Rupert Murdoch Lie Machine Hemorrhaging Money

[deception]

http://www.guardian.co.uk/business/2009/aug/05/news-corp-losses

Rupert Murdoch's global media empire, News Corporation, slumped to a $3.4bn (£2bn) net loss for the 12 months to June as a combination of plunging advertising revenue, impairment charges and online losses contributed to the company's worst year in recent memory.

The group suffered hefty accounting charges related to a drop in the value of its assets. After stripping out these one-off items, its full-year operating profit dropped by 32% to $3.6bn, with growth in revenue at the group's cable television networks failing to make up for a slump in income from films, newspapers, books, magazines and online offerings.

Murdoch said: "The past year has been the most difficult in recent history, and our 2009 financial performance clearly reflects the weak economic environment that we confronted throughout the year."

He continued: "We streamlined all our businesses and continue to do so, at the same time adjusting to the revolutionary changes taking place throughout the media industry."

In the final quarter of the year, News Corp made a $203m loss, compared to a $1.1bn profit for the same period in 2008, hit by a $680m impairment charge at Fox Interactive Media – the division that includes the social networking website MySpace, which recently shed 400 staff as it struggles to compete with larger rival Facebook.

Murdoch's British newspapers, which include the Times, the Sun and the News of the World, suffered a 14% drop in year-end advertising revenue as the recession took its toll. Profits at News Corp's global newspapers unit, which includes international titles such as the Wall Street Journal and the Australian, fell from $786m to $466m.

The group's Twentieth Century Fox film studio recorded annual profits of $848m, a drop from last year's $1.24bn, as films such as X-Men Origins: Wolverine and the second instalment of the Night at the Museum series failed to match releases such as The Simpsons Movie and Live Free or Die Hard a year ago.

Earnings from cable network programming rose by 31% to $1.67bn but the group's television division, including its Fox stations in the US and Star networks in Asia, saw profits fall from $1.12bn to $174m.

 

[deception]

i say fire glenn beck and his multimillion dollar salary

 

[Shapecity]

i say fire glenn beck and his multimillion dollar salary

he disgusts me as well.

 

[deception]

glenn beck playlist:

 

[hielo español]

I've said it before and I'll say it again, Goebbels could only dream of the kind of propoganda that this **** spits out.

On a lighter note.

 

[Denny Crane]

Government does it better.

http://finance.yahoo.com/news/Fannie-Mae-seeks-107B-in-US-apf-3979081619.html?x=0&.v=10

Fannie Mae seeks $10.7B in US aid after 2Q loss

Fannie Mae seeks $10.7 billion in new US aid after posting $15.2 billion second-quarter loss

 

[deception]

Government does it better.

http://finance.yahoo.com/news/Fannie-Mae-seeks-107B-in-US-apf-3979081619.html?x=0&.v=10

Fannie Mae seeks $10.7B in US aid after 2Q loss

Fannie Mae seeks $10.7 billion in new US aid after posting $15.2 billion second-quarter loss

so what about all the financial companies that got off tarp and repaid their loans in full?

 

[Denny Crane]

They ended up buying other big banks with the money, so I'd say they didn't need any bailouts.

$800B + $800B was spent. The first was TARP, the second was on nothing useful or important. Add that up and the govt. could have wrote every person here a check for ~$6K. That'd be ~$24K to a family of 4.

I did get a tax cut that saved me about $20 per paycheck. Thanks.

Those banks got two bites of the apple. They got bailout money and they get to sell the homes they forclosed on that should have made back most of the bailout money.

 

[Shapecity]

The banks also get to book the price of homes at whatever they want on their balance sheets. It's lunacy.

 

[Shapecity]

Freddie Mac posts quarterly loss of $374 million, seeks no new government aid for now

http://finance.yahoo.com/news/Freddie-Macs-loss-narrows-apf-2220436527.html?x=0

Not sure how they pulled that off, but I'm sure it was "creative accounting"

 

[deception]

They ended up buying other big banks with the money, so I'd say they didn't need any bailouts.

$800B + $800B was spent. The first was TARP, the second was on nothing useful or important. Add that up and the govt. could have wrote every person here a check for ~$6K. That'd be ~$24K to a family of 4.

I did get a tax cut that saved me about $20 per paycheck. Thanks.

Those banks got two bites of the apple. They got bailout money and they get to sell the homes they forclosed on that should have made back most of the bailout money.

they rescued the entire banking system. remember the article i posted about all the blowback the lehman brothers insolvency caused in hong kong and europe? if the govt didnt intervene for the rest- the entire financial system as we know it, would have been a footnote in history by now. then there would a real popular uprising instead of the orchestrated crap we see now by american losers

 

[Denny Crane]

they rescued the entire banking system. remember the article i posted about all the blowback the lehman brothers insolvency caused in hong kong and europe? if the govt didnt intervene for the rest- the entire financial system as we know it, would have been a footnote in history by now. then there would a real popular uprising instead of the orchestrated crap we see now by american losers

That'd be Bush, but who's keeping track?

What's been done is to transfer insolvency from the stupid banks to the stupid government. It was government's fault all along for pushing the banks to make the stupid loans in the first place. Specifically guys like Barney Frank and Chuck Schumer.

