"I heard the news today, oh boy"

By Nancy Jane Moore

I woke up this morning -- February 18 -- listening to the news on NPR. And after listening for about half an hour, I had only one reaction:

Good God Almighty!

(You can take that as either a curse or a prayer, depending on your preference.)

[cross posted on Open Salon]

Economist Joseph Stiglitz explains the economic mess

Blood pressure alert! Reading this article will undoubtedly raise your blood pressure, but before you stroke out, you'll at least understand how the Idiots In Charge impoverished us all.

I find it utterly amazing that the alleged "best and brightest" of the financial world can fail so completely, hurt so many people and still walk away with millions of dollars. A janitor who was this bad at his job wouldn't last a day.

Socialism for the rich only

E.J. Dionne makes some interesting points on the bailout today.

Socialism, you say? We're already into that. The administration's plan amounts to socialism for the rich only.

... and...

(I)f Congress can appropriate $700 billion for Wall Street, where is the help for everyone else hurting in this economy? Isn't it strange that an administration that could not come up with a comparatively modest sum to increase the number of children with health insurance could suddenly find all this cash for the financial industry?

Here's my message to Congress: Do what you must to fix the economy, but be sensible.

The Bailout Stampede: Let's take a breath

Add my voice to the rising chorus urging both action and caution on the financial bailout. We have to do something, but allowing ourselves to be stampeded into the wrong decision will cripple the economy and this country.

Count me as one more person in agreement with Sen. Chris Dodd as quoted today by AP:

"I understand speed is important," he said. "But I am far more interested in whether or not we get this right. There is no second act to this."

Mainstream Media & the Bailout: Getting the story wrong

One of journalism's biggest problems is a tendency to get the facts right, and the story wrong. Such is the case of the coverage of the whopper of a bailout now under debate. One of the story lines being promoted by journalists is that the bailout will hamstring the next president.

McClatchy Newspapers on Friday:

The next president will take office in January with little hope of getting his pet programs enacted quickly, if at all, because of already-massive budget deficits likely to balloon even further from the hundreds of billions expected to be used to bail out Wall Street.

Time magazine today:

For at least the next year, and perhaps for years after, Treasury's spending authority will make it harder for the next President to fulfill campaign promises and pump money into new priorities.

I added the italics.

The problem with both of these passages is that they turn this into a story about the problems of a politician. The idea that it's only this poor soul's "pet programs" and his ability to "fulfill campaign promises" that is hurt is complete and utter garbage.

While it is factually true that the new president will face problems, his tussles will be tiny compared to what's going to happen to the rest of us.

This bailout -- no matter how necessary -- means that you and I won't get universal health care, at least not anytime soon. Crumbling bridges may well not be fixed because the U.S. government won't have the money. (Can anyone say "Minneapolis?") FEMA may be even less effective than it is now. Financial aid for college students could well shrink. Medical research and other scientific research could be hampered because the U.S. Treasury is strapped for cash. The list goes on and on.

There will be much less money available to provide the kind of services citizens need and should expect from their government.

By framing the story as being about presidential problems, journalists make it appear as if this is a mere political hassle for one guy who lives in the White House. Who cares if a politician has to wrestle with campaign promises?

From my vantage point, the Bailout looks a tad too much like highway robbery. It could hurt all of us for decades to come.