ConWebBlog: The Weblog of ConWebWatch

your New Media watchdog

ConWebWatch: home | archive/search | about | primer | shop

Friday, October 6, 2006
Another Double Standard: Oil Prices vs. Dow Highs
Topic: Media Research Center

Remember when the Media Research Center folks were obsessed with the idea that the record-high oil prices of earlier this year weren't actually records when adjusted for inflation? That obsession is overlooked when the "record" numbers make the Bush administration look good.

NewsBusters posts by Ken Shepherd on Oct. 4 and Oct. 5 touted the "record high" for the Dow Jones Industrial Average; on Oct. 5, Shepherd pointed out the Dow's "third straight record high." An Oct. 6 article by Shepherd at the MRC's Business & Media Institute states, "The Dow Jones average closed at a record high for the third consecutive trading day."

But that's not quite true. According to the Center on Budget and Policy Priorities:

The Dow Jones Industrial Average, adjusted for inflation, is down 17 percent from its all-time high on January 14, 2000. It would need to rise another 2,378 points to set a new record, adjusted for inflation.  It is only when no adjustment is made for inflation that the Dow can be said to have closed at a record high on October 3, 2006, as has been widely reported in the media.

If the MRC is going to demand that oil prices be compared with adjusted-for-inflation figures -- indeed, an April 22 NewsBusters post by Brent Baker called it "the only competent way to measure any price over time" -- shouldn't it do the same for all economic indicators?

Posted by Terry K. at 4:21 PM EDT

Newer | Latest | Older

Bookmark and Share

Get the WorldNetDaily Lies sticker!

Find more neat stuff at the ConWebWatch store!

Buy through this Amazon link and support ConWebWatch!

Support This Site

« October 2006 »
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31

Bloggers' Rights at EFF
Support Bloggers' Rights!

News Media Blog Network

Add to Google