Great for hong kong, since they're buying the USA as fast as Obama can sell it.

Your hero is a fine man with bad ideas. It flies in the face of reason that if you're in a hole the best way out is to dig deeper (all the way to China, perhaps).

Everything is really fun while you charge up your charge cards buying useless stuff. It sucks when you have to start paying the bills. That time will come soon enough.

If you like programs like Social Security and Medicare, Obama has poisoned them. They won't die today, but they will when those charge card bills come in and the choice is to pay them or pay for those other things.

As someone who doesn't like government, especially big government, I'm actually OK with it all. We'll suffer with outrageous high taxes for a while. Then the people will realize they're paying 80% taxes on $20K incomes and all the money is going to China to pay interest on the loans Obama's racking up.

If things go your way, we'll at least get anti-depressant medication for free.

 

[deception]

That'd be Bush, but who's keeping track?

the republicans voted against it, the democrats peddled it and pushed it through both houses. thank the democrats

 

[Denny Crane]

the republicans voted against it, the democrats peddled it and pushed it through both houses. thank the democrats

The Democrats held a press conference and said they'd act immediately, as soon as the Bush administration gave them a plan of action. That was on a Friday and they promised action on Monday.

Then they delayed and delayed while they piled on some pork. The original proposed Bill was 3 pages. By the time it passed, it was 451 pages and added $150B in needless additional spending.

Half the money was spent before Obama took office. Unlike the emergency stimulus package which has had $1B to $3B of actual stimulus and the rest won't be spent until the next election year.

 

[deception]

The Democrats held a press conference and said they'd act immediately, as soon as the Bush administration gave them a plan of action. That was on a Friday and they promised action on Monday.

Then they delayed and delayed while they piled on some pork. The original proposed Bill was 3 pages. By the time it passed, it was 451 pages and added $150B in needless additional spending.

Half the money was spent before Obama took office. Unlike the emergency stimulus package which has had $1B to $3B of actual stimulus and the rest won't be spent until the next election year.

pork is endemic to the political process in america unfortunately- that same shit u described above occured in the second stimulus and on any other bill. btw, how can u arbitrarily distinguish between the effectiveness of each respective stimulus? just because u despise obama doesnt make his stimulus superflous and bush's necessary. the financial system required both and he likely saved the entire system by doing it. and bush cant eat a pretzel without creating a national panic so dont give him credit for anything.

and as u know- the fed chair is probably a bigger factor in the economy than any administration can possibly be. money is percolating throughout the system- companies are paying their employees; americans are borrowing to make big purchases on cars as well as homes (both enjoying big gains according to published reports).

 

[Denny Crane]

pork is endemic to the political process in america unfortunately- that same shit u described above occured in the second stimulus and on any other bill. btw, how can u arbitrarily distinguish between the effectiveness of each respective stimulus? just because u despise obama doesnt make his stimulus superflous and bush's necessary. the financial system required both and he likely saved the entire system by doing it. and bush cant eat a pretzel without creating a national panic so dont give him credit for anything.

and as u know- the fed chair is probably a bigger factor in the economy than any administration can possibly be. money is percolating throughout the system- companies are paying their employees; americans are borrowing to make big purchases on cars as well as homes (both enjoying big gains according to published reports).

I don't despise Obama. I am not a sycophant, nor am I obliged in some way to go along with anything he wants to do, especially if I see it as wrong direction for the country.

You can measure the effectiveness of the stimulus package by how the unemployment rate went up beyond what the administration projected.

The emperor wears no clothes. Someone has to say it.

 

[Denny Crane]

Two more measures of Obama's economics:

http://online.wsj.com/article/SB124970470294516541.html

Geithner Asks Congress to Increase Federal Debt Limit
By COREY BOLES and MICHAEL R. CRITTENDEN

Washington -- U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.

Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.

The Treasury didn't request a specific increase in the letter.

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said in a letter to lawmakers.

Mr. Geithner said the that it is "clearly a moment in our history" that requires support from both Democrats and Republicans for the increase.



"Congress has never failed to raise the debt limit when necessary," Mr. Geithner said.

The non-partisan Congressional Budget Office said Thursday the federal government's budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period.

Write to Corey Boles at corey.boles@dowjones.com and Michael R. Crittenden at michael.crittenden@dowjones.com

 

[Denny Crane]

$181B is almost 1/2 the deficit Bush in his worst years of deficit spending. FOR A YEAR.

http://thehill.com/leading-the-news/deficit-grew-by-181-billion-in-july-2009-08-09.html

Deficit grew by $181 billion in July
By Walter Alarkon Posted: 08/09/09 06:06 PM [ET]

Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).

Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.

Falling tax receipts and increased spending on bailouts for auto companies and the financial sector and for the economic stimulus package added to the deficit, according to CBO, which provides official budget numbers for Congress.

Spending through July of 2009 has increased by $530 billion, which is 21 percent over the same period in 2008. The bailout money for Freddie Mac and Fannie Mae accounted for almost half of the spending increase. Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent.

Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year, due mostly to the effects of the recession on payroll, income and corporate taxes. A third of the decline is due to tax breaks in the stimulus, including the middle-class tax cut that President Obama campaigned on during last year's election.

The independent budget scorekeeper has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time.

The latest deficit projections come as Democrats in Congress and the White House are pushing for healthcare reform criticized by Republicans as too costly.

House Speaker Nancy Pelosi (D-Calif.) stressed during a town-hall meeting in Colorado this week that the healthcare bill won't add to the deficit or restrict benefits and instead will increase access to care. But lawmakers have yet to settle on a way to pay for the bill, expected to cost roughly $1 trillion over the next decade. Pelosi has supported an income surtax on the highest earners, those making more than $280,000, while senators are considering a tax on insurance companies that offer expensive health plans.

Sen. Judd Gregg (N.H.), the top Republican on the Budget Committee, said that Democrats in Congress aren't doing anything to address the record deficit and are instead pushing ahead with “wildly expensive” healthcare legislation.

“To allow the deficit to hit these previously unthinkable levels – while still planning to implement massive new spending programs – shows an incredible lack of fiscal responsibility, especially toward the future generations who will be saddled with the consequences of today’s actions,” Gregg said.

One poll released last week suggests that the GOP attacks are starting to work. A Rasmussen survey of likely voters found that 71 percent believe Obama's policies have increased the deficit. While most -- 54 percent -- blamed the recession that started during the Bush administration for the country's fiscal situation, 39 percent blamed Obama's policies.

 

[deception]

You can measure the effectiveness of the stimulus package by how the unemployment rate went up beyond what the administration projected.

well the admin cautiously forecasted the latest unemployment numbers to be over 10% and it actually went down. and this past month was the strongest job creation numbers in 15 months. moreover, there are no silver bullets out of this disaster and i think reasonable understand that.

 

[maxiep]

well the admin cautiously forecasted the latest unemployment numbers to be over 10% and it actually went down. and this past month was the strongest job creation numbers in 15 months. moreover, there are no silver bullets out of this disaster and i think reasonable understand that.

Well, stopping needless spending would be a start.

 

[maxiep]

Getting back to the root subject, for all those who despise FOX News, it seems it was the only part of the Murdoch empire to make any money. And as bad as Beck is, Hannity is worse.

 

[Denny Crane]

Let's talk about hemorrhaging money and working miracles all in one neat USA Today package:

http://www.usatoday.com/news/washington/2009-08-10-deficit_N.htm

Soaring deficit may defy forecasts By Richard Wolf, USA TODAY

WASHINGTON — Stagnant unemployment, shrinking tax revenue and a struggling economy threaten to quadruple the size of last year's federal budget deficit, raising more questions about the timing of costly proposals to overhaul health care.

As the White House and Congressional Budget Office (CBO) prepare to release new deficit estimates this month, several economists say the news is likely to be as bad as or worse than forecasts.

"This is going to be a very depressing outlook," predicts former CBO director Douglas Holtz-Eakin, top adviser to Republican John McCain in last year's presidential election. "They have just a nightmare in terms of these health care bills, which do nothing but make things worse."

A fiscal year 2009 deficit of $1.8 trillion was anticipated by the White House, $1.7 trillion by Congress. Reaching that level would produce a deficit four times last year's $459 billion deficit, just as Congress is considering health care overhaul plans that could cost $1 trillion over 10 years.

Lawmakers are struggling to pay for a plan with a mix of tax increases on upper-income people and Medicare spending reductions aimed at doctors, hospitals, drugmakers and insurers. Some town-hall forums across the U.S. this month have been disrupted by protests for and against proposals.

While revenue continues to decline, government spending is rising as a result of the $787 billion economic stimulus plan passed six months ago. Stimulus spending will increase in the next few months, says Treasury chief economist Alan Krueger.

Deficits of $1.8 trillion this year and $1.3 trillion in 2010, as predicted by the White House, would add to the federal debt. The current $11.7 trillion debt already equals about $38,500 for every U.S. resident. The recession, now in its postwar-record 21st month, has dealt a worse blow to the budget than the administration expected:

(miracle #1):

• The economy is set to shrink by 2.6% this year, more than twice what the White House predicted in February and May.

(miracle #2):

• As a result, tax revenue is down by $353 billion over 10 months, which is about what the White House thought it would lose for the entire year.

(miracle #3):

• Unemployment, projected at 8.1% this year by the White House, was 9.4% in July. Spending for jobless benefits, Medicaid and Medicare has soared as people have lost work and health insurance. Jobless benefits are costing more than twice what was spent last year.

"The deficit picture is very challenging," White House budget director Peter Orszag wrote on his blog last month.

Sen. Judd Gregg, R-N.H., top Republican on the Senate Budget Committee, says having a deficit at "previously unthinkable levels … shows an incredible lack of fiscal responsibility."

Former CBO director Robert Reischauer, president of the non-partisan Urban Institute, an economics and social policy think tank, says administrations tend to believe that "the harder and faster one falls, the more rapid and steep the recovery."

(They're not at all good at making predictions or at providing solutions that work)

 

[Denny Crane]