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The Journal’s Greg Ip Calls Trump’s Watering Down Of Consumer Protections “Regulatory Relief”
The Wall Street Journal’s top financial columnist praised President Donald Trump for issuing executive orders aimed to scale back consumer protections in the financial industry because the rollbacks would boost profits for big banks, ignoring the reality that the rules were put in place to protect the public, not the banking industry.
The Journal’s chief economics commentator, Greg Ip, hailed recent actions by Trump to curb government oversight of big banks in a February 8 column, claiming this would provide “regulatory relief” by addressing “a serious flaw” in banking regulations that focused merely on “financial stability and consumer protection” and “largely ignored the [regulatory] costs.” Ip noted that consumer advocate Sen. Elizabeth Warren (D-MA) and European Central Bank president Mario Draghi took issue with letting banks have more leeway, but he dismissed their concerns, stating, “The worriers should relax.” From The Wall Street Journal:
The worriers should relax. In the 10 years since the financial crisis began, the regulatory pendulum has moved relentlessly in the direction of tougher restrictions on finance. Mr. Trump’s order reverses the direction of the pendulum but there is little sign his administration wants it back to where it was in 2007.
His order does, however, address a serious flaw in the post-crisis regulatory crackdown: In pursuit of financial stability and consumer protection, it largely ignored the costs of forgone lending, economic growth and consumer choice. Mr. Trump has signaled those costs must now be taken into account. He has asked his Treasury Secretary (now awaiting confirmation) to report back in 120 days on how well current regulations promote growth, efficiency and competitiveness. Over time, that could generate a better balanced supply of credit to a wider range of companies and households without making the financial system much riskier.
Ip continued that the consumer protections built into the Dodd-Frank Act, the CARD Act, and the Department of Labor’s fiduciary rule, which requires financial advisers to work in their clients’ best interests, “have carved into banks’ profitability” since their pre-recession peak. Ip concluded that the rules enacted after the 2008 financial crisis do little to prevent another financial crisis, except for rules that increased the amount of hard money a bank must hold in reserve relative to its debt risks. But Ip claimed the Trump administration “doesn’t appear to plan on rolling [capital requirements] back much.”
The executive orders that Ip praised directed departments to account for the regulatory costs of consumer protections when deciding which rules to roll back, which the Journal’s own reporting has concluded could create a $100 billion windfall for investors by loosening capital requirements at banks. These capital requirements are the same ones that Ip argued stand “the best chance of preventing another financial crisis.”
Ip argued that “a serious flaw” in the current slate of consumer protections is that they focus on protecting consumers and “in theory” could “reduce growth,” but in reality the three biggest banks reported strong fourth quarter earnings last year and CNBC reported that banks enjoyed record profits in the second quarter of 2016. These reports coincide with a February 2016 report from the Government Accountability Office (GAO), which found that the regulatory structure created after Dodd-Frank “has contributed to the overall growth and stability in the U.S. economy.”
Ip’s emphasis on bank profits fails to recognize that Dodd-Frank, the CARD Act, and the fiduciary rule are designed to minimize exploitation, not maximize profit. Dodd-Frank was enacted to protect the economy by empowering the Federal Reserve System with broader banking oversight and created new protections for consumers through the Consumer Financial Protection Bureau (CFPB). The CARD Act created even more protections for consumers, including limiting interest rate hikes on credit cards. The fiduciary rule ensures consumers receive financial advice catered to their best interests rather than their adviser’s bottom line, something that Ross Eisenbrey of the Economic Policy Institute (EPI) characterized as a“no-brainer” given that the investment advice industry “makes billions of dollars from conflicted advice.”
If Ip really wants the Trump administration to focus on increasing bank profits, heaping praise on executive orders that will weaken the economy and undermine an already profitable financial industry is a bizarre place to start. Jeff Spross of The Week put it bluntly in a February 6 column blasting Trump’s regulatory rollback: “Who on Earth would view deregulating the financial industry as a good idea?” Writing for The Guardian, Nils Pratley didn’t mince words either, characterizing the concept that banks are over-regulated as a “half-baked idea” and “nonsense” while adding that there is little evidence of consumer protections standing in the way of the industry’s growth.
