 2009 18:06:32 +0000

Of course, we won’t see this posted. I’m wondering about Randy Fabi’s report in 2003. http://www.boston.com/news/nation/articl es/2003/10/11/fda_warns_of_food_terroris m/I find it interesting that we have been warned FOR YEARS of agroterror, yet reuters has been SILENT since this report. I’ve decided that you guys are just another pawn of the government, not real reporters. Basically, you lie for them. What is the evidence for MY report? Do the research. http://fpc.state.gov/documents/organizat ion/73987.pdfhttp://www.state.gov/g/oes/ rls/rm/2006/77206.htmhttp://www.cidrap.u mn.edu/cidrap/content/bt/botulism/news/a ug0207botulism.html

By: john hurd

john hurd — Mon, 22 Dec 2008 22:46:18 +0000

Dean, why is everyone talking about how bad things are and no one it talking about the feeding frenzy that’s going on in the housing market. No one it talking about the large REO’s out there buying houses in blocks at a time at .25 cents on the dollar. We just bought a home in the mountains that just 18 months ago was $500,000 now it’s half that.One more thing I don’t hear is how the only way to change this slide is for everyone man, woman and child need to get out there and spend, spend, spend. The more comsumers hold back on spending the worse it’s going to get. The new slogan should be ” you have to spend money to make money”. If that doesn’t start soon we’re all heading to the end of the good times.Our job is to consume….jh

By: Mike in Providence

Mike in Providence — Mon, 22 Dec 2008 21:47:54 +0000

Given the ability for anyone to be so readily published, the media certainly is not the prime suspect….but I do wonder if our English language is the prime suspect…after all, how could anyone who handles investments could be duped into believing that any investment vehicle so labeled as SUB-prime could be worthy of consideration? Unless of course, an independent arbitrary source rated the investment…say wait a minute….WE ALL were duped! ! ! Where was/is the media in investigating how credit ratings were so manipulated?

By: Robert

Robert — Sat, 20 Dec 2008 21:40:21 +0000

Let’s blame bush or Paulson or Wall Street. No wait lets blame the people that wanted six digit houses and only wanted to pay a small payments. The people that want to blame someone else need to look at them self. If you did not take one of these loans then life sucks for you and you need to call your congressmen every day and say enough is enough. When are we as a society going to get it and start doing the right thing, a true free market, less government and responsibility of are self. I don’t know if the media over covered the bubble or under covered or not, I know I am tried of hearing about it. All so we must start demanding are government to start living in there means. Also the moron that said every American should get money from the government should be taxed 99% for saying that.

By: F.Daruwala

F.Daruwala — Thu, 18 Dec 2008 14:35:25 +0000

In America the Financial Services Industry is heavily overpopulated. Too many people trying to earn something out of nothing. The number of Intermediaries is too HIGH. Analyst estimates of Earnings is too rosy,if not fraudulent. Rating Agencies are dishonest.How many Financial Reporters have questioned whether America qualifies for a AAA rating? There is no Regulation and no Oversight.We hear the dubious stories that that X,Y or Z are too big to fail. If such be the case why on Earth were Companies allowed to become so Big? If so please break up these too Big Companies – Goldman,JP Morgan,Morgan Stanley,AIG,GM etc into 4 or 5 pieces and Sell them off. And can someone please ask Paulson and Bernanke what they are up to. A 1% US Fed rate(Thank You Mr Greenspan) caused giant Global Bubbles. A 0% Fed Fund rate is going to solve all our problems? So we must assume there is no RISK attached to Credit,just as Wall Street imagined when they went on a 6 year Credit binge. Are these guys Economists or Lunatics? The Price that will be paid for this folly is unimaginable. Why not Paulson send a cheque for a Million dollars to every American citizen — problems solved ????Morons !!

