 |
         
|
NBC's decision to lead with an economic story was a peculiar one on such a busy day of breaking news. Erin Burnett of CNBC, NBC's sibling financial news cable channel, recycled old news as she ticked of the "skyrocketing price of food" over the last twelve months: chicken up 10% , milk 25%, bread 16%, eggs 35%. Annual meal costs in the New York City school system have gone up from $120m to $150m. She warned: "Often that means more nutritious options are abandoned" and to save money, for example, chicken nuggets replace seafood. The rising cost of a barrel of crude oil was the topic of CBS' animated Fast Draw explainer. Josh Landis and Mitch Butler told us to forget about the laws of supply and demand since more than a third of today's $114 price is explained by a pair of financial factors instead: the declining value of the US dollar; and speculators betting that the value of commodities will rise--not only oil but "gold, wheat, pork bellies" too.
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