Ip’s decision to defend Trump’s attempts to deregulate the financial sector may lend credence to reports that the Journal is intentionally taking a softer tone with the president and pressuring reporters “to reflect pro-Trump viewpoints” in articles. The Journal’s behavior is not surprising, as its right-wing editorial board has led a years-long campaign against consumer protections.
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Great Job With That Stephen Moore Hire, CNN
Discredited right-wing economic pundit Stephen Moore used his first appearance on CNN since joining the network as its “senior economics analyst” to put a negative spin on the Obama-era economic recovery while squirming out of questions about lies that President Donald Trump, whom he advised during the campaign, turned into routine campaign talking points.
During the February 3 edition of CNN’s Wolf, host Wolf Blitzer invited Moore to offer his perspective on Trump’s sudden acceptance of job creation and unemployment data from the Bureau of Labor Statistics (BLS), which Trump had labeled “one of the biggest hoaxes in modern politics” just six months ago. Blitzer argued that the jobs data released in the morning show Trump “inheriting a strong and healthy U.S. economy,” and he aired a clip of Trump saying the January numbers were something to be “very happy about” that will likely “continue, big league.”
Blitzer noted that the president has adopted “a very different tone” since taking office with regard to BLS data -- which he regularly blasted as “phony” during the campaign. When Blitzer pushed Moore, who served as Trump’s senior economic adviser, to answer for Trump’s sudden change of perspective, Moore pivoted to recycled complaints about the supposedly lackluster state of the economy under Obama. When Blitzer listed indicators that speak to the overall health of the economy, Moore reverted to his misleading claim that America is suffering through “the weakest recovery since the Great Depression.” Moore also set a seemingly impossible standard of success for job creation, claiming that the economy “should be getting 300-, 400-, or even 500,000 jobs a month to make up for the jobs lost from the recession.” See the full segment from Wolf here:
In five minutes of back-and-forth, Blitzer never got Moore to own up to Trump’s sudden about-face on the monthly jobs report, but CNN viewers were exposed to the same tired criticism of President Obama that you expect to see at Fox News. This fruitless segment is sure to be a sign of things to come now that Moore -- arguably the world’s worst economist -- is serving as CNN’s “chief economics analyst.”
CNN was as culpable as any other network in promoting Trump’s rise, but its economic team usually stood up to the Republican candidate’s falsehoods. Last year, global economic analyst Rana Foroohar left a mark on the campaign by blasting Trump’s trade policy agenda as “either a bad idea or impossible,” and ridiculing his proposal to pay off the national debt as “absolute fabulism.” Over the summer, correspondent Cristina Alesci and then-analyst Ali Velshi torched Trump’s economic fairness agenda, agreeing it seemed to be “designed for higher-income, more affluent families” rather than, as Trump had promised, middle-income Americans.
On the jobs front, just this morning chief business correspondent Christine Romans -- who makes her living calling out Trump’s lies about the economy -- mocked Trump for accepting the jobs data, saying, “There’s no conspiracy in the numbers when they belong to him.” In fact, less than an hour before Moore took Blitzer to the spin room, CNN viewers were treated to White House correspondent Jim Acosta calling out the Trump administration for “embracing” data that it “repeatedly raised doubts about” during the campaign. Contributor Nia-Malika Henderson added that Trump should “send President Obama some flowers” to thank him for leaving behind such a healthy economy.
Moore doesn't do anything to bolster CNN’s economic reporting; in fact, his “troubled relationship with the facts” diminishes the network. All he brings to CNN is his deft capacity to recycle right-wing media talking points that portray Obama in the harshest possible light.
Fox Credits Trump With January Job Creation He Inherited From President Obama
Fox News gushed over the jobs report for January 2017, the last of former President Barack Obama’s presidency, calling it “fantastic news” but implicitly crediting Donald Trump, who wasn’t even in office when the data were collected, for the success by calling it the “first jobs report under President Trump.”
