Conservative pundit Dick Morris, who wrote 2005's Condi vs. Hillary: The Next Great Presidential Race and predicted Mitt Romney would win the 2012 election in a "landslide," now wants you to trust him with your retirement savings.
According to a July 30 press release, Morris is working with Retirement Media Inc. "to educate seasoned investors on how to protect their savings with safe alternatives outside of the stock market." Morris is headlining several events in the next few months where attendees will "hear market predictions from him." The event's website includes a video featuring "A Special Message from Dick Morris" in which Morris warns of people preying on "suckers."
Why anyone would voluntarily listen to "predictions" from Morris is unclear. Morris has a history of comically wrong political forecasting, incorrectly gave credence to warnings of a 2013 stock market crash, and has sent numerous pitches through his email newsletter promoting penny stocks which subsequently tanked and are now virtually worthless.
The former Fox News pundit -- whose tenure was marked by a pattern of ethical misdeeds -- became a national laughingstock after the 2012 election for his enthusiastic prediction that Mitt Romney would win in a "landslide." Other failed Morris predictions included his statements that "it's very possible" Obama would drop out of the race, that Donald Trump was "going to run" for president and "he could beat Obama," that Herman Cain would "overcome" sexual misconduct allegations, and Republicans would "win 10 seats in the Senate" in 2012.
Fox News finally let Morris go in February 2013. He was eventually hired by Philadelphia radio station WPHT for an afternoon program despite having "no ties to Philadelphia save for a few long-ago political consultancy gigs." Morris still makes regular appearances on Fox News -- he has appeared on Hannity eight times this year, according to a Nexis search.
Morris' previous warning of a stock market crash proved wildly wrong. On August 7, 2013, he posted a piece headlined, "Prediction Of A Crash In Next Two Weeks." Morris wrote that Jim Fitzgibbon "predicts a massive drop in the stock market and the economy this month that will continue, with brief spurts upward, until the end of the year and beyond. His track record in predictions is extraordinary." Morris concluded: "This is not a paid ad. It is my heartfelt wish that you hear what he has to say and take it seriously." The stock market did not crash -- in 2013, the Dow Jones and S&P 500 posted their biggest percentage gains since 1995 and 1997, respectively.
An easy way to lose money is to listen to stock advice sent through Morris' email list. Morris has regularly sent sponsored emails for penny stocks -- risky micro-cap stocks that often lack transparency and a long track record -- from dubious compensated stock pitchers who promise to "potentially double or triple your money" and turn "$2,000" into "$132,000." Many of the stocks promoted through DickMorris.com have become virtually worthless. Here are just five examples since 2013 (current stock prices as of posting):
In the past two months, Washington Post political reporter Chris Cillizza has used his platform at The Fix to obsess over the question of whether Hillary Clinton has sufficiently explained her family's wealth, dismissing Clinton's comments on income inequality while offering conflicting advice on how she should answer the question in a way that satisfies Chris Cillizza and The Washington Post.
Cillizza's latest post came in response to an interview Hillary Clinton gave to Fusion TV host Jorge Ramos that aired July 29. "Hillary Clinton still hasn't found a good answer to questions about her wealth," according to the July 29 headline over at The Fix. After crediting GOP opposition research firm American Rising with focusing his attention on Clinton's wealth, Cillizza concluded: "Until she finds three sentences (or so) to button up any/all questions about her wealth, those questions will keep coming. And that's not the way Clinton wants to run-up to her now all-but-certain presidential bid."
This is the third time in two months that Cillizza has posted a column fixated on Clinton's wealth and his belief that she is struggling to explain it -- and the third time since June 22 that The Fix has turned to America Rising to help define Hillary Clinton. Meanwhile, a June NBC News/Wall Street Journal/Annenberg poll found that 55 percent of Americans say that Clinton relates to and understands average Americans.
