Free Market Project -
Auditing the media's coverage of the free enterprise system
• October 12, 2005
In this issue: Can’t We Raise Taxes? • Gulf Planning • Fannie Mae
• Good, Bad & Ugly
Links: 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
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
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
The National Center for Policy Analysis debunks a relationship between
global warming and hurricanes.
Commentary: Job losses from Hurricane Katrina aren’t as severe as
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
Research: The Heritage Foundation offers some ideas for cutting
and controlling spending amidst Katrina relief efforts.
Recommendations for the reconstruction of housing on the Gulf Coast.
Research: The Heritage Foundation looks into a flawed plan to
implement a “two-track system” where only high earners file annual tax
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.
about events coming up in your area!
Policy Institute’s Celebration of Freedom with Oliver North
Venetian Resort and Hotel, Las Vegas
Oct. 13, 6:00 p.m.
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
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
SC-4, U.S. Capitol
Oct. 19, 9:30 a.m.
Monetary Institutions and Economic Development
Sponsored by the Cato Institute and The Economist
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
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