Fox News correspondent Heather Nauert praised the January jobs report from the Bureau of Labor Statistics (BLS) on the February 3 edition of Fox & Friends, referring to it as “the first jobs report under President Trump” and labeling it as “fantastic news.” Nauert praised the report for showing that 227,000 new jobs were created in January, which she described as “a lot more than expected.” Nauert failed to mention Barack Obama, who was still the president of the United States for most of January. She concluded the segment by reiterating that this is “great news on the jobs front this morning” and suggesting Trump “would call that huge.” From Fox & Friends:
Unfortunately for Fox’s pro-Trump narrative, the job creation in this report does not belong to his administration. University of Chicago economist Austan Goolsbee, a former chairman of President Obama's Council of Economic Advisors, pointed out that the "reference week" for the latest jobs data ran through January 12, meaning the entire report predates the Trump administration by over a week. Washington Post reporter Glenn Kessler, who runs the paper's fact-checking research, also noted that the report "still reflects the Obama administration.” Fox also neglected to mention that the report marks 76 consecutive months of job growth -- the longest on record -- for Obama.
The positive coverage of the report is a complete turnaround for Fox, which went to great lengths to portray strong jobs reports in a negative light during the Obama administration.
In February 2015, the economy added 257,000 new jobs, but Fox was concerned that the unemployment rate ticked up by 0.1 points -- the same increase the rate showed in today’s report. In October of that year, Fox & Friends stumbled through a news alert in which a host claimed the economy created “only 271,000 jobs … last month” even though that report, like the data released today, also beat expectations. Last January, Fox’s spin was to claim that 292,000 new jobs was “modest by historical standards,” though it was well over this month’s 227,000. And in April 2016 the network parsed the jobs data to conclude that a report showing 215,000 new jobs was unimpressive because 47,000 of those were allegedly low-quality retail positions -- yet Nauert made no such comment about the 46,000 retail jobs included in today’s report. As Election Day drew near, Fox & Friends falsely claimed that steady jobs data for October 2016 were “underwhelming” and spun the news as a boon for Trump’s presidential candidacy.
Media Matter’s predicted last month that Fox would retool its message on job growth to coincide with Trump’s presidency, arguing that the network’s “campaign of misinformation will likely come to a screeching halt next month.” Fox's spin on the jobs report this morning follows a consistent, deliberate, and predictable strategy of playing the role of Republican cheerleader and “propaganda machine.”
After President-elect Donald Trump pledged during his presidential run to rescind an executive action on immigration that protects from deportation thousands of undocumented immigrants brought to the U.S. as minors, cable news outlets routinely discussed the program as a political tool without explaining how it benefits Americans and the American economy.
The 2012 executive action known as Deferred Action for Childhood Arrivals, or DACA, allows almost 800,000 people to study, work, and live their lives in the United States without fear of deportation. As a result of not being forced to live in the shadows, DACA recipients have generated more government revenue in the form of sales and property taxes, and created new jobs through increased consumer spending and boosted wages. The program has benefited the entire economy, but cable news coverage of DACA depicts the program as if it impacts only those who it protects from deportation.
Media Matters reviewed how evening news programs on Fox News, CNN, and MSNBC covered DACA from August 31 -- when Trump announced he would put an end to the program -- to December 15. Of the 20 qualifying segments on DACA during that time period, its economic impact was mentioned only once. Even then, the discussion failed to provide many facts on the scope of the program’s benefits.
Meanwhile, new reports investigating the effect of rescinding DACA conclude that doing so would do more harm than good for all Americans, not just the thousands of undocumented immigrants protected by the program. On December 13, Univision reported on a study from the Immigrant Legal Resource Center, which found that ending DACA would reduce contributions to Social Security and Medicare by $19.9 billion and $4.6 billion, respectively, over 10 years. On December 15, Telemundo reported that if approximately 3.4 million undocumented immigrant homeowners, many of whom are protected under DACA, lost protections from deportation, the resulting mass deportation “could hit the housing market, causing losses of up to $9.3 billion.” Additionally, a November 18 report by the Center for American Progress estimated that “ending DACA would wipe away at least $433.4 billion from the U.S. gross domestic product” over the next 10 years.
Cable news networks’ failure to connect the dots on how anti-immigration policies would negatively affect the economy is a disservice to voters whose decisions at the polls were guided by a desire for a strong economy.
Media Matters conducted a Nexis search of transcripts from Fox News, CNN, and MSNBC using the search terms "allcap(DACA) or dreamer or Deferred Action for Childhood Arrivals" for programs airing between 5 p.m. and 11 p.m. from August 31 through December 15. We reviewed the transcripts for segments discussing the economic impact of DACA. This included reports from correspondents and guest panels and excluded brief mentions of DACA that did not generate meaningful discussion between hosts or guests.
