• Penta-Gone-Wrong

      Tonight on my show we'll debate whether the trillions of dollars we spend on defense (and offense?) really make us safer.

      One excess of government that we don't cover tonight is covered ably this week in the Wall Street Journal.

      Arthur Herman writes about unconscionable excesses in the way our military acquires equipment and weapons.

      "Pentagon acquisition," Herman says, "employs more than 30,000 people--the equivalent of two full Army divisions."

      30,000? Well, as they say: many hands make light work. But he continues:

      Its barrage of review committees and cost accountants drag out the average schedule for major weapons programs to a decade or more (it was two to three years during World War II) and add 25%-50% to the cost of every weapon produced.

      [A]nyone wondering why an F-18 fighter that should cost $18 million costs $90 million, or why operating a future fleet of F-35s is slated to cost more than $1 trillion, needs to realize that these problems arise out of a procurement system that dates back to the age of vacuum tubes and hi-fi sets.

      In the private sector, waste has consequences. Inefficient businesses go bankrupt, and people lose jobs.

      Not in government.

      Government is inefficient at everything it does. Why would defense be different?

      It isn't.

      Government Spending
  • This Week's Show -- July 10, 2014

    MEDIA BIAS: When I began my career as a consumer reporter, I had an obvious agenda: Businesses cheat consumers! Government must regulate them! But when I wised up about the problems with government, my bosses resisted, and I stopped receiving Emmy Awards. Emmys reward liberal reporting.

    CENSORSHIP AT CBS: Investigative reporter Sharyl Attkisson has a similar story. She explains why she left CBS after it became "harder and harder to get stories on television" that criticized this government and "any powers that be."

    IS STOSSEL BIASED?: Years ago, journalist Howard Kurtz criticized me for not being objective. I said it's impossible for any journalist to be completely objective. Now that Howard Kurtz is on Fox, we debate again.

    THE OBJECTIVITY MYTH: Andrew Kirell of Mediaite.com says, "every journalist has a point of view and they don't just magically check it the minute they walk in the newsroom door."

    NEW MEDIA: Reason TV's Remy Munasifi uses music videos and parodies to complain about things like politicians' spending. One of his latest parodies highlights the scandal surrounding the VA hospitals. Munasifi discusses his videos, which have gone viral on YouTube.

    RETRO REPORT: It's great there's a new media organization called Retro Report, which reveals media hype of the past ("crack babies," America's landfill "crisis," the "superpredator," etc.) and corrects stories everyone in the media got wrong. I discuss the new show with its executive producer, Kyra Darnton.

    REAL OR FAKE?: Sometimes people in the media say things that are so bizarre, you'd think they were made up. Kennedy of The Independents quizzes FoxBusiness.com's Kate Rogers, Fox Business host Charles Payne and me to see if any of us can tell which quotes are real, and which were made up by my staff.

    MY TAKE: I used to report on lots of scares. CBS even ran an ad for me where someone called me a "guardian angel."

    That's bunk. The only guardian angel is a free and open society. That's what allows innovation, gives people longer lives, and lifts billions out of poverty. But these gradual improvements aren't newsworthy. Scares and disaster make the news.

    News is broken not just because we're biased but because most good and important news happens slowly.

    9PM ET on Fox Business Network