|
1. Stephanopoulos Empathizes with Obama's 'Tough Dilemma'
The Obama administration is just flummoxed by the burdens of power, ABC's George Stephanopoulos fretted on Monday's World News. Discussing the public backlash over how AIG used bailout funds to pay bonuses, Stephanopoulos related that the White House feels "caught in a bind" between "populist anger" and appeasing the business community which only causes negative public reaction. "It's a tough dilemma," he concluded. Stephanopoulos lamented: "They feel caught in a bind. When they respond to this populist anger, they feel they get a very negative reaction from the business community and the stock market. When they try to appease the business community and the stock market, the public rises up. It's a tough dilemma."
2. CBS's Early Show Praises Obama's 'Optimism Offensive'
At the top of Monday's CBS Early Show, co-host Julie Chen declared: "Optimism offensive. An upbeat Ben Bernanke tells 60 Minutes the economy could turn around within nine months." Chen later introduced the segment on the Obama administration's new economic optimism: "...from bleak to bright. The Obama administration has switched its tone and is now saying the economy is on the road to recovery." Correspondent Bill Plante reported: "... the administration's attempt to restore public confidence in the financial system, which is seen as weak both at home and abroad...The response, led by President Obama, is an offense of optimism." Plante focused entirely on the administration's new tone, providing little substance or criticism. Also lacking, was any mention of John McCain's efforts to instill economic confidence during the presidential campaign, for which he was derided.
3. NBC's Vieira Refuses to Challenge Frank on Wasteful Earmarks
Barney Frank was allowed, by NBC's Meredith Vieira, to go on a tear against AIG for wasting bailout money on corporate bonuses, on Monday's Today show, yet Vieira never once interrupted Frank to point out his own wasteful stimulus spending on earmarks going to Frank's home district, including $1 million for scallop research. Vieira also didn't interject when Frank blamed the Bush administration for failed economic oversight, even though it was Frank who blocked reforms of Fannie Mae and Freddie Mac, something former Vice President Dick Cheney brought up on Sunday's State of the Union on CNN.
4. NBC's Al Roker Celebrates Obama's Irish Roots on Today Show
Over a chorus of gleeful Irish pub-goers literally singing Barack Obama's praises, NBC's Al Roker, broadcasting live from Ireland on Monday's Today show, explored the current president's Irish roots as he observed: "As St. Patrick's Day approaches in Moneygall the townsfolk join in the chorus, determined to keep hope alive." The Today show weatherman began the celebratory segment by exclaiming: "In a small pub in Ireland they're still celebrating Obama's victory. Dancing in honor of their adopted son."
 Stephanopoulos Empathizes with Obama's
'Tough Dilemma'
The Obama administration is just flummoxed by the burdens of power, ABC's George Stephanaopoulos fretted on Monday's World News. Discussing the public backlash over how AIG used bailout funds to pay bonuses, Stephanopoulos related that the White House feels "caught in a bind" between "populist anger" and appeasing the business community which only causes negative public reaction. "It's a tough dilemma," he concluded.
Stephanopoulos lamented: "They feel caught in a bind. When they respond to this populist anger, they feel they get a very negative reaction from the business community and the stock market. When they try to appease the business community and the stock market, the public rises up. It's a tough dilemma."
(Chuck Todd put the AIG bonus payments in perspective, noting on the NBC Nightly News: "That $168 million in bonus money is a lot of money, but, believe it or not, it only accounts for less than one percent of the $180 billion that's been given to AIG.")
[This item, by the MRC's Brent Baker, was posted Monday night on the MRC's blog, NewsBusters.org: newsbusters.org ]
The exchange on the Monday, March 16 World News:
CHARLES GIBSON: George, the administration's been very adamant they were watching how the money was spent. And now the one company that took the most has done the one thing that angers the public the most and that is to pay out these big bonuses. What's the long-term effect of that, of the attempt to bail out the financial industries?