"The Clintons are not 'average' people," Cillizza warned just a week before that poll came out. He concluded by advising Clinton to stop talking about her wealth and move on: "Instead of spending her time litigating just how wealthy she is, Clinton should acknowledge her wealth and then spend the vast majority of her rhetorical time making the case that through the policies she has advocated and pursued, she has never lost sight of the middle class."
The reality is that Clinton has already done exactly what Cillizza advises; he just largely chooses to dismiss it. When Clinton has been asked about her wealth, she has consistently paired her personal finances with discussing her lifelong advocacy and work on behalf of the poor and middle class.
Climate change comes with a steep price tag for the economy, and mainstream media outlets are starting to get the message: NBC illustrated this by connecting "the new price of fighting fires" in California to global warming.
The July 29 edition of NBC's The Today Show reported on the extreme costs of fighting the dozens of wildfires currently burning in Yosemite National Park and across California, and how they are connected to climate change. The fires, taking place during Yosemite's driest year on record, have destroyed 20 homes and forced over 1,200 people to be evacuated. NBC correspondent Miguel Almaguer stated that the dozens of California wildfires are "costing big money," expanding that the state of California will spend $1 billion to fight wildfires this year. Almaguer also highlighted how global warming has had a direct impact on the fire, citing firefighters who are working on "the front lines of climate change":
MIGUEL ALMAGUER: Firefighters say this is the front lines of climate change.
FIREFIGHTER: The days are continuously longer, warmer, hotter periods during the summer, which helps dry the fuels out.
ALMAGUER: With record-setting wildfires in Washington and Oregon, 300-plus homes destroyed, this is the season of megafires. These massive blazes burning bigger, hotter, faster than ever before. In California where nearly 5,000 wildfires have burned this year, they'll spend $1 billion to fight flames. The price tag for a single retardant drop from a DC-10: $60,000.
FIREFIGHTER: It is not a cheap venture. Absolutely. It costs money to make these things happen. We are in unprecedented conditions.
ALMAGUER: The new cost of fighting fires to protect what is priceless in a season like no other.
The broadcast aired the same day that the White House Council of Economic Advisors released a report detailing the economic costs of not acting on climate change. The report found that the nation will suffer $150 billion in economic damages each year if we fail to prevent global temperatures from increasing two degrees Celsius above pre-industrial levels. Another recent report released by the Risky Business Project determined that a "business as usual" approach to climate change will cost the nation up to $507 billion in property damages by 2100. And the National Climate Assessment recently found that the United States is already paying an economic price for climate change. These findings illustrate why it is necessary to act on climate change as soon as possible; further delay may make the problem unavoidable.
Heritage Foundation chief economist Stephen Moore was caught using incorrect statistics to mislead readers about the relationship between tax cuts and job creation in the United States.
On July 7, Moore published an op-ed in The Kansas City Star attacking economic policies favored by Nobel Prize-winning economist Paul Krugman. The op-ed claimed that "places such as New York, Massachusetts, Illinois and California ... are getting clobbered by tax-cutting states." Moore went on to attack liberals for "cherry-picking a few events" in their arguments against major tax cuts, when in fact it was Moore who cited bad data to support his claims.
On July 24, The Kansas City Star published a correction to Moore's op-ed, specifically stating that the author had "misstated job growth rates for four states and the time period covered." The editorial board of the Star inserted this annotation to Moore's inaccurate claims:
Please see editor's note at the top of this column. No-income-tax Texas gained 1 million jobs over the last five years, California, with its 13 percent tax rate, managed to lose jobs. Oops. Florida gained hundreds of thousands of jobs while New York lost jobs. NOTE: These figures are incorrect. The time period covered was December 2007 to December 2012. Over that time, Texas gained 497,400 jobs, California lost 491,200, Florida lost 461,500 and New York gained 75,900. Oops. Illinois raised taxes more than any other state over the last five years and its credit rating is the second lowest of all the states, below that of Kansas! (emphasis original)
On July 25, Star columnist Yael Abouhalkah explained the correction in more detail. Abouhalkah wrote that Moore had "used outdated and inaccurate job growth information at a key point in his article" and that Moore should have used data from 2009 to 2014, rather than from 2007 to 2012. Abouhalkah also argued that "the problems with Moore's opinion article damaged his credibility on the jobs issue."
