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Cooper Blasts Traditional Media, Opens up Discussion on Recession

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Video on Media and Recession

I just watched the above video by Greg Cooper about how to remain stable in the world of real estate and I find especially interesting his position on traditional media coverage of the recession (and recovery).

After watching the video, what are your thoughts? Is traditional media trying to steer recovery by painting a rosy picture or are we really on an upswing in the economy? Is the current administration doing what they can to keep the nation grounded or is there coercion of old school media figureheads? Let us know in comments, we want to know what you think!

Lani is the Chief Operating Officer at The American Genius - she has co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

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11 Comments

11 Comments

  1. Duke Long

    September 23, 2009 at 3:40 pm

    Greg,Bringing the hammer.Welcome to Reality.

  2. BawldGuy

    September 23, 2009 at 3:52 pm

    Two things to take from the video from where I stand.

    1. We give undeserved merit to 80% of the media out there by calling them ‘mainstream’ which they certainly have not been for two full generations now.

    2. Ideology drives the ‘recovery is here’ liberal media crowd. If O wasn’t in office the headlines would alternate from ‘Unemployment Remains Dangerously High’ to ‘Deficit Explodes Due To Far Right White House Policies’

    The recession? I’ve pondered without much success on how a ‘jobless’ recovery works. If it’s not an oxymoron I don’t know what is.

  3. Ruthmarie Hicks

    September 23, 2009 at 4:33 pm

    I’m sick of hearing the moaning from the far right about the ultra-liberal media. The media is far from left-wing. There is plenty of propaganda from the far -right side through Faux News. HEY!!!! YOU LOST THE ELECTION!! Get over it and recognize that Obama has made things LESS BAD – which given the mess you supply-siders got us into is nothing short of miraculous. You guys damn near destroyed the world economy. You deserved to lose.

    As for the video, I’m not expecting to be singing “Happy Days are Here Again” any time soon. I am relieved that we have a tad more terra firma under our feet than we did before. Last year at this time we were indeed staring into the abyss. What I find most worrying is the pervasive corruption that allowed big business to run wild. The last 30 years have left it heavily entrenched into every corner of our daily lives. Corporate America has to be re-regulated – banking has to become “boring” again and the middle class needs to be stabilized. Whether that will happen or not is a matter of moral resolve. We need to undo 30 years of supply side economics to get it done.

  4. Matthew Hardy

    September 23, 2009 at 5:38 pm

    As soon as it is accepted that category-wide “journalistic integrity” is a past thing, never to be recreated (if it ever existed at all), we’ll cease to look for it. I find the approach research analysts take useful: to uncover, corroborate and verify truth; well-sourced and documented. I accept that *every* writer (producer, director, etc.) has an agenda.

    Democracy means always accommodating the other side; not just in acceptance speeches, but in governing. One side would never accept from the other being told to cease wanting to be represented simply because of their past vote.

    I am grateful for those of good will who have produced the amazing success our nation has enjoyed. Ours is a fantastically vibrant culture and I only see things getting better and better. To constantly amplify and magnify problems usually serves an unrevealed agenda.

    Look around. America is good. Our standard of living is good. Our services, infrastructure, businesses, education and healthcare are good. The magic of these past 100 years is the self-correcting nature of our society, which is strong enough to withstand any attempt to impose corrections that disregard that nature.

  5. RealEstate Babble

    September 23, 2009 at 6:52 pm

    AgentGenius: Cooper Blasts Traditional Media, Opens up Discussion on Recession https://bit.ly/3AHPiX Full https://bit.ly/7by12

  6. Real Estate Feeds

    September 23, 2009 at 7:03 pm

    Cooper Blasts Traditional Media, Opens up Discussion on Recession: Dont be stingy with your thoughts- stop by an.. https://bit.ly/2w2zK2

  7. The Clozing

    September 23, 2009 at 7:31 pm

    Watching: "Cooper Blasts Traditional Media, Opens up Discussion on Recession" (https://twitthis.com/j3lnu8)

  8. Greg Cooper

    September 23, 2009 at 8:09 pm

    My principle point in this was if there were a serious political/fiscal policy issue that were detrimental to our country, Charlie Gibson would remain clueless for a week, feign more cluelessness when asked about it and then instead of covering it would simply say ‘just leave it for cable.’ Hence when they all proclaim ‘the recession is over’ I’m hesitant to dismiss the still spiraling unemployment and rocketing debt that can ONLY be cured by higher taxes and/or interest rates. For the record the mainstream media is way off on both sides of many issues.