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Even Breitbart Opposes Fast-Food CEO Andy Puzder Running The Department Of Labor
The Wall Street Journal editorial board stands virtually alone in defense of President-elect Donald Trump’s pick for secretary of labor, Andy Puzder, a notoriously anti-worker fast-food CEO and frequent right-wing op-ed contributor to the Journal.
The Journal’s editorial board published a defense of Puzder on December 8, praising his opposition to raising the federal minimum wage, expanding Obamacare, and strengthening overtime protections for workers. The editorial board continued that they hoped Puzder would roll back other progressive advances for working-class Americans, including reversing an executive order mandating paid sick leave for federal contractors and undoing the Labor Department’s fiduciary rule requiring investment brokers to act in a client's best interests. From the Journal:
Donald Trump’s selection of CKE CEO Andy Puzder to lead his Labor Department has incited a tantrum on the left, which is a good sign. The burger maven once told us that he often picked up litter around his restaurants, and departing chief Tom Perez is leaving plenty to clean up.
He is also the rare executive who promotes free markets rather than merely his narrow business interests. Mr. Puzder has expounded in these pages on the unintended consequences of ObamaCare’s mandates and a $15 minimum wage. He’s also detailed how the Obama Administration has contributed to the shrinking labor force and large number of underemployed workers.
The Journal was one of the few voices to speak in support of Puzder’s nomination for secretary of labor. During a December 9 segment on Fox Business, host Stuart Varney used the controversy surrounding the nomination as “an excuse to run those racy ads” objectifying women, which Puzder’s company has become known for.
One of the only other defenders of Puzder is Stephen Moore -- a discredited economist, Trump economic adviser, and a former Journal editorial board member -- who, while defending his boss’ pick, attacked Media Matters and “the big unions” for what he called “a loud and libelous campaign” to damage Puzder’s nomination.
Controversy has been mounting over Puzder’s nomination after initial reporting failed to note the many right-wing media myths he has pushed to support his anti-worker agenda. The New York Times blasted Puzder in an editorial on December 8 titled “Andrew Puzder Is The Wrong Choice For Labor Secretary” for his stances on worker rights, and for Puzder’s companies' -- Carl's Jr. and Hardee’s -- record of labor law violations. From The New York Times:
Here is the record at those restaurants. When the Obama Labor Department looked at thousands of complaints involving fast-food workers, it found labor law violations in 60 percent of the investigations at Carl’s Jr. and Hardee’s, usually for failure to pay the minimum wage or time and a half for overtime.
MSNBC’s Morning Joe mocked Puzder on December 9 for his statement to Business Insider that machines are preferable to workers, and co-host Mika Brzezinski reported that opposition to Puzder came from both the left and from the alt-right website Breitbart News, which had been instrumental in helping Trump get elected.
Puzder has a history supporting anti-worker policies and had claimed that replacing people with machines would be preferable because machines “never take a vacation” or complain when discriminated against. Puzder opposes new overtime rules proposed by the Department of Labor that would extend guaranteed overtime pay to millions of American workers. Puzder has also misleadingly claimed that stronger wages and benefits actually hurt workers, frequently attacking the push to raise the minimum wage, and Obamacare’s health insurance expansion.
Finally, as Gary Legum pointed out in a column published by Salon, if Puzder is confirmed, he may be the “least qualified labor secretary” since the early 1980s, when the Reagan administration appointed construction magnate Raymond Donovan to the same post.
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The Wall Street Journal’s editorial board joined a chorus of right-wing outlets in blasting the federal government’s income-based student loan repayment program, calling it a costly “con” meant to “buy millennial votes.” Yet right-wing media are ignoring the benefits of a program that could relieve millions of student borrowers of a portion of their remaining debt and that is still generating a profit.
Right-wing media lambasted the Department of Education and student borrowers after the Journal reported on November 30 the latest findings from the Government Accountability Office (GAO), which found that the government is on track to forgive $108 billion of $352 billion in student loans as part of federal income-driven repayment plans. The Journal’s editorial board blasted the government on December 1, calling the latest findings proof that the Department of Education’s loan program is a “con” designed to “buy millennial votes.” (The editorial column was the Journal’s second since November 1 lamenting the federal program, which has led to millions of students earning student loan forgiveness.) Earlier that day, Fox News host Jon Scott questioned if the program was a “bailout” for student borrowers. Fox Business host Stuart Varney also called the program “a bailout” on the November 30 edition of Varney & Co., while his guest Steve Costes added that the program is “a shame.”