Moore's credibility on "the jobs issue" is not the only troubling aspect of his economic punditry. Moore was recently brought on as the chief economist at the conservative Heritage Foundation after serving for many years on the right-wing editorial board of The Wall Street Journal and as a go-to economic commentator on Fox News. Moore has a history of disparaging reasonable economic policies in favor of fiscally irresponsible tax cuts for the wealthy and painful spending cuts to vital programs.
Moore has referred to unemployment insurance as a "paid vacation" for jobless Americans and bizarrely claimed that laws guaranteeing paid sick leave for full-time workers were "very dangerous for cities." Moore spent years basely claiming that the Affordable Care Act would reduce job creation, seamlessly transitioning from one debunked talking point to the next along the way. He is also an outspoken opponent of increasing the minimum wage, claiming that even a moderate rise in wages would result in a "big increase" in unemployment. In a recent foray out of the safety of right-wing media, Moore's anti-living wage spin was easily cut down by CNN anchor Carol Costello.
The original intent of Moore's Star op-ed was to garner support for tax cuts enacted over the past two years by Gov. Sam Brownback (R-KS), which The New York Times and other outlets have labeled "ruinous." The tax cuts have been such a dramatic failure that more than 100 members of the Kansas Republican Party have sworn to help replace Brownback with a Democrat willing to reinstate taxes and spending at their previous levels.
Fox News misleadingly attacked the federal food stamp program for being wasteful and unaccountable despite reports that the program achieved the lowest payment error rate in its history in the most recently available data.
Fox New complained about the findings of a report from the U.S. Department of Agriculture (USDA) on quality control in the Supplemental Nutrition Assistance Program (SNAP), previously known as food stamps. The USDA report clearly states that the 2012 fiscal year was "another year of excellent performance in payment accuracy" before noting that the most recent payment error rate of 3.42 percent was once again "the lowest National payment error rate in the history of SNAP."
On the July 24 edition of Fox News' Fox & Friends, co-host Brian Kilmeade cast the findings in a negative light, stressing that "the government is overpaying on food stamps by about $2 billion." Co-host Steve Doocy then questioned whether the Obama administration could "be trusted with more money," given the overpayments. Fox Business anchor Stuart Varney went on to chastise the Department of Agriculture for labeling the food-stamp payment error rate of 3.42 percent "excellent," wondering aloud "since when has that been good?"
Fox News' mischaracterization of the SNAP report continued throughout the day. On Happening Now, co-host Jenna Lee called the USDA report "startling" and said that "the administration is having a tough time managing its funds." On The Real Story, host Gretchen Carlson claimed that federal spending on nutrition assistance was "reaching a breaking point" before highlighting the growth of participation in the food stamp program since 2007.
Far from indicating a managerial flaw in the Obama administration, the 2012 payment error rate in SNAP is evidence of success in rooting out improper payments. According to the report being derided on Fox News, the national payment error rate in SNAP during President Obama's first year in office was 4.36 percent. That error rate then fell to 3.81, 3.80, and 3.42 percent in fiscal years 2010-2012, respectively.
Rep. Paul Ryan's poverty proposal, which would in part punish impoverished Americans for not getting themselves out of poverty on a specific timeline, is based on the conservative myth pushed by right-wing media that blames poverty on individuals' "spirit" and personal life choices. Experts say poverty is the result of systemic inequality and lack of opportunity.
From the July 23 edition of Fox News' The O'Reilly Factor:
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A new study on school lunches casts doubt on conservative media's politicized rhetoric regarding first lady Michelle Obama's school-lunch initiative.
