The Media Is Evil

Do you ever feel kinda paranoid?

We do.

It seems that the media is to blame for a perceived lack of attendance at this year’s International Council of Shopping Centers spring convention, also called RECon. It’s hard for us to believe that anything we would write could possibly stop people from shopping at department stores or building lifestyle centers, but apparently that’s the case, according to one speaker here.

In fact, it seems like the media is to blame for everything. According to Lou Dobbs, the CNN media personality who gave today’s keynote speech at the convention, the “national media is 70% liberal in all forms” and is causing undo hand wringing about this economic-downturn business.

Well, we’d like to think that certain financial institutions have a little more pull, but maybe we’re underestimating ourselves, and it’s our fault that millions of people can no longer pay their mortgages.

On a more positive note, a speaker today, ICSC’s chairman Renee Tremblay, said that there are opportunities to be had from the challenges in today’s economy. Let’s hope he’s right, and the media doesn’t screw it up for everyone.

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7 Responses to “The Media Is Evil”


  1. 1 Husky Fan In New York May 19, 2008 at 3:37 pm

    Lou Dobbs is about as guilty of the hand-wringing as anyone. Democrats want to take the White House so badly that liberal media types are willing to bend (and that’s being nice) the truth to make everyone think the sky is falling. They want the country to talk ourselves into a recession so that the economic climate is as bad as possible come the November election.

    Sure they aren’t the only ones to blame and certainly not the primary cause, but the financial institutions etc. started the fire and much of the media practically fans the flames; at the very least, they create the perception that the flames are going to overtake every man, woman, and child!

  2. 2 John May 19, 2008 at 5:37 pm

    “millions of people can no longer pay their mortgages”

    How many million is that in total? Being a reporter I’m sure you have the source. The last I saw the projection was about one million foreclosures in 2008, but if you have numbers that say many times that number will occur please post a link.

    Also, how come the media has virtually ignored the story of how many of these people lied about their income in order to get their homes? If you want another story that few reporters have covered it’s about how many of these homes were second homes, purchased by people who had no business buying a second home, but were paying interest only loans hoping the market would continue to climb so they could sell the property before their rate went up. I have no empathy for the people who did that.

    The reason reporters avoid those stories is that they put the blame on individuals instead of faceless corporations, and liberals like to blame corporations for all of the world’s ills. It’s similar to the nut jobs that think there’s a conspiracy behind 9/11. Their ideology/world view is that all evil comes from the USA &/or capitalism. It doesn’t allow them to believe that individuals who don’t embrace either of those things could be to blame for 9/11 so they have to assign blame to their pre-determined evil-doers otherwise their belief system will be threatened.

  3. 3 Chris May 20, 2008 at 9:02 am

    Not sure how much this data has been parsed.

    IRVINE, Calif. – Jan. 29, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,285,873 properties nationwide during the year, up 75 percent from 2006. The report also shows that more than 1 percent of all U.S. households were in some stage of foreclosure during the year, up from 0.58 percent in 2006.

    Wednesday, May 14, 2008 2:00 AM
    A (Relatively) Few Bad Apples Spoil the Barrel
    posted by darenb

    According to the RealtyTrac U.S. Foreclosure Market Report issued today, the total number of properties with foreclosure activity in April reached the highest level on a monthly basis since RealtyTrac began issuing the report in January 2005. Foreclosure filings were reported on 243,353 U.S. properties during the month — certainly a big number, although only a tiny fraction of the nation’s 126 million total housing units. Still, nearly a quarter million properties in one month can have a significant impact on a housing market that is registering about 5 million existing home sales for the entire year.

    From another source, quoting RealtyTrac:

    The latest foreclosure statistics from RealtyTrac are out, and the news isn’t very good. According to the Q1 2008 U.S. Foreclosure Market Report, which tracks foreclosure filings (including default notices, auction sale notices and bank repossessions), 649,917 properties were foreclosed upon during the first quarter of the year, a 23% increase from the previous quarter and a 112% increase from the first quarter of 2007. The report also shows that one (1) in every 194 U.S. households received a foreclosure filing during the quarter.

