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The Balance Sheet

The Media Research Center

Free Market Project - Auditing the media's coverage of the free enterprise system

Volume 1 Issue 9 October 12, 2005

In this issue: Can’t We Raise Taxes? • Gulf Planning • Fannie Mae • Good, Bad & Ugly
Global Warming • Katrina • Tax Policy • Energy • Events

New from the Free Market Project

Media Won’t Rest until Taxes Are Raised
We’re fighting terrorists. We’re rebuilding the Gulf Coast. “Can we do all this without tax increases?” is the media refrain. In post-Katrina tax coverage, 59 percent of network news stories suggested raising taxes. They turned to everyone from Bill Clinton to the man on the street make the case.

Econ 101: Should the Government Plan Cities?
Dr. Gary Wolfram, professor of economics at Hillsdale College and adviser to the Free Market Project, explains why property owners in the storm region are the best ones to decide what happens next.
Ask the professor: Do you have a question about an economic issue covered in the news?

Fannie Mae Scandal Grows and Networks Do Nothing
Network news is still missing a financial scandal that is exponentially larger than Enron. Fannie Mae’s $10.8 billion accounting debacle that has helped slice $30 billion in value from the company grew worse on September 29 when The Wall Street Journal reported investigators had “found new accounting violations, including evidence that the company may have overvalued assets, underreported credit losses and misused tax credits…” Despite this, ABC, CBS and NBC still talked about past events at Enron more than current events at Fannie Mae.

The Good, the Bad & the Ugly
The Good, the Bad & the Ugly tracks the best and worst media coverage of business and economics. Readers are invited to submit suggestions or news tips to Director Dan Gainor.
This week: Good guy lawyers; “60 Minutes” goes off track on NASCAR; and the media overestimate job losses from Katrina.

Also from FMP:

Media Chip Away at Insurance’s ‘Rock Solid’ Coverage

CBS Off Track with NASCAR Comments

Media Wrong about Katrina-Related Economic Downturn

Research, News & Commentary

Global Warming

Research: The National Center for Policy Analysis debunks a relationship between global warming and hurricanes.

Hurricane Katrina

Commentary: Job losses from Hurricane Katrina aren’t as severe as expected.

Commentary: Iain Murray looks at the “transit options” available for evacuating New Orleans before Katrina.

Commentary: An itemized breakdown of the pork, or in this case “pork gumbo” in Katrina relief requests submitted by the Louisiana congressional delegation.

Research: The Heritage Foundation offers some ideas for cutting and controlling spending amidst Katrina relief efforts.

Research: Recommendations for the reconstruction of housing on the Gulf Coast.

Tax Policy

Research: The Heritage Foundation looks into a flawed plan to implement a “two-track system” where only high earners file annual tax returns.


Commentary: More taxes on oil and gas consumption wouldn’t solve U.S. energy problems.

Commentary: The Wall Street Journal warns of the impending burst of the “oil bubble” and urges calm regarding the oil market.

Upcoming Events

Tell us about events coming up in your area!

Nevada Policy Institute’s Celebration of Freedom with Oliver North
Venetian Resort and Hotel, Las Vegas
Oct. 13, 6:00 p.m.

Vermont Freedom Fest 2005
Sponsored by the Ethan Allen Institute and FreedomWorks
Vermont Technical College
Oct. 15, 9:00 a.m. – 5:00 p.m.

Restoring Property Rights after Kelo v. New London
Cato Institute

Oct. 17, 12:00 p.m.

Filling Gaps in the Nation's Pension System: A Bipartisan Proposal
Sponsored by the National Center for Policy Analysis and the Retirement Security Project
SC-4, U.S. Capitol
Oct. 19, 9:30 a.m.

Monetary Institutions and Economic Development
Sponsored by the Cato Institute and The Economist
Cato Institute
November 3, 8:00 a.m. – 6:30 p.m.

“States of Fear: Science or Politics?” with Michael Crichton
Hotel Nikko, San Francisco
Nov. 15, 8:00 p.m.

Join Us in Telling 50 Million Americans Every Week About Liberal Media Bias!

Editorial Staff
Dan Gainor, Free Market Project Director
Amy Menefee, Balance Sheet Editor
Charles Simpson, Research Analyst

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