In January 2012, Michelle Obama and Agriculture Secretary Tom Vilsack unveiled healthier standards for school lunches, the first effort to do so "in more than fifteen years." However, in May of this year, the new standards suffered a political backlash in Congress. The Washington Post reported that the House Appropriations Committee voted for a "Republican-backed measure" to temporarily roll back the standards in a "party-line vote [that] served as a rebuke of sorts to the first lady."
Right-wing media, who have a poor track record when it comes to talking about school meals, especially free ones, took to attacking Michelle Obama and the school lunch program itself for "plate waste" amid reports that students supposedly didn't like the new, healthier food.
However, a new study published Monday in the journal Childhood Obesity shows that students get used to the new lunches with time. According to The Boston Globe, the study found that "over time, children adapt and tolerate school lunches just as much as in the old days":
New York Times columnist Maureen Dowd has attempted to scandalize the Bill, Hillary, and Chelsea Clinton Foundation in two consecutive columns, even as colleague Nicholas Kristof prepares to participate in the Clintons' charitable events for the sixth straight year.
Dowd's attacks on the Clinton Foundation are the latest salvo in her decades-long anti-Clinton campaign.
In her July 19 column, Dowd baselessly criticized the "foundation dishabille" as part of the "percussive drama" that supposedly surrounds the Clintons. Dowd devoted her July 12 column to lashing out at Chelsea Clinton for giving paid speeches and donating the fees to the Clinton Foundation, an activity which Dowd described as somehow "unseemly."
The Clinton Foundation's website says its mission is "to improve global health, strengthen economies, promote health and wellness, and protect the environment." But Dowd baselessly smeared the Foundation as a phony organization intended solely to benefit the Clinton family, claiming that Chelsea Clinton was "joining her parents in cashing in to help feed the rapacious, gaping maw of Clinton Inc." by giving her speaking fees to the Clinton Foundation rather than donating the proceeds to "some independent charity not designed to burnish the Clinton name as her mother ramps up to return to the White House and as she herself drops a handkerchief about getting into politics."
Dowd's criticism raises questions about The New York Times' position on the Foundation given Dowd colleague Nicholas Kristof's involvement in Clinton charitable events through the Clinton Global Initiative. Founded by President Clinton in 2005 and merged into the broader Clinton Foundation last year, CGI brings together global leaders from the public, nonprofit, and private sectors to help solve pressing international issues.
Kristof has participated in CGI's annual meeting in each of the last five years, either by delivering remarks or moderating panels. In a 2010 "CGI Stories" video, Kristof praised the group, saying, "There has been a bit of a change in how global poverty and global health is perceived and I think what's happening at CGI both reflects that and also helps shape it."
In an interview with Media Matters, Kristof said CGI events give him "a chance to meet people who converge from around the world" that are focused on issues that interest him, such as global women's rights, development, and education. He said that he plans to attend the group's annual meeting in September if he is invited. He declined to comment on Dowd's work.
The Times also declined to comment on the tension between Dowd's campaign to scandalize the foundation and Kristof's continued relationship with it.
The paper's Ethical Journalism handbook suggests that the paper has not institutionally adopted Dowd's critique. It states that Times journalists "must consult with the standards editor or the deputy editorial page editor" before addressing "groups that might figure in coverage they provide, edit, package or supervise, especially if the setting might suggest a close relationship to the sponsoring group." It also bars them from accepting "invitations to speak where their function is to attract customers to an event primarily intended as profit-making."
From the July 14 edition of Fox News' The O'Reilly Factor:
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A Fox News correspondent blamed the Obama administration's tweaks to the implementation of the Affordable Care Act (ACA) for the Congressional Budget Office's (CBO) announcement that it would no longer estimate the total cost of the law, and suggested that the changes may increase deficits. In fact, the CBO and budget experts explained that the CBO routinely stops providing budgetary estimates once a law is implemented, and that the CBO's estimate that the ACA would reduce the deficit remains correct.
In the second quarter of 2014, women comprised just over one-third of weekday cable news guests invited to discuss issues relating to the American economy. The disparity between men and women still marks an improvement over previously measured trends in gender diversity among cable news outlets.
