| 10.28.08|
Off My Rocker: Media, Money & More Money
Those of us who spent some time growing up “away” as they say in the northeast, have some Halloween memories of moms trying to fit costumes over our bulky parkas and ski hats to go door to door in thirty degree weather. Halloween decorations easily became Thanksgiving decorations, just take the fake spider webs out of the harvest corn and cornucopia displays and Autumn had arrived. As I write this the forecast for our Halloween on Friday is eighty degrees—no need to alter the costume mom unless it is to vent it to prevent heat stroke.
This Friday when out with the kids trick or treating I will ask my neighbors with the Obama-Biden signs for some help—you know to spread their wealth a little; I figure it is more efficient to cut out the middle man in Washington D.C. Since several of them do not have children and I stand to make something like $50,000 in tax cuts, health credits, child credits, paying my taxes credit, having a job credit, etc. they can give the kids some Snickers and Skittles and I am good with a check.
Last week the Press-Telegram editorial board endorsed Obama for President. This has produced the usual comments from those on the extremes, each of who feel the paper is slanted left or right, with the usual name calling. Of import to me on this endorsement were two items, first it appears from their comments that the P-T Editorial Board abandoned issues for feeling, second this is the first election for the Editors since half their staff has been terminated or moved to the South Bay under owner Dean Singleton. As has been reported very well over the past several months by Theo Douglas over at The District Weekly. Singleton has slowly been pulling the P-T into the Daily Breeze and much of our local reporting for Long Beach is gone. While not a shock to read another print media editorial board endorsing Obama, particularly one that become solely reliant on wire service “news” coverage, for the recent history of the P-T endorsements this is a bit of a lurch to the left and did surprise me when I read it.
Douglas also wrote on Friday of comments made by Singleton to an industry association meeting of the possibility of putting all the news desks for his papers across the country in one location—possibly off-shore. Yes, our Long Beach news can be written by a “reporter” in Delhi or Manila, very cost efficient but I am not sure how efficient it would be—those on hold for financial sector customer service may attest to that. Read Douglas’ piece by clicking here.
Last week, the Pew Research Center released a poll showing that 70% of Americans believe reporters want Obama to win the election. While 70% is the number who feel our nation’s reporters want him to win, what is unreported is a poll of reporters to see what that number actually is—my guess is that it is in the same 70% vicinity or higher. The numbers by this study suggest that the press has overwhelmingly voted for the Democratic nominee since the early 1960’s, but whenever media bias is brought up the left yells and screams that it is not so. Why not just own up to the fact that our nation’s media is generally more liberal than the country as a whole? Most of us accept it, why can’t the press and the left admit it?
An indication of why Americans feel those writing their news are “in the bag” for Obama was very evident in our own P-T last week. One day their coverage of the election was pretty much limited to an Associated Press piece on the GOP providing Sarah Palin a wardrobe for the campaign trail befitting a vice-presidential candidate. And another article detailing the cost to the provide Palin transportation around the great State of Alaska and beyond.
Reading and watching the mainstream media (MSM) reports the past year or so, starting with their coverage of the Democratic Primary, it is astounding that this election is even close. If one were to drop in from a cryogenic thaw and just read what the MSM has put out there is absolutely nothing positive about McCain nor Palin. Nothing. Even the most die hard liberal must admit there is a very compelling story in a woman who has risen from the local PTA to having the highest approval rating of any governor in the country—regardless of how you feel about her views that is an admirable achievement. Rather than give any credit the “unbiased” reporting has been to delve into trivial, even sexist, coverage. So much for all of Gloria Steinem’s efforts.
The First Amendment gives us the right to freedom of religion, freedom of speech and freedom of the press. These freedoms, in conjunction with the right to assembly and petition the Government were establish to enable the people of the United States to speak up on their governance and enable a public discourse on issues. One would presume that such a discourse leading to an election for President would be valuable for all citizens. Except our local paper, and many others, rather than presenting the issues of politics, economics, foreign policy, taxation, etc. feels it is much more important that we know about clothing and travel budgets that have absolutely zero impact or affect on our local populace. Off-shore that please.
Prior to this election cycle daily newspapers around the country were on a steep decline. Subscriptions were dropping, advertising money was dropping and more and more layoffs were occurring every year. Seeing the numbers from the Pew Research Center and other polls relating to media bias and coverage I think we have not seen a bottoming out in the financial decline of the publishers. People buy a product they need and can trust. Our nation’s dailies are losing on both counts. Instead of re-building the trust, re-building their being needed in the marketplace of ideas and discourse some publishers are considering more cuts to the news desks and moving out the coverage areas or off-shore?
One of the oldest adages in politics is “follow the money.” If you want to know why a politician voted a certain way, wrote a certain bill or why a seemingly ridiculous law was passed, follow the money. Follow the campaign donations to the candidate(s) and follow the public spending from the government coffers. One of the best sites for tracking campaign donations is OpenSecrets.Org. Click on that if you want to see half an hour from your day go “poof” as you track donations from the Hedge Fund Industry (tripling their contributions this cycle with 65% of their donations to Democrats); Oil and Gas (75-25 Republican); Lawyers and Law Firms (75-25 Democrat); Goldman Sachs (75-25 Democrat) or other industries.. You can search by elected officials and candidates. For instance leading into the 2006 mid-term elections Nancy Pelosi told us if elected to a majority her party would change the money and influence in Washington. The only change was who got the change—Pelosi’s top three donors by industry? Lawyers, Securities and Investment and Insurance, reads like the current economic crisis news. Local Congresswoman Laura Richardson, a short-term freshman running for re-election in one of the safest districts for Democrats in the country has been active raising money for her campaign coffers. Far and away her top donors are labor unions, comprising over a third of her contributions. It is a great site that provides a lot of information as to who gives what to who and how much—a perfect example of information not available to the average person even fifteen years ago that diminishes just a little bit more the need for daily newspapers.