By: Mahesh Natani

Mahesh Natani — Thu, 18 Dec 2008 04:09:50 +0000

Mr Wright,The credit crises of US are not going to come to an end unless the administration or treasury dares to know the exact magnitude of the credit default swaps(CDS)market which is whopping around $60 trillion for all the global banks and insurance companies.It is an off the balance sheet item and creates problem for a bank or insurance company when gets added to its balance sheet in the wake of deepening credit crises.Citi and AIG have been victims of this phenomena. As the CDS market is presently not regulated,no aunthetic figure is availabe about each bank or insurance company’s exposure to it leading to distrust among banks.Any stimulus package by the next US government without knowing the depth of this disease will backfire and will unnecessarily burden the gullible tax payers of America.Yours Truly,Mahesh Natani,Financial consultant,Indore(India),Date :18.12.08

By: Street

Street — Wed, 17 Dec 2008 16:54:55 +0000

Ahh, Mr. Wright,Did we in the media do our job in reporting on the financial crisis, both before the market collapse in September and since?Let me answer your questions directly. . for starters, since the late summer of 2008, when it was slap in the face fact of markets collapsing… yes, those in the media started reporting on it. Even then, grudgingly. NOT ONE media organisation reported on any rumination’s before the market collapse in September however. In fact, I laughed the other day, as I lay down some newspaper on the floor as I started re-painting my flat (a copy of the Financial Times no less, dated late 2007) that stated more optimism is needed, instead of worry. Perhaps John Authers (of the FT Short View Column) was the most sensible on reporting. This is why he became my favourite columinst.Are we being careful enough not to sow panic and make things worse?Perhaps your esteemed selves are living up to that, but not some of your colleagues in the industry. In fact, there still, even today, seems to be a large portion in the media who think “it’s bottomed out” and it’ll all be over by Christmas! Then, there’s the flip side, PANIC, BAD NEWS, sell it. There genuinely is no sensible, intelligent and balanced agenda in the media anymore.How can our reporting help you weather the storm?Glad you ask this. . .well, lay the facts out clearly. Then, quite simply, follow through in the article the options, avenues and even perhaps when possible, the most sensible solutions for the reader. If by chance, you do not know the solutions, then get your hands on an Oracle- If that’s too difficult; opt for a clear-thinking, jargon-free, rational and ruminating type of person. Once upon a time, I believe reporters had to have the skill of reporting . . . not buffed up, glossed up, shiny, preening, wanna-be minor celebrities who can write . . .albeit atrocious copy.What do you think?1) Accountability is the name of your game. Make people accountable, starting no less, with reporters et al.2) At least you ask the Wright questions!

By: Brad

Brad — Wed, 17 Dec 2008 14:41:34 +0000

“The only way forward , is forward” Brad. Read the article below and stop talking negative. Buffet didn’t become the wealthiest man on the planet by looking backwards, did he? I’ve said it before and I’ll say it again, the Electric Car is a winner in so many ways for the US. To name a few: Cheaper Fuel, Cleaner Fuel, New industry, Many new jobs in Detroit, New friends in the Global community for doing something constructive. It will leave the BIG 3 carmakers for dead. Time to move on Yankees. Many people have the money to buy the plug-in electric vehicle, we are just waiting for you to build it for an affordable price. Better hurry up or we wil have to buy Chinese (Again).Read Buffets story below:Buffet Into Chinese Electric Future cars and BatteriesThese finance guys always amaze me. Here is Warren Buffet, who of course is one of the richest men in the world, invests $230 in a Chinese future cars manufacturer. Of course, china is the up and coming industrial powerhouse, but still it takes a lot of guts because the economy there is extremely volatile.In September, Warren Buffet invested $230 to by ten percent of BYD, a Chinese electric car and battery manufacturer. BYD could soon become a major leader in electric future cars and battery production. BYD is reportedly planning to start selling electric cars in America by the end of 2009The electrical future car will present storage challenges which BYD may be able to answer. Our aging electric grid and our wall sockets are not equipped to deal with recharging car batteries should the electric car become mainstream. There will need to new developments such as swapping stations where cars can come in and swap batteries. Maybe this will be Buffet’s new line of investment.