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Market Mayhem

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    Media play blame game on economic crisis

  • Duration 6:42
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-- blame game in full force after the S and He changed the US credit rating sending the stock market into a tailspin triggering an ugly display.

Of finger pointing.

In the media it's been front and center all week Andrea that wild gyrations near record you know it drops in the stock market.

Followed by -- swings.

And who's getting the blame for all this.

Well I think the last tried to pin it on the Tea Party but if you have been reading any of the editorial pages this week.

The -- that the president handled that He took a lot of heat from even editorial pages such as the New York time the question if He had a vision the Wall Street Journal questioned.

If he's even smart everyone from Eleanor Clift.

The Daily Beast to Dana Milbank -- the Washington Post.

Said that this guy comes out the president comes out doesn't have a plan He handled the -- downgrade very mentally.

And they they even a -- accuse -- Dana Milbank of the Washington Post -- not even attempting to try.

To do anything to -- Drew Weston -- an opinion piece for the New York Times what happened to Obama it was titled and He He question He says.

We are a nation that is being held hostage not just by an extremist Republican Party but also.

By a president who either does not know what He believes or is willing to take what ever position.

He thinks will -- do his reelection -- Yes and I was struck by that and wrote about it but -- Jonathan -- yet new republic said silly argument unfair argument.

But you know I think it is an argument that resonated among supporters of Obama.

The Economist Magazine which has no dog in this fight.

Pointed out that his handling of the debt ceiling crisis really did hurt him.

He said even though Obama has the in box from hell when He came into office and even though He has the opposition from now.

He still didn't handle it well.

Alan let me ask you about some of your fellow liberals bill levels yes Bill Maher was asking this week -- -- Bill Maher was asking this week if Hillary Clinton would be doing a better job has this president lost the liberal media -- a lot of the -- wingers -- saying -- love the people in the -- Obama got that was gonna get the nomination a few years ago.

Well we wish -- been Hillary the people who knocked her for older hoosiers who knows if Hillary would have done a better or different job I would like it.

Point -- Standard and Poor's said.

They leave this squarely at the seat of the Republicans causing uncertainty and not even -- -- revenue enhancements of this idea that is all about -- -- -- -- if you actually -- with they said they lay this at the feet of Obama as if it's only his ball and congress is an 18% approval rating right now they.

-- -- -- -- -- -- -- -- -- And I look at the public blames.

The Republican they have actually if you look at it yes and he's now since they've blamed everybody mean yes on Friday they -- the Tea Party know Alan they also -- the political climate in Washington and our ability to get nervous I hate it's the -- there those are things in there come up from.

They're specifics when things about what the Republicans did the causing uncertainty in the markets that led to the -- -- -- -- into the conversation here -- Brent Bozell of the Media Research Center which is after all a conservative media watchdog group.

Said this He said that blaming the tea party for the downgrade is like blaming the Betty Ford clinic.

For alcoholism and yes I read that.

At about.

It's perfectly logical and no one should be surprised that they're blaming the Tea Party and and that's a good thing.

I mean there are many people -- up to follow the Tea Party.

But think great with that we we are finally -- -- that the Tea Party can actually -- some legislation in this I think -- -- One of those -- pointed -- for the better.

-- think no one likes this legislation on that I was at that -- -- that dust settles the Tea Party is losing steam it look at the polls in the Tea Party people are less and less interested in the Tea Party they're not gaining ground.

They keep driving this debate.

You can name called the left -- and then they called hey look I'm not that I am driving -- -- I know you think I am glad I don't think I'm calling -- -- speaking of name calling Senator John Kerry labeled this the Tea Party downgrade.

And it seemed like a lot of the media took that and ran with it is that fair I.

Think a lot of the media didn't but some of the media at least questioned.

The down greater the credentials of the good hunt down -- remember who Standard and Poor's is.

They did nothing about Enron they did nothing about the mortgage mortgage backed securities and Enron was -- was a triple -- company -- -- right up until it went bankrupt over the cliff.

And -- at that point they said what so I think that there's a lot of blame it's easy to cast blame.

The there there were very few media people saying out of -- and not -- put the pieces together.

I think it was David Axelrod that that it first said that not John Kerry.

They carry lifted it from -- Axelrod is of course the great gray evidence that.

Who was still hovering over this whole process okay -- the speaking about the blame game it doesn't seem like.

-- a lot of this is is sticking on the president I mean should He be.

Taking should He be saying I could have done a better job at.

Absolutely that doesn't want -- may have Coppola and you know He I think it does show what what about that if we need to do a miracle what apologize for what.

I think he's done a good job in terms of negotiate with people who don't wanted to go to to Mitch McConnell took my major objective is to get him out of office heading have a good faith negotiation.

Apple and like anything wrong in your vote yes -- an -- I don't like we needed in Afghanistan unlike me in Libya I think what -- close gitmo I what is a more aggressive in many ways in which He simply said I would invoke the fourteenth amendment if you guys don't come around and do and I.

What about what -- -- so -- -- not.

Well the latest fastest but I give you that's what about the way the press has treated him on this I mean what about the buck stops here -- says.

I think that the media has finally realize they can no longer carry his water and this was the first instance that we saw that they even the left came out and said.

You know what we can't make excuses for him anymore there is -- and -- as bill Daley said we cannot defend the indefensible.

-- the president bungled this one he's not going leadership and that is a collective consensus that's on the -- -- all right yes we -- we have spoken to Andrea.

I we're getting very quietly that you really do I think you're it's silly to -- -- too.

Think that the left -- press has finally turned on Obama they have.

They will stick with them through thick and -- this is just to give them -- And it should go -- gave me the letter that you're gonna have to take this one up in the break with Liz time.

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