GEORGE STEPHANOPOULOS: Charlie, it is just a killer. I spoke with Democrats and Republicans on Capitol Hill today, with administration officials, they all say that right now they know that there is no chance that Congress would approve any more money in the foreseeable future to help the banks or other entities right now. That is just dead on arrival right now. So the administration is working on this next phase of the bank plan to clean up these toxic assets. Hopefully, it will come out in the next week or so, but it's all built around the idea that you're not going to get any new money right now.
And going forward, Charlie, they feel caught in a bind. When they respond to this populist anger, they feel they get a very negative reaction from the business community and the stock market. When they try to appease the business community and the stock market, the public rises up. It's a tough dilemma.
 CBS's Early Show Praises Obama's 'Optimism
Offensive'
At the top of Monday's CBS Early Show, co-host Julie Chen declared: "Optimism offensive. An upbeat Ben Bernanke tells 60 Minutes the economy could turn around within nine months." Chen later introduced the segment on the Obama administration's new economic optimism: "...from bleak to bright. The Obama administration has switched its tone and is now saying the economy is on the road to recovery." Correspondent Bill Plante reported: "... the administration's attempt to restore public confidence in the financial system, which is seen as weak both at home and abroad...The response, led by President Obama, is an offense of optimism." Plante focused entirely on the administration's new tone, providing little substance or criticism. Also lacking, was any mention of John McCain's efforts to instill economic confidence during the presidential campaign, for which he was derided.
[This item, by the MRC's Kyle Drennen, was posted Monday afternoon on the MRC's blog, NewsBusters.org: newsbusters.org ]
Instead, Plante simply cited the new upbeat message being put out by Obama staffers: "Even though stimulus funds are just beginning to be spent, and the bank rescue details have yet to be announced, the message from administration officials is confidence." A clip was played of economic advisor Lawrence Summers exclaiming: "Don't panic." That was followed by White House advisor Christina Romer declaring: "The stimulus package, the financial rescue plan, the housing plan, we think it's the right medicine, and we think it will work."
Plante then touted: "Even the Fed chairman, in a first-ever '60 Minutes' interview, is on board." A clip of Bernanke was played: "And I do think that we will get it stabilized and we'll see the recession coming to an end, probably this year. We'll see recovery beginning next year."
Plante's report did feature one supposed expert, Amy Walter of National Journal's Hotline, who sounded just like a member of the Obama economic team: "The President's job right now is to make sure that the public gets a sense of confidence to continue to help move the economy along." Plante concluded: "So today's message, new help for small business and a note of optimism for consumers."
Here is the full transcript of the March 16 segment:
7:00AM TEASE:
JULIE CHEN: Optimism offensive. An upbeat Ben Bernanke tells '60 Minutes' the economy could turn around within nine months.
BEN BERNANKE: We'll see the recession coming to an end probably this year.
7:02AM SEGMENT:
JULIE CHEN: But first, from bleak to bright. The Obama administration has switched its tone and is now saying the economy is on the road to recovery. CBS News senior White House correspondent Bill Plante has the story. Bill, good morning.
BILL PLANTE: Morning, Julie. Well, the first thing the President will do today is announce new help for small business as part of his attempt to get the economy moving again. In the plan he'll announce today, the government will pump another $10 billion into buying up small business loans for which there's currently no market. Today's move is part of the administration's attempt to restore public confidence in the financial system, which is seen as weak both at home and abroad. So weak that the Chinese premier expressed concern about his country's investments in U.S. Treasury bonds. The response, led by President Obama, is an offense of optimism.
BARACK OBAMA: Not just the Chinese government, but every investor, can have absolute confidence in the soundness of investments in the United States.
PLANTE: Even though stimulus funds are just beginning to be spent, and the bank rescue details have yet to be announced, the message from administration officials is confidence.
LAWRENCE SUMMERS: Don't panic.
CHRISTINA ROMER: The stimulus package, the financial rescue plan, the housing plan, we think it's the right medicine, and we think it will work.
PLANTE: Even the Fed chairman, in a first-ever '60 Minutes' interview, is on board.
BEN BERNANKE: And I do think that we will get it stabilized and we'll see the recession coming to an end, probably this year. We'll see recovery beginning next year.
PLANTE: Analyst Amy Walters says Wall Street's recent upswing gives the President an opportunity.
