COMMENTS: All American

Domestic economic trends were covered by ABC and NBC. All three networks mentioned the continuing woes of the real estate market in passing but only NBC assigned a reporter to them. CNBC's Diana Olick found that "home sales fell off a cliff" as prices declined and mortgage loans were harder to obtain. General Motors noted that shrinking real estate assets mean fewer home equity loans, which in turn mean slowing purchases of big-ticket items such as sports utility vehicles. Speaking of which, all three networks also mentioned in passing the global automobile sales statistics for the first three months of 2007: for the first time since Herbert Hoover was President of the United States, General Motors is no longer with worldwide leader. That mantle now belongs to Toyota. ABC had Dean Reynolds (subscription required) examine whether Toyota, "gaining ground and satisfied customers for years," would surpass Detroit in domestic sales too. Toyota's sales pitch includes "stressing how American it is" with its latest pick-up truck designed in Newport Beach, engineered in Ann Arbor, built in San Antonio. "By contrast, Detroit keeps shooting itself in the tire."


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