  9. Benn Rosales

    September 24, 2009 at 9:32 am

    @Ruthmarie I may not agree with you or your politics, I love your tenacity! Way to preach it!

  10. Atlanta Real Estate

    September 27, 2009 at 12:57 pm

    Lani, nice find.

    Greg, you are 100% correct. I think a lot of the hopeful thinking is by people of all industries, including RE obviously, that took part in the RE bubble and made a killing….doing nothing.

    I missed the whole thing! I’ve never known the bubble, or what it was like to close 50 homes a year, or any of the stories.

    I might ask those folks where’s the money they made now!!

    Maybe they would not be whining so loudly if they still had it in one form or another.

    RM

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Politics

The House Judiciary antitrust investigation holds big techs’ feet to the fire

(POLITICS) CEOs of Alphabet, Facebook, Apple, and Amazon set to testify in House Judiciary Committee antitrust investigation hearing today.

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The House Judiciary Committee is closing in on the end of a year-long investigation into tech giants Google, Facebook, Apple, and Amazon, to evaluate possible antitrust abuses. CEOs from all four companies were set to testify on Monday, July 27, 2020. The hearing has been pushed back to Wednesday, July 29, to allow members of Congress to pay respects to civil rights leader Representative John Lewis (D-GA) who died of pancreatic cancer on July 17.

Jeff Bezos of Amazon, Tim Cook of Apple, Mark Zuckerberg of Facebook, and Sundar Pichai of Alphabet (Google’s parent company) have all agreed to testify. This will be Bezos’ first time in front of Congress, whereas all the others have testified before on different matters. Twitter CEO Jack Dorsey was invited to testify by Representative Jim Jordan (R-OH), but is expected to not attend.

The Antitrust Subcommittee began the investigation in June 2019. Each business has been the subject of scrutiny for their roles in dominating their respective industries and playing an outsized role in market competition for smaller businesses. The Committee is interested in evaluating current antitrust laws and whether they apply to, or should be updated for, these mega corporations. They have already heard testimonies from smaller companies like Sonos and Tile about these companies’ alleged monopolistic practices.

The focus of the investigation for Apple is on the App Store, and whether it has implemented policies that are harmful for app developers. Google has a tight hold on the online advertising market. Amazon – which during a five-week period early in the pandemic saw an increase in value equivalent to the total value of Walmart, the world’s largest firm – has been criticized for its treatment of brands that sell on its e-commerce platform. Facebook is being investigated for its acquisition practices, cornering the social media market with purchases like Instagram.

Amazon is expected to face additional scrutiny for its treatment of warehouse workers during the pandemic. Facebook and YouTube (a subsidiary of Google) have been the subject of regular criticism about monitoring hate speech on their platforms, and their treatment of the workers responsible for doing so (Facebook in particular).

The hearing is set to occur virtually in order to adhere to social distancing guidelines. Watch the hearing live at 12:00 p.m. EST Wednesday, July 29 on the House Judiciary Committee’s YouTube channel. Please do note the hilarious irony of streaming a Congressional antitrust hearing on YouTube, which is owned by Google, which is owned by Alphabet, which is testifying at said hearing. God Bless America.

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Politics

Additional unemployment benefits outside of the CARES Act

(POLITICS) Unemployment is at an all time high in the United States and individuals need to be aware of reapplying for additional benefits.

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unemployment broke

June saw some additional jobs in the US and unemployment fell as of early July, but CNBC advised pausing on any celebration just yet, saying that “The employment crisis is still worse than any time since the Great Depression, the country’s worst economic downturn in its industrial history.”