AMY WALTER [NATIONAL JOURNAL, HOTLINE]: The President's job right now is to make sure that the public gets a sense of confidence to continue to help move the economy along.
PLANTE: But, right now Americans are saving 5% of their disposable income, and that is a huge increase over the usual. And as long as Americans are saving, not spending, and banks aren't lending, the crunch will continue. So today's message, new help for small business and a note of optimism for consumers. Maggie.
MAGGIE RODRIGUEZ: Bill Plante at the White House, thank you, Bill.
 NBC's Vieira Refuses to Challenge Frank
on Wasteful Earmarks
Barney Frank was allowed, by NBC's Meredith Vieira, to go on a tear against AIG for wasting bailout money on corporate bonuses, on Monday's Today show, yet Vieira never once interrupted Frank to point out his own wasteful stimulus spending on earmarks going to Frank's home district, including $1 million for scallop research. Vieira also didn't interject when Frank blamed the Bush administration for failed economic oversight, even though it was Frank who blocked reforms of Fannie Mae and Freddie Mac, something former Vice President Dick Cheney brought up on Sunday's State of the Union on CNN.
[This item, by the MRC's Geoffrey Dickens, was posted Monday morning on the MRC's blog, NewsBusters.org: newsbusters.org ]
Vieira never asked a challenging question throughout the whole interview, instead choosing to let Frank rant: "The time has come for the federal government to put some people in charge...When we were asked by the Bush administration and the Federal Reserve last fall, to do these things, they resisted some of the conditions we wanted to put on."
The following is a complete transcript of the interview with Frank as it was aired on the March 16 Today show:
MEREDITH VIEIRA: Congressman Barney Frank, a Democrat from Massachusetts, is the chairman of the House Financial Services committee. Congressman Frank, good morning to you.
REP. BARNEY FRANK: Good morning.
VIEIRA: You heard what, what was just said about Secretary Geithner being outraged by the bonuses. He has worked with Mr. Liddy to try to reduce them. Has he done enough, do you think?
[On screen headline: "Bailout Bonuses, Why Can't Government Stop AIG?"]
FRANK: I'm going to check. I believe, I know he is trying very hard. People should note this one did not come out of the Treasury initially. This is a Federal Reserve decision. This, this decision to give the billions, $80 billion initially to AIG actually came before Congress even passed the rescue plan. There's a statute that we're gonna have to reexamine, I've already said this, that dates from the, 1932, which gives the Federal Reserve the power to lend money to anybody it wants to, if it thinks it's, it's important. And it was under that statute that the AIG thing began.
Clearly not enough was done at the very beginning to put conditions on AIG. And people may have noticed, we've now got complaints from some banks that did get some of the subsequent money we voted, that our conditions were too tough and they're gonna quit the program. My answer is, goodbye please leave quickly and send back the money. So there was an initial mistake. But there are other things we can look at.
VIEIRA: Yeah well-
FRANK: It is true, I'm sorry?
VIEIRA: Congressman, Mr. Liddy said -- no that's okay -- Mr. Liddy wrote that AIG, AIG's hands were essentially tied in all of this. Do you agree?
FRANK: I don't know. And I want to look at it very carefully. But there is one other point here. These people may have a right to their bonuses, they don't have a right to their jobs forever. The federal government now is the 80 percent owner. One of the things we can do to make sure his doesn't happen again, we've got people who are so irresponsible. And by the way, it does appear we're rewarding incompetence. Forget about the legal matter here for a second.
These bonuses are going to people who screwed this thing up enormously, who made terrible decisions. So since the federal government now, thanks to the Federal Reserve's use of the power under that 70-year-old statute, now essentially owns that company, maybe it's time to fire some people. We can't keep them getting the bonuses, but we can keep some of them from continuing in their jobs. And I'm very skeptical that these retention bonuses, these people got retention bonuses. Well if they were in high school, they wouldn't have gotten retention, they would have gotten detention. And the, and the time-
VIEIRA: Detention.
FRANK: -has probably come to now look at it and get rid of some of them.