  4. 4 Nancy H May 20, 2008 at 2:46 pm

    Thank you, Chris, for showing that “millions” of homes have and are being foreclosed on. I agree with you, Ian, that the slow-down in commercial real estate development is largely due to the decreased buying power Americans have, which is a direct result of the housing market obliteration. Financial institution were all so ready, willing, and anxious to provide loans to people who obviously did not qualify, or to write so many “interest only” ARMs and sub-prime loans. That is not to say that the people who got themselves into those loans are blame free…just incredibly naive and greedy. However, for “millions” of Americans, having the golden carrot dangled in front of your nose is just too enticing to pass up. So who has the greater responsibility? The financial institutions that offered these rediculous loans, or the lemmings who jumped at the opportunity to become homeowners in a real estate market that was destined to crash?

    Oh – wait…I forgot…it was the liberal MEDIA, fabricating an economic downturn. Because people not shopping at department stores for unneccessary, overpriced clothing and accessories, and developers choosing to hold off on putting yet another life-style shopping center on yet another empty corner are things that could never possibly be the result of anything other than a liberal media scam. I guess if you just write a story about how financially healthy we all are, the whole recession thing will magically turn around. So…get with it, will ya? (While your at it, could you pay off the National Debt, increase the value of the American dollar, and clear up this whole “global warming” mess, too?)

  5. 5 Realist as well... May 21, 2008 at 8:55 am

    There are two evil camps in our media. One camp are puppets for Wall St. This camp includes Jim Cramer (why does anyone listen to a word this guy says?), Squawk Box, and a few others. The other camp are liberal activists distorting the news for political agendas. The notables in this camp include NPR and Kai Rysdall, CNN and Dobbs, and the rest of the Dan Rather clones all over the mainstream media (the 70% mentioned above).

    For the first time in awhile, these two camps have been united by common means to different goals. The Wall St. camp’s goal is getting the largest possible bailouts for their financial ponzi schemes. The liberal activist camp’s goal is obtaining the White House. The means to both of these goals is preaching Doom and Gloom Negativity. I call it Neo-Negativity.

    Despite the rampant Neo-Negativity from our media, our GDP is still growing and it will likely be positive each quarter in 2008 – yes, Q1 will likely be revised upward. Most media economists have declared the US economy to be in a recession as of December of 2007. Mark Zandi of Moody’s has been predicting negative GDP since Q3 2007, yet we still aren’t there.

    Wall St. got their bailout. Will the liberal activist get the white house?

    The real US recession will take place when the next US president raises income and capital gains taxes. All of the candidates will likely raise these taxes somehow. Mccain will likely raise them by the least amount so he will get my vote even though I’m not happy about it. We saw this same thing happen in the 80’s-early 90’s. Despite the S&L crisis, GDP continued growing until George Bush Sr. raised taxes in 1990. Only in 1990 did GDP contract. Mccain is the next Bush Sr. and he is even campaigning on “No New Taxes”. How convenient!

    Today’s credit crunch is not as bad as the S&L crisis because all the debt in the 80’s was held domestically. Today, that house of cards is spread out all over the world and the growing world economy will help us absorb the blow out. Actually, the real “crisis” in Real Estate right now outside of FL, Las Vegas, So. Cal, and Ohio does not have anything to do with financial securities. The crisis outside of these areas is closer related to municipalities increasing Real Estate Taxes. There is one foreclosure in my zip code, yet there are 7 homes for sale on my street. Subprime is not an issue in my neighborhood, my Town assessed at the peak of the market in Oct. 2006 and people can no longer afford to pay their real estate taxes. This is the real crisis forcing people out of their homes.

  6. 6 ahab May 22, 2008 at 3:31 pm

    If anything, the media glosses over the real problems and the real issues. A free press in the US? Maybe before William Randolph Hurst, but not since.

  7. 7 John May 22, 2008 at 5:29 pm

    Greed is the cause of the crash in the financial markets.Those guilty of this sin should be left to dangle. The underlying value of commercial properties remain strong excepting values inhanced by the subsidized low interest rates. Shame on the government for the devaluation of the US dollar my minting money and thereby taking the hard earned money out of the hands of savers and giving it to the greed heads and dumping the burden on future generations.


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