Weekday broadcast and cable evening news coverage of the economy during the past three months focused heavily on policies aimed at spurring job creation and economic growth despite the general lack of input from actual economists. A Media Matters analysis reveals that several topics -- taxes, spending cuts, deficit reduction, economic inequality, minimum wage -- have become highly polarized among major networks.
When is the U.S. economy not a topic worth addressing on the Sunday morning talk shows? Apparently when there's lots of good news to discuss.
At least it seemed that way this past Sunday when all four of the network Sunday morning talk shows ignored last week's surprisingly strong jobs report, which indicated nearly 300,000 news jobs were created in the month of June. Consequently, the unemployment rate fell to 6.1 percent, the lowest level since September 2008.
The jobs surge meant America had logged its highest January-through-June job-growth rate since 1999. (The U.S. has added 1.4 million jobs since December, making it the best half-year since the recession ended.) And over the past 52 months of jobs growth, businesses have created nearly 10 million jobs.
Also ignored by all the Sunday hosts and guests was the fact that the Dow Jones stock exchange on Thursday for the first time surpassed the 17,000 mark, "another in a string of records for the index that has lifted portfolios in a five-year bull market for stocks," according to the Associated Press. Indeed, "The Dow has climbed more than 10,500 points since its Great Recession low of 6,547.05 on March 9, 2009."
More from the AP:
The jobs report is the latest piece of data to show the economy continues to improve steadily. On Wednesday, payroll processor ADP said private businesses added 281,000 jobs in June, up from 179,000 in May. Also this week, the Institute for Supply Management said the U.S. manufacturing expanded for the 13th consecutive month.
Keep in mind, none of this was discussed on Face The Nation, Fox News Sunday, Meet The Press, or This Week; shows which, in theory, debate and analyze the weeks' most important news developments. But do they?
Two weeks ago I noted the same Sunday shows completely ignored news of the capture of Ahmed Abu Khattala, an alleged ringleader of the Benghazi terror attack of 2012. For nearly two years, the topic of Benghazi had been endlessly debated and discussed on the Sunday shows via hundreds of segments, very often casting the Obama administration in a negative light. But when good news emerged about apprehending a possible key suspect, the Sunday shows all turned away.
The Benghazi capture reflected positively on the Obama administration. It was news that the Republican Party did not seem happy about. And it was news that the Sunday shows deemed to be un-newsworthy. Coincidence?
Increasingly, the Sunday shows seem to revolve around inviting Republican guests onto the shows and letting them vent about whatever they think the Obama administration is doing wrong. Period. But when the U.S. economy shows signs of robust growth? When the stock market continues to hit new historic highs? Republicans aren't very interested in talking about Obama successes so, it turns out, neither are the Sunday shows.
Here are some of the topics that were discussed this week on the Sunday programs, instead of strong employment gains and an historic stock market performance:
*Summer reading lists
*"The story of trailblazing chef Leah Chase [who] took a stand against Jim Crow"
*Conservative pundit Dinesh D'Souza new documentary, America
*A poll suggesting Obama is "worst president" since World War II
*The World Cup soccer tournament
*Martha-Ann Alito's volunteer activities
*"An author who has made an unusual career at finding American history in everyday places."
The Bureau of Labor Statistics reported today that the U.S. economy added 288,000 jobs in June, sending the unemployment rate plummeting to its lowest level since September 2008. Economists and business reporters widely praised the report as evidence that the economy is gaining strength.
Here's how CNN.com was reporting the news at 9:35 a.m.:
Here's how MSNBC.com was reporting it:
And here's how FoxNews.com was handling the story:
Earlier today Fox Business host Charles Payne warned on Twitter that the jobs report might be "too good for the stock market." Soon after, the Dow Jones Industrial Average broke 17,000 for the first time in history.
This isn't the first time FoxNews.com has minimized positive jobs numbers.