LARRY ELDER COMMENTARY: They Shilled For Obama

The libertarian Republican commentator opines about media bias: "MSNBC's Chris Matthews already gave us a preview. As a 'journalist,' Matthews recently said his 'job' is to 'make (Obama's presidency) work successfully.' Put aside the absurdity that the anti-Bush opinion-giving Matthews calls himself a 'journalist,' but the same rabid Obama-for-president bias now becomes a cheering section. You have, no doubt, seen and heard stories about Obama facing challenges 'more daunting than any president in living memory.' Really? Take the presidency of Franklin Delano Roosevelt. Many Americans were alive when FDR took over in 1933. At the low point of the Great Depression, 25 percent of adults were unemployed, including nearly 50 percent of urban black adults. Economist David Wheelock, of the Federal Reserve Bank of St. Louis, says that by 1934, almost half of urban homes with mortgages were in default, and 7.3 percent of housing structures had been foreclosed. Today 6.4 percent of mortgages are delinquent, 2.75 percent are in the foreclosure process, and 0.6 percent of all housing units are bank-owned. What about when Ronald Reagan took over the presidency in 1981? He inherited an economy with unemployment at 7.5 percent (versus 6.5 percent today); annualized inflation at 13.5 percent (versus today's about 4 percent annualized -- through the first three quarters -- and dropping rapidly); prime interest rates peaking at 21.5 percent (versus 4 today); and conventional mortgage interest rates of 15 percent (versus 6 today). Reagan inherited a presidency in full Cold War mode; the Islamic country of Iran just released 52 hostages held for 444 days; the Soviet Union had invaded Afghanistan; and the communists had infiltrated many countries in South America (our Western Hemisphere). Because of outgoing President Jimmy Carter's price controls and the imposition of oil company 'windfall profits' taxes, Americans waited for hours in gas lines."

He adds: "Raising taxes on the so-called rich is bad. Giving welfare 'tax credits' to those who pay no federal income taxes is bad. 'Bailing' out homeowners and lenders who made ill-advised decisions is bad. Rewarding the Big Three domestic auto companies from decades of poor management is bad. Obama wants to do some or all of this -- and more. What will the pro-Obama media say about all of this?"