Comments on: 'The Horror' of NPR's Economic Reporting http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/ The national media watch group Fri, 10 Feb 2012 09:31:47 -0600 http://wordpress.org/?v=2.8.2 hourly 1 By: October 2008 « Questionable Content http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/comment-page-1/#comment-43307 October 2008 « Questionable Content Sat, 25 Sep 2010 15:11:44 +0000 http://www.fair.org/blog/?p=1498#comment-43307 [...] http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/ [...] [...] http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/ [...]

]]> By: Fairness & Accuracy In Reporting » Blog Archive » NPR Blames Borrowers for Listening to NPR http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/comment-page-1/#comment-3004 Fairness & Accuracy In Reporting » Blog Archive » NPR Blames Borrowers for Listening to NPR Mon, 02 Mar 2009 19:38:54 +0000 http://www.fair.org/blog/?p=1498#comment-3004 [...] to something that got very little notice from NPR at the time and unfortunately still gets very little notice from NPR: an $8 trillion housing [...] [...] to something that got very little notice from NPR at the time and unfortunately still gets very little notice from NPR: an $8 trillion housing [...]

]]> By: Strib tells columnists to shut the fuck up « The Mississippifarian http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/comment-page-1/#comment-168 Strib tells columnists to shut the fuck up « The Mississippifarian Mon, 27 Oct 2008 16:15:15 +0000 http://www.fair.org/blog/?p=1498#comment-168 [...] Others, like the NYTimes, are trying to facilitate the transition, but find it hard to let go of their “even-handed” ways. (Mom couldn’t help herself this weekend and referenced the crowds for Obama as being just like it was with Hitler.) Even NPR is getting ripped by factcheckers. [...] [...] Others, like the NYTimes, are trying to facilitate the transition, but find it hard to let go of their "even-handed" ways. (Mom couldn't help herself this weekend and referenced the crowds for Obama as being just like it was with Hitler.) Even NPR is getting ripped by factcheckers. [...]

]]> By: sknabt http://www.fair.org/blog/2008/10/23/the-horror-of-nprs-economic-reporting/comment-page-1/#comment-148 sknabt Sun, 26 Oct 2008 16:32:23 +0000 http://www.fair.org/blog/?p=1498#comment-148 Dean Baker may be a monument to economic expertise but he appears be overacting here a bit because I question the alarmist $110,000 loss in average home equity. That's not so say some areas are seeing dramatic drops in prices but, IMHO, it isn't he norm. Recently I read a Washington Post article on the housing bubble that included a US map to the county level showing home foreclosure rates. Sure, there are states getting nuked by it like California, Nevada, Arizona, and Florida. Most of the nation, however, was largely unaffected. For example, I have a house up for sale garnering a lot of interest that's listed slightly above full assessed value. My city and its surrounding suburbia has a low foreclosure rate. Dean Baker also appears guilty of overacting regarding NPR's alleged economic gaff. Has he missed the stock market crash largely precipitated by fears over the credit crunch? Personally, the stock market crash has a much larger economic impact on me. It's what's mostly talked about around the 'water cooler' at work. Average Joes like myself are seeing 40-60% of their retirement savings wiped out in short order. However, more to the point it's hard to discuss housing prices or the credit crunch without getting into the general topic of the sub-prime mortgage mess. Foreclosure rates are at the root of both problems. Areas with a lot of foreclosures glutting the market obviously are the ones where non-default homeowners are seeing their equity evaporate since they have to compete with the foreclosure 'fire sale' discount pricing. Obviously, the same high foreclosure rate is what soured investors on mortgage backed securities creating the Wall Street panic and credit crunch where banks don't trust other banks. A final item not mentioned by either NPR or Mr. Baker is inflation. Sure gas prices have begun to plummet - an indication of how rotten things are - but food prices remain high and, according to experts, will stay there. Forgetting commodity inflation, medical inflation is a huge problem. The middle class obviously is getting squeezed very hard at both ends. There's a negative wealth effect because of stocks and housing plus inflation is bloating the cost of necessities faster than incomes rise. Perhaps Mr. Baker and NPR will both see fit to tell the entire story. Dean Baker may be a monument to economic expertise but he appears be overacting here a bit because I question the alarmist $110,000 loss in average home equity. That's not so say some areas are seeing dramatic drops in prices but, IMHO, it isn't he norm.

Recently I read a Washington Post article on the housing bubble that included a US map to the county level showing home foreclosure rates. Sure, there are states getting nuked by it like California, Nevada, Arizona, and Florida. Most of the nation, however, was largely unaffected.

For example, I have a house up for sale garnering a lot of interest that's listed slightly above full assessed value. My city and its surrounding suburbia has a low foreclosure rate.

Dean Baker also appears guilty of overacting regarding NPR's alleged economic gaff. Has he missed the stock market crash largely precipitated by fears over the credit crunch? Personally, the stock market crash has a much larger economic impact on me. It's what's mostly talked about around the 'water cooler' at work. Average Joes like myself are seeing 40-60% of their retirement savings wiped out in short order.

However, more to the point it's hard to discuss housing prices or the credit crunch without getting into the general topic of the sub-prime mortgage mess. Foreclosure rates are at the root of both problems. Areas with a lot of foreclosures glutting the market obviously are the ones where non-default homeowners are seeing their equity evaporate since they have to compete with the foreclosure 'fire sale' discount pricing. Obviously, the same high foreclosure rate is what soured investors on mortgage backed securities creating the Wall Street panic and credit crunch where banks don't trust other banks.

A final item not mentioned by either NPR or Mr. Baker is inflation. Sure gas prices have begun to plummet – an indication of how rotten things are – but food prices remain high and, according to experts, will stay there. Forgetting commodity inflation, medical inflation is a huge problem.

The middle class obviously is getting squeezed very hard at both ends. There's a negative wealth effect because of stocks and housing plus inflation is bloating the cost of necessities faster than incomes rise.

Perhaps Mr. Baker and NPR will both see fit to tell the entire story.

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