Federal student loan borrowers have multiple repayment plan options, including income-based plans that require borrowers to pay back loans based on a percentage of their income for a certain number of years, after which the remainder is eligible to be forgiven. The GAO’s findings were for the hypothetical cost in loan principal forgiveness for the 5.3 million borrowers who signed up for income-based repayment plans for loans issued over a 22-year period, between 1995 to 2017. These borrowers will likely see an average of $21 forgiven for every $100 in loans received. Despite right-wing media complaining about the cost of borrower relief for those on income-based payment plans, the GAO found that the Department of Education still nets a profit on student loans.
The reason the government still makes a profit even after loan forgiveness is because many federal student loans have an interest rate at 6.8 percent -- a figure that is much higher than inflation or the 1 percent interest rate banks receive from the Federal Reserve. The 6.8 percent interest rate is so high that the GAO’s hypothetical borrower would pay almost double the original principal of their loan if the income-based plan had no cutoff date for forgiveness:
Student loan debt is a leading concern among young people, with The Atlantic finding nearly 30 percent of Americans aged 18 to 29 “cited paying off student loans as their biggest financial challenge.” According to Fortune, “there is little doubt that many Millennials are struggling financially” after a survey by PwC found that 79 percent of the 42 percent of millennials that have student loans struggle to pay those loans. Evidence shows student debt can impact personal wealth, delay homeownership affect personal decisions to marry or start a family, and that it has “cripple[d] retail sales growth.” The financial stress of student loans has a “devastating toll” on borrowers’ mental health, according to Complex, which cited findings by researchers that “student loans were associated with poorer psychological functioning.”
While right-wing media push many myths about student debt, student concerns are valid; according to a November 21 op-ed published by Investopedia, Americans with student loan debt have “a challenging road ahead of them in the present and the future” due to workers being unable to save for retirement. The op-ed, which was authored by a financial adviser, even questioned whether people with student loans "will be able to retire” at all. The increasing debt burden can even hinder career advancement as graduates can be forced to take jobs that may have no chance of wage growth or career development so they can make debt payments on time.
Conservative media have labeled higher education as a "privilege" and suggested students ought to choose fictional cheaper colleges. Some outlets have even defended schools that take advantage of students and leave them with significant debt. But research shows college matters now more than ever, and the cost to attend is rising across the board. The student debt crisis is especially damaging for poor students and students of color, who more frequently attend cheaper open-access and community colleges and are still forced to borrow in higher numbers to pay for their education.
Blaming students for the student loan debt crisis ignores the facts and distracts from finding real solutions to America's skyrocketing student debt burden.
Trump Reportedly Leaning Toward Prolific Right-Wing Op-Ed Writer And Fast Food CEO To Head Department Of Labor
**UPDATE: Several news outlets reported on December 8 that the president-elect is expected to choose Puzder to serve as the country’s 27th secretary of labor. The New York Times noted that Puzder “will arguably have less experience in government than any labor secretary since the early 1980s.”
Media outlets have reported that President-elect Donald Trump is considering Andy Puzder, a right-wing commentator and fast food CEO, for secretary of labor. Puzder is known for writing op-eds denouncing worker rights and the minimum wage, and his company is infamous for its “supermodel-centric marketing strategy” designed to offend viewers and stoke sales.
According to a November 15 article in Politico, Puzder, the CEO of CKE Restaurants, which operates burger chains Carl’s Jr. and Hardee’s, was on the short list to replace Tom Perez as the secretary of labor in the incoming Trump administration. The same day, The Atlantic also reported on Trump’s possible choice of Puzder, noting the CEO’s history of fundraising for Trump and his staunch opposition to Obamacare and raising the minimum wage.
In his op-eds and media appearances, Puzder frequently peddles right-wing misinformation advocating policies that hurt American workers. Puzder has praised the job destruction that comes with workplace automation, boasting in a March 16 interview with Business Insider that he wanted to automate more of his restaurants to avoid paying worker salaries and benefits. Puzder claimed that replacing people with machines would be preferable because machines “never take a vacation” or complain when discriminated against. From Business Insider:
"They're always polite, they always upsell, they never take a vacation, they never show up late, there's never a slip-and-fall, or an age, sex, or race discrimination case," says Puzder of swapping employees for machines.