The unemployment statistics in our country right now are really scary – especially for individuals and families that see a looming deadline of July 31 for the supplemental $600/week provided by the Federal Government through the CARES Act put in place in March. There are discussions on extending these benefits as many families have not been able to replace their incomes or find new employment opportunities, but it doesn’t seem like anything has been finalized there yet. Congress is in the middle of a variety of options:

  • Discontinue the additional $600/week but allow those on unemployment to continue to file and receive their state benefits (usually up to 26 weeks or possibly extended up to 39 weeks by The CARES act)
  • Send out additional stimulus checks (Congress is currently exploring a $X Trillion stimulus package)
  • Extend the additional funding (on top of the weekly amount allotted by state) but cut it from $600 to $200
  • It’s also been put on the table in the House of Representatives “The Heroes Act” to extend the additional $600/week until January 2021 ($3 trillion).

There are some additional benefits that are available (different than the funds by the CARES Act), but you may have to reapply for them. So, make sure to check your state’s unemployment pages and your filing status. Some states do not require you to reapply and you can continue on with extended benefits.

According to CNBC, “The additional aid expires after the end of the year. (This is a different program than the one paying an extra $600 a week through July 31.) For some reason, the [Department of Labor] has taken the position that people have to file for the additional PEUC benefits,” said Michele Evermore, a senior policy analyst at the National Employment Law Project.”

No doubt that this can cause additional stress and uncertainty especially when you have questions about your filing and are unable to get through to someone on the phone. With the way that the unemployment cycle is setup, technically July 25 is considered the last date for that cycle (and July 26 for New York), so be sure to check and see what the next steps are for you if you are currently filing.

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Politics

How will pausing the reopening of states impact the recovery of the economy?

(POLITICS) The resurgence of COVID-19 has left Americans with a lot of questions about our nation’s economic future. That ambiguity is seemingly a feature, not a bug.

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COVID-19 reopening economy

The rest of the world watched as the United States dramatically reopened “the economy” last month. Now, it seems we’ve changed our minds about that.

The White House has repeatedly said that it will be up to individual states to form their own pandemic response plans moving forward. But letting local governments devise their own solutions has produced large gaps in their preparedness, as well as profound confusion around the best practices for balancing the country’s public and economic health.

California, which represents the largest economy in the US and the fifth largest in the world, was one of the first states to put serious quarantine restrictions in place. The decision to relax those orders only came after anti-lockdown protestors demanded that Governor Gavin Newsom reopen the state’s beaches, businesses and churches. Newsom may now regret this capitulation as California just called for a second round of statewide lockdowns.

Other state legislators are slowly following their lead, as the threat is becoming very dire in some places. Florida, for instance, is now a global hotspot for COVID-19 and Miami is being called “the new Wuhan”. The state is also currently struggling against another wave of unemployment, partly because their economy is heavily dependent on summer tourism (which has persisted despite the spike in cases, but not nearly at pre-pandemic levels).

Florida, California and Texas are altogether responsible for 20 percent of all new COVID-19 cases globally.

Every state is fighting two battles here. Coronavirus relief efforts in the US are still seriously underfunded, and most health organizations here lack the resources to effectively test and treat their communities. But the problems that have emerged for workers and small business owners, like evictions and layoffs, have also been devastating in their own right.

In essence, the United States reopened in an effort to curb the nation’s financial freefall and ballooning unemployment. Economists predicted at the beginning of July that reopening would allow the US to avoid a recession, and all would go smoothly. These projections likely did not account for a spike in cases that would halt this economic rebound.

That’s not to say the circumstances here haven’t improved at all over the past months; currently there is no acute shortage of ventilators, and doctors have had some time to refine their strategies for treating the virus. Overall, the national unemployment rate is slightly declining, while working from home is going so well for companies like Twitter and Facebook that they will be permanently switching much of their staff to remote work.

By comparison, though, New Zealand took the pandemic much more seriously than the US did, and they are objectively in a better position now in all respects. Prime Minister Jacinda Ardern cracked down hard and early, closing the country’s borders completely, and instituting rent freezes nationwide. As a result they have virtually eradicated COVID-19 within their borders. A report from S&P Global also expects New Zealand’s economy to recover quickly compared to the rest of the world.

While this tradeoff seems like a zero sum game – as if we have to pick either our health, or our wealth – it is not. In fact, we could very well end up with neither if our lawmakers don’t proceed with caution.

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