Monday, August 8, 2011

WOOD-TV reacts to the Satan Sandwich from Grand Rapids

WXYZ has had its turn; now it's time for WOOD-TV to weigh in.

Rick Albin explains the recent Stock Market chaos.

Rick's take on things didn't impress the commenters on YouTube.

yeah right everyone is soley concerned about europe lol nice spin guys.?
Exactly. It isn't only the progressives who think the debt ceiling deal is a Satan Sandwich, it's also the markets and the ratings agencies. No one really likes it.
Too bad, as this was otherwise a good report.

Let's see how they fared with the S&P downgrade.

Rep. Huizenga on the Credit Rating Downgrade

The anchor isn't spinning this as a result of foreign influences, but Huizenga sure is. He's trying to direct the attention as far away from the Satan Sandwich as he can. He'd better; he voted for it.

As for the commenters, they aren't impressed with either side. See for yourself; there are 46 comments! You can thank, mirrored at YouTubes' blog for that.

So, what does WOOD-TV say it means for the average citizen?

First, the earlier version, which was also blogged at

S&P stood by its finding. In a conference call with reporters on Saturday, S&P officials said the company's carefully reasoned conclusion is that political gridlock in Washington has made the nation increasingly unable to control its debt.
Despite being blogged elsewhere, this video has only two comments so far, neither of which is worth repeating.

Now, the one from the late edition.

The credit rating for the United States has been downgraded from the highest level. What does that mean for your family, and your bank account? We talked to an expert.
WOOD-TV's expert is much smarter and disinterested than WXYZ's expert. That's because he's an economics professor, not some investment advisor who has an interest in keeping people the market because it's good for his bottom line, even if it's not good for his clients. Next time, maybe WXYZ should get a professor from Wayne State, instead of some stockbroker from the high rises in Southfield.

Hold on tight, folks. It's going to be a bumpy ride.

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