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Chairman Benjamin Bernanke of the Federal Reserve Board testified before a House committee. CBS' Anthony Mason misinterpreted his "latest diagnosis for the sick economy." Mason paraphrased Bernanke as saying "the patient is improving" while his soundbite offered no more than "the pace of decline appears to have slowed significantly." ABC's Bianna Golodryga heard warnings about foreclosures and unemployment and small business woes. Maybe lending to that sector "will never come back," the central banker warned, "because credit is sort of permanently tightened up." Pointing to "more shuttered shops" as retailers go out of business, CBS' Mason worried about foreclosed "office buildings, malls, hotels." Both reporters did find some solace in the stock market: "green arrows on Wall Street seven straight days"--ABC's Golodryga; the Dow Jones Industrial Average "now back in positive territory for the year"--CBS' Mason.
NBC chose to look at a statewide economy rather than the national one. Miguel Almaguer filed from Los Angeles on the "midnight negotiations and an ending long overdue" as Californian politicians claimed to have agreed on a budget. Almaguer listed cuts in healthcare, welfare, prisons, colleges, schools and eldercare. Offshore oil drilling will be allowed off scenic Santa Barbara for the first time in 40 years. Municipalities will lose state aid: "They may sue California to get their earmarked money back."
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