Puzder opposes new overtime rules proposed by the Department of Labor that would extend guaranteed overtime pay to qualified salaried workers making less than $47,476 a year. Puzder defended his position by claiming that having a salaried position -- and thus no overtime pay -- is an “opportunity” that confers “prestige” and “an increased sense of ownership” to overworked and underpaid managers. Puzder has also frequently attacked the push to raise the minimum wage and Obamacare’s health insurance expansion, misleadingly claiming that stronger wages and benefits actually hurt workers.
Puzder even attacked working-class Americans during an appearance on Fox & Friends, claiming that low-income workers might be wary of higher paying jobs if the salary increase results in a loss of government benefits. Puzder wrote in an op-ed in The Hill of a so-called "Welfare Cliff," where employees turn down promotions that could lead to $80,000 salaries because they "don't want to lose the free stuff from the government." Yet, by Puzder's own admission, the company he runs does not pay anywhere near the $80,000 annual salary that his employees were supposedly passing up so as to qualify for anti-poverty assistance.
In addition to being an outspoken media advocate of poverty wages in the fast food industry and an opponent of policies aimed at helping American workers, Puzder also runs a company that boosts its sales via a “supermodel-centric marketing strategy” catered to exploiting his customers’ base impulses. Puzder told Entrepreneur magazine that complaints that his ads are sexist “aren't necessarily bad” for the company and that he thinks his company’s “sales go up” amid public outcry over ads that degrade women. The fast food chain has been running these ads for years, and Jezebel compiled “a history of disgusting Carl's Jr. ads” from 2005 to 2013. Puzder’s stance on objectifying women for commercial gain is eerily reminiscent of Donald Trump’s own history of degrading remarks about women.
As the president-elect begins the transfer of power, media need to inform Americans of Trump’s potential cabinet picks, the potential policies these cabinet members may support, and how those policies will affect American workers. Experts have already started to express fear that Trump’s proposals for the economy -- budget-busting tax cuts for the rich and unfunded deficit spending -- may create a short-term “sugar high” followed by an economic crash. The next labor secretary could exacerbate those economic worries if he or she promotes policies that undermine the livelihoods of millions of Americans.
Report Fails To Mention Only Group With A More Positive Outlook Since The Election Is Republicans
Fox Business spun the first post-election consumer confidence report to misleadingly claim economic confidence “increased sharply” after Donald Trump’s election, failing to note the confidence numbers swung based on party affiliation.
During the November 16 edition of Fox Business’ Varney & Co., guest host Ashley Webster used the latest consumer confidence report from Gallup to push so-called “Trumponomics” as “a winning formula” for the American economy. Conservative columnist Liz Peek added that she thought the Gallup numbers showed Americans were “cheered up by the idea that Republicans have [control of all three branches of government]”:
In reality the Gallup poll found the only Americans who are “cheered up” by Republicans having complete control of the federal government are other Republicans. Gallup concluded that Donald Trump becoming the president-elect of the United States “transformed the way Republicans and Democrats view the economy” but it was “too early to say” if these numbers will hold.
Republicans, who had been unduly pessimistic about the economy under President Obama, substantially lifted their outlook on the economy after the election. According to Gallup, Republican opinions of whether or not the economy was getting better or worse went from -65 points before the election to +5 points after, while Democratic opinions on the same topic shifted from +26 points before the election to -1 point after. At the same time, Republican opinions of the current state of the economy also improved markedly after Election Day, with GOP opinions improving from -21 points to -5 points, while Democratic opinions sagged from +26 points to +17 points.
Republican economic optimism may be short-lived after Trump takes office, as experts have expressed fear that his proposals for budget-busting tax cuts for the rich and unfunded deficit spending may create a short term “sugar high” followed by an economic crash. Trump’s proposals to severely restrict immigration and international commerce could create the conditions for another recession in the United States and his proposed monetary policies could imperil the financial system. The spending cuts and restrictions to vital anti-poverty programs proposed by Trump and congressional Republicans would push millions of working-class Americans into poverty, while his anti-trade policies could cost 4 million jobs.
From the November 9-13 Gallup U.S. Daily Survey: