Another example of incompetent media, this time featuring CNBC's lead reporter Maria Bartiromo. Her ignorance or deliberate distortion of Obama's economic policies was there for all to see in her interview of Lawrence Summers after Obama's economic conference yesterday afternoon.
After several minutes of pleasantries with Summers, Bartiromo launched into her big question: Obama on Taxes. In her question, Bartiromo stressed that Obama was going to raise capital gains rates from 15 to 24 or 25% and raise the top marginal income tax rate as well. Her exact quote: "We know he's taking taxes up. Why raise taxes in such a slow economy? Won't that stretch people further?"
She seemingly knew nothing of Obama's middle class tax cut that would lower taxes on all but the top several percent. There was no understanding that Obama would delay tax increases until the economy was back on its feet.
Summers was not much help. He did point out that any tax increases would be delayed until the dangers of recession were past (and he did criticize the Republican's disastrous fiscal policies) but his speaking style was anything but crisp. He said nothing about Obama's tax cut proposal or the types of investments that would not be subject to capital gains taxes (which was on the screen but not discussed). There was no discussion of Obama's proposed second round of stimulus.
Bartiromo then questioned where the money would come from for programs such as Obama's energy initiative. Despite Bartiromo's accusatory tone, Summers handled this question fairly easily, though his reliance on the old palliative of collecting unpaid taxes was not particularly convincing to me. I would have preferred if he had talked about the cost savings from Iraq.
Of course, CNBC is full of dyed in the wool free market, free trade capitalists. But that's no excuse for shoddy journalism. Their beat is business news and the economy and their lead reporter should know enough about Obama's economic policies (which have been discussed frequently on the station) to avoid uninformed or misleading questions.
This type of journalism is potentially more damaging to Obama than the idiots on Morning Joe and other such shows where the audience has largely made up its mind about the election. CNBC's audience skews way Republican, but there are retirees and others who watch regularly who are in play this year. I hate to see them influenced by such stupid and misleading questioning, particularly when the guest doesn't respond all that effectively.
Here's the link The meat of the conversation starts at about the 3:40 mark.