VIEIRA: You know you had said that executives at AIG, about them, that it's inappropriate for those people to stay in power at that company. What you just reiterated, just now. Does that include Mr. Liddy?
FRANK: Probably. You know, we keep getting bad surprises. Mr. Liddy's been there for a while. I know Mr. Liddy. My first contact with Mr. Liddy, was when he called me last year to see if he could enlist me in renegotiating the terms under which he got money from the Federal Reserve to make it easier. I, I refused to, to get involved in that. And yeah, I think the, the, the time has come for the federal government to put some people in charge. We need to examine whether we can get some of these bonuses back. If we can't, as I said, some of these people, maybe they should choose between keeping their bonus, and keeping their jobs.
You can't fire a man for having his legal right, but I'm ready to look and say, this guy get a bonus? This is a guy who cost us 'x' billion dollars? Let him, let him live off his bonus and no salary for the future. But yeah I, I am at this point, in kind to believe, we're gonna have a hearing, we have a very good former district attorney, Dennis Moore, who is the chairman of our oversight committee. Mr. Kanjorski from Pennsylvania already has a hearing planned on AIG. We're gonna look at this very, very carefully and do the maximum to try and reduce the current outlay. But we can absolutely make sure that something like this never happens again.
And by the way this is the difference. When we were asked by the Bush administration and the Federal Reserve last fall, to do these things, they resisted some of the conditions we wanted to put on. We have since toughened the conditions and we, we are gonna make it very clear to people that there will be no further abuses of this sort because [inaudible] those in place. And now we'll go back and we'll see if we can undo what's already happened.
VIEIRA: Alright Congressman Barney Frank, as always, thank, thank you for your time this morning.
FRANK: You're welcome, [inaudible] to Fall River.
VIEIRA: Thank you very much. Happy St. Paddy's Day to you as well.
To read about Cheney criticizing Frank on Fannie Mae and Freddie Mac: www.politico.com
To read about Frank's wasteful earmarks: www.heraldnews.com
 NBC's Al Roker Celebrates Obama's Irish
Roots on Today Show
Over a chorus of gleeful Irish pub-goers literally singing Barack Obama's praises, NBC's Al Roker, broadcasting live from Ireland on Monday's Today show, explored the current president's Irish roots as he observed: "As St. Patrick's Day approaches in Moneygall the townsfolk join in the chorus, determined to keep hope alive." The Today show weatherman began the celebratory segment by exclaiming: "In a small pub in Ireland they're still celebrating Obama's victory. Dancing in honor of their adopted son."
[This item, by the MRC's Geoffrey Dickens, was posted Monday morning on the MRC's blog, NewsBusters.org: newsbusters.org ]
The following is a complete transcript of the segment that aired on the March 16 Today show:
AL ROKER: You know, they say there's a wee bit of Irish in everyone. That include President Barack Obama. That's right it was first revealed last year that part of Obama's roots traced back to a village here in Ireland called Moneygall. Well it's been Obama territory, ever since.
BARACK OBAMA: I Barack Hussein Obama do solemnly swear.
ROKER: When Barack Obama was sworn in as President of the United States-
OBAMA: So help me God.
ROKER: -it was a historic day for the country for African-Americans, and as luck would have it, a great day for the Irish. In a small pub in Ireland they're still celebrating Obama's victory. Dancing in honor of their adopted son.
OBAMA: It turns out that I have Irish heritage. I am, I do. No this is true.
 ROKER: While more has been made of Obama's roots in Kenya and his upbringing in Kansas, the discovery that his family tree traced back to an Irish immigrant named Falmouth Karney hailing from Moneygall in County Offaly, was big news for this tiny village west of Dublin.
CANON STEPHEN NEIL, MONEYGALL AND TEMPLEHARRY RECTOR: Falmouth Kearney is the third great grandfather of Barack Obama. So you're going back six generations effectively. That's the link.
FIONA FITZSIMONS, ENECLANN RESEARCH: My immediate reaction was, good God, at last there was an American presidential candidate who wasn't linked to Ireland somehow or another.
ROKER: The road to the White House has often been paved with green. 24 of the 44 U.S. presidents had some form of Irish ancestry.
