Associated Press and their usual bias
Ms. Jeannine Aversa of A.P. is doing her usual economic coverage of news events and her usual negative take on that news. The Headlines in her column are the following: “Bernanke: Crisis taking A Toll “ The Mc Clatchy article then points out that “Fed chief says financial problems are affecting the broader economy.” Also another quote from Bernanke reads “Inflation outlook unclear”. The rest of the text is not as negative as the headlines show but the reader is somewhat prejudiced before he or she begins to read the article. Bernanke's “take on the state of world economics from his speech in Jackson Hole, Wyoming, was the following: Inflation easing, Commodity prices moderating, A recovering dollar, Global factors making the Fed Reserve policy less fraught with trade-offs. Bernanke also said the Fed’s benchmark interest rate is “relatively low” given current price pressures. He said that the recovering dollar and declines in commodity prices “should lead inflation to moderate. Another comment, not by Bernanke, but by many economists, is that oil accounts for 30-60% of price increases throughout the U.S. Economy. Is it any wonder that we need to Drill in America for oil? The A.P. news does an injustice to its readers for it’s bias reporting.
Gary E. Marsella