A lot of our current economic woes came out of Fannie Mae and Freddie Mac loosening their credit profiles allowing more and more Americans to purchase homes they ended up not being able to afford. While this was happening the top execs at both organizations where making tens of millions of dollars. How could this happen? Google Fannie/Freddie campaign contributions and follow the money for the past ten years. Fannie and Freddie were all over Washington D.C., no surprise their former employees, lobbyists and attorneys are all over both campaigns; of course this just allows supporters of both to say the other candidate is/was in bed with the Brother and Sister of home mortgages.
It seems the more money that is spent on their campaigns the more of our money they spend. Graph campaign contributions the last two decades against economic growth and government spending, the first and last increase far greater than economic growth. “Transparency” is a word most candidates use until they are elected and start voting for laws that are, um, well let’s say “favorable” to those who filled their campaign coffers. Perhaps Quid Pro Quo should be on our money instead of E Pluribus Unum.
Speaking of following the money, still no news on the $25 million of City funds lost to the Lehmann Brothers’ bankruptcy. Is there a plan to get it back? What is the plan due to the significant loss in interest from the $25 million? With the loss of interest on those funds, the drop of oil prices by almost 50% per barrel and the news that CalPers is looking for employer contributions (read City contributions) to make up for their losses in the recent drop in stock prices, a lot of financial information is pointing to another budget deficit for the City in the coming year. Good thing the Arts Council got their half a million bucks last week before all the bad financial news got out and someone told the City Council we are broke and getting broker; some people may feel that spending that much on non-core services during the current fiscal crisis our city finds itself in may not be a good idea.
Kudos to the Press-Telegram for its series this week on Pine Avenue. While there are still plenty of more segments the two statements that I see again and again that bother me are: “In these tough economic times it is tough to recruit businesses…” Sure, but there were increasing vacancies on Pine Avenue downtown two years ago when the local and national economies were robust so what was the excuse then? The other statement is “we need a really large retailer to anchor the area…” Really? Z Gallery, Crate & Barrel, those are not large anchor type retailers for an urban retail district? Why does Pine Avenue need a nationally known retailer to anchor the street when Belmont Shore seemed to grow very well with out one, as did Main Street in Seal Beach. There are many problems that are contributing to the lack of retail in downtown and along Pine, I think blaming the economy today for past failures and the lack of a major anchor tenant are excuses. My personal opinion is that the retail development has lacked focus and there has been no cohesion between landlords, the city and the neighbors. Someone needs to come up with a “district” type theme for the area and attract three, four or five retailers in the same industry—a shoes and handbag district, an upscale tailor district, a denim district, a wedding districtI don’t know what will work but it seems competition brings buyers looking for a specific item or purchase and the more buyers the more business. Look at the way automobile dealers have evolved into Auto Districts, they know if they are all in one area to attract all the buyers they all benefit from each other and the competition. Same with restaurants, the more that are grouped together doing well the better they all do. Ask John Morris if Mum’s did as well before his competitors moved in, creating more foot traffic and people going downtown looking for a bite to eat. Focus on one industry, market Pine Avenue as being the home of that industry in Southern California, people will come.
You may have seen the news this past week that existing home sales are up considerably in Long Beach and other Southern California cities. Not a big surprise to us in the industry, as I have been writing most Fridays for the past several weeks on my mortgage blog first time buyers are filling the market place buying condos and homes. This activity is beginning to have a stabilizing effect on the local housing markets—and other markets across the country. If the activity continues the American consumer and his/her desire for homeownership will correct the economy before Washington finishes slicing and dicing and lobbying and parsing the $700 billion bailout package. Follow the money…
It is my sincerest hope that everyone, regardless of political party or who they support for being our next President adamantly and loudly denounces the West Hollywood man who has hung an effigy of Sarah Palin as part of his Halloween decorations. The Los Angeles County Sheriff has said this is not a hate crime because the effigy is part of the Halloween decorations on the man’s lawn. The man says he can hang the effigy because of freedom of speech—sure you are right you can. And under freedom of speech I can call you a pig-headed ass who exemplifies much of what is wrong with our political process. This type of behavior affects all Americans, whether in West Hollywood, Long Beach or Palm Beach, male or female, white or black, Republican or Democrat. I would like to see Obama, not the Obama campaign, but Obama himself denounce this hateful act. For those who think it is funny, cute, appropriate or anything but vile and disgusting, imagine if someone exercised their right to free speech by hanging an effigy of one of your candidates, then tell me you feel that would be funny, cute or appropriate.
Follow the money in our house and a lot of it seems to end up in a lot of stuff that is pink; ballet shoes, soccer balls, Barbies, skirts and tops. I need a better lobbyist, as the only male in the house I have been a loyal supporter of the Household Party but my bills for more football on t.v., more rounds of golf for patriarchs and less Hannah Montana are being ignored by the majority.
Have a great week, let’s have a safe and fun Halloween throughout the community. Make sure your kids pick up their trash, say “thank you” and are respectful of those still willing to turn on the porch light and pass out candy. Oh, and don’t make it too obvious that you have raided their candy stash after they have gone to bed; me I go for the Baby Ruth’s while they snore in their sugar comas. Happy and safe Halloween everyone.
Your thoughts welcome, click here to email me or on “Leave A Comment” below for public response.
