Where’s the skepticism?
Let me guess… The overriding theme among the pundit class today will be "gridlock" in Washington: With the bailout talks broken down for the moment and a presidential debate in jeopardy, why can't our leaders "get things done" at a time of epic crisis?
I'm pretty sure about all this because the overwhelming consensus among the pundit class is that a bailout is absolutely necessary — after all, Hank Paulson and Ben Bernanke say so. Once upon a time, journalists felt their job was to hold the powerful to account. Now they augment the authority of the powerful, lest they get uninvited to the cocktail parties the powerful attend.
Fortunately, at least one mainstream journalist hasn't lost sight of the mission. Former New York Times reporter David Cay Johnston has a downright impertinent post on a journalism message board. It turns out I'm not the only one seeing parallels between the Patriot Act and the present sorry situation:
Journalists, start your skepticism.
In covering the proposed $700 billion bailout of Wall Street don't repeat the failed lapdog practices that so damaged our reputations in the rush to war in Iraq and the adoption of the Patriot Act. Don't assume that Congress must act instantly, as so many news stories state as if it was an immutable fact. Don't assume there is a case just because officials say there is.
The coverage of the Paulson plan focuses on the edges, on the details. The focus should be on the premise. And be skeptical of what gullible Congressional leaders, most of them up before the voters in a few weeks, say after being given a closed-door meeting on supposed horrors…
As of now we are, as a group, behaving just as we did the last two times the administration sought to rush through a hastily thought out, ill-conceived plan. Why in the world are we being so gullible and naive? whatever happened to the core value of journalism — check it out?
The questioning on the Sunday talk shows was all softball. ABC, CBS, NBC and Fox, shame on your anchors and roundtable regulars all for engaging in lightweight faux journalism. This passivity, superficiality and gullibility was at its worse Monday night on NBC in the banter between anchor Brian Williams and a CNBC correspondent with its utter lack of skepticism.
Hear, hear! Johnson even has a list of questions journalists ought to be asking. But since he posted this entreaty on Tuesday, I haven't exactly seen a shift in consciousness taking place. And so, the Broder-ized Beltway Class, along with the tech-and-housing shills on CNBC, will wring their collective hands today, wondering where the bipartisanship has gone. (Not that the Republican resisters have much of a leg to stand on.)
At this moment I'm reminded of an apocryphal conversation attributed to many anonymous souls at different times under different circumstances. My favorite attribution is to the Central Powers during World War I. A German general telegraphs, "Here the situation is serious but not hopeless," while an Austrian general at another front replies, "Here the situation is hopeless but not serious."
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Yes sir, It’s boring setting here with nothing to do waiting for my goverment check. I wish you would write more frequent. I’m lucky, but not everyone is so lucky. There are a lot of suffering people out there and we are thinking of bailing out the fat cats. 700 billion dollars could buy up all the subprime mortgages out there and all these debts could be forgiven. Is that any worse a solution to what’s being proposed? All I know is that president Obama will make sure we redistribute income to the poor rather than redistribute taxpayer money to the rich (banks and other holders of impaired debt.
Comment on September 26, 2008 @ 12:54 pm
Just a brother you really don’t have clue do you? Do you even know what fractional banking is?
If you forgive the debts of subprime why should people with prime mortgages continue to pay? If you tell banks to suck it up and forgive the debt who would put their money in a bank with little or no return on their money? Why will foreigners invest money in the US if they don’t get their money back?
Obama is a fool who will just make the poor poorer. If they tax “big” businesses who do you think will be out of a job? It won’t be whitey it will be blacky that is out of work. The minimum wage tends to put more black men out of work then whites.
People who hold debt are not rich. If you screw the savers how will the borrowers get money? I do believe that you will die an impoverished and disillusioned if Obama gets in office, it will be your reward. I really do hope Obama gets into office for you, you deserve it.
Comment on September 26, 2008 @ 1:38 pm
Justabrother is no fool, he’s just a cool cat using sarcasm to illustrate what a marxist fool Semigroidbama is.
Comment on September 26, 2008 @ 5:51 pm
a marxist fool that’s endorsed by Volcker and Buffett.
trickle down economics has been proven a colossal failure. how bout we try trickle up economics instead?
Comment on September 26, 2008 @ 7:14 pm
Well, isn’t nice to wellcome somebody who just woke-up to the reality, like David Cay Johnston?…
Too bad they are so little poeple awake to listen to him…and too many who are still living in a fairytale, like justanotherstupidbrother…
To Walt
Don’t waste your time to explain to people like justanotherstupidbrother what the danger of loosing a job is. As he already stated he doesn’t want a job, he wants only the paycheck.
Comment on September 27, 2008 @ 12:20 am
Or….as the old Buzzard-loving Anarch Red Rocker Ed Abbey said:
“When the situation is hopeless, there’s nothing to worry about”.
The occupying hostile force known commonly as the Federal Government has been Speed Dialing Disaster for several years now and so why should we expect probity or chaste good judgement to break out now? Nahh…these Sunbeams for the Unitary Executive will climb confidently up the hallowed bowels of their own quivering arses… but again… and explain the humid sulphurous atmosphere as “a solution to the current crisis”.
The media, a kind of Weekly Reader and Highlights for Children all growed up will report the great communal circle jerk as a stirring bipartisan effort to save the republic and all will shiver and nod at the bullet we dodged.
Meanwhile, somewhere deep in the basement of the Federal Reserve where Benny and Hanky tinker with the Giant Money Supply Printing Press, The Oracular Somnambulator Greenspan will place a call to check in on his successors and to make sure the Bunko Operation is proceeding apace and while they are not looking, the tired and metal fatigued press will throw a bearing and the entire dried husk of a farrago will come to a shattering close. It is hoped that the Imperial Depends Closet is fully stocked because these morons will be projectile crapping before long.
The End of History has a new chapter named “Competition Crisis” .
The professionals are warmed up and ready…”.into the cockpit, here we go…what a fight”.
Comment on September 27, 2008 @ 11:50 am
Mr. Johnson seems to be exhibiting journalistic integrity. Is this why he’s an ex NYT reporter?
Comment on September 27, 2008 @ 3:42 pm
Has anyone collected or been interested in obsolete currency? This stuff is valuable today but, it was not in 1859! When those banks in every town, county, and state went bankrupt they became worthless just like today’s dollar. Beware and read history. Collect silver and gold coins as well as old currency, but understand this, nothing has changed but the size of the problem! Get yours converted to species soon.
Comment on September 27, 2008 @ 10:22 pm
Walt, and others, do you really not see the sarcasm in justabrother’s postings?
Surely you don’t need everything spelled out to you?
Comment on September 28, 2008 @ 5:53 pm
Let me go a step further: “Walt, you suck, and so does your poorly veiled racism. The only difference between the two candidates is one is going to spend too much money on wars, and the other is going to spend too much on social programs. Neither one has any intention of letting you keep your money, controlling spending, or otherwise reining-in inflation.”
Comment on September 29, 2008 @ 12:02 pm