UNIDENTIFIED MAN: John F. Kennedy, of course came to Wexford. The late Ronald Reagan came to County Tipperary, and of course Bill Clinton came to Ireland as well, many times.
ROKER: Though Obama's link makes him only about three percent Irish, seems everyone is clamoring to claim him as their own.
UNIDENTIFIED MAN#2: Obama is a good Irish name.
UNIDENTIFIED WOMAN: Move over St. Patrick.
ROKER: First to stake a claim is Henry Healy, a Moneygall resident who's believed to be Obama's eighth cousin.
HENRY HEALEY: To realize I had some distant relationship to Barack Obama was unbelievable. I'm not as good a speaker. I'm not as good looking. No similarities there.
 ROKER OVER VIDEO OF PEOPLE SINGING AND KID IN OBAMA T-SHIRT: As St. Patrick's Day approaches in Moneygall the townsfolk join in the chorus, determined to keep hope alive.
PEOPLE SINGING: There's no one as Irish as Barack Obama!
UNIDENTIFIED WOMAN#2: We're waiting for President Obama to visit Moneygall and to perform for him.
UNIDENTIFIED WOMAN#3 says something inaudible.
UNIDENTIFIED WOMAN# 2: Yes of course. (laughter)
BARTENDER: Here's to Obama!
ROKER: In fact that song has had five million hits on Youtube.
MEREDITH VIEIRA: Is that where the "O" comes from in Obama?
ROKER: O baby!
VIEIRA: Thank you, Al.
-- Brent Baker
|
The Obama administration is just flummoxed by the burdens of power, ABC's George Stephanaopoulos fretted on Monday's World News. Discussing the public backlash over how AIG used bailout funds to pay bonuses, Stephanopoulos related that the White House feels "caught in a bind" between "populist anger" and appeasing the business community which only causes negative public reaction. "It's a tough dilemma," he concluded. 
At the top of Monday's CBS Early Show, co-host Julie Chen declared: "Optimism offensive. An upbeat Ben Bernanke tells 60 Minutes the economy could turn around within nine months." Chen later introduced the segment on the Obama administration's new economic optimism: "...from bleak to bright. The Obama administration has switched its tone and is now saying the economy is on the road to recovery." Correspondent Bill Plante reported: "... the administration's attempt to restore public confidence in the financial system, which is seen as weak both at home and abroad...The response, led by President Obama, is an offense of optimism." Plante focused entirely on the administration's new tone, providing little substance or criticism. Also lacking, was any mention of John McCain's efforts to instill economic confidence during the presidential campaign, for which he was derided. 
Barney Frank was allowed, by NBC's Meredith Vieira, to go on a tear against AIG for wasting bailout money on corporate bonuses, on Monday's Today show, yet Vieira never once interrupted Frank to point out his own wasteful stimulus spending on earmarks going to Frank's home district, including $1 million for scallop research. Vieira also didn't interject when Frank blamed the Bush administration for failed economic oversight, even though it was Frank who blocked reforms of Fannie Mae and Freddie Mac, something former Vice President Dick Cheney brought up on Sunday's State of the Union on CNN. 
Over a chorus of gleeful Irish pub-goers literally singing Barack Obama's praises, NBC's Al Roker, broadcasting live from Ireland on Monday's Today show, explored the current president's Irish roots as he observed: "As St. Patrick's Day approaches in Moneygall the townsfolk join in the chorus, determined to keep hope alive." The Today show weatherman began the celebratory segment by exclaiming: "In a small pub in Ireland they're still celebrating Obama's victory. Dancing in honor of their adopted son." 
ROKER: While more has been made of Obama's roots in Kenya and his upbringing in Kansas, the discovery that his family tree traced back to an Irish immigrant named Falmouth Karney hailing from Moneygall in County Offaly, was big news for this tiny village west of Dublin. 
ROKER OVER VIDEO OF PEOPLE SINGING AND KID IN OBAMA T-SHIRT: As St. Patrick's Day approaches in Moneygall the townsfolk join in the chorus, determined to keep hope alive. 
