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Are We All Evil, Stupid, or Just Insane?
Judging by the flat-out anger and how-could-you-do-this wonderment yesterday from the cable news likes of Wolf Blitzer, I had a hunch that today's Washington Post would be a testament to flaming establishmentarian contempt. The paper did not disappoint. From the lead editorial, with the stale-as-Gibbon headline of "Congressional Neroes: Republicans and Democrats fiddle as the economy burns":
Given the poor marketing of a proposal whose advertised $700 billion price tag will probably never materialize in full, and given the fact that the rapidly developing credit crisis has not quite been felt on Main Street, we are not surprised at the angry correspondence from voters -- or, rather, from certain self-selected voters. But among the 133 Republicans and 95 Democrats who voted no yesterday, there are certainly some who know better, and their lack of political courage is stunning.
Love those "self-selected" and "know better" bits. Then on page 3, Dana Milbank uses the insanity non-defense:
The Dow Jones industrial average closed down 778 points, the largest one-day point drop in history. And no wonder: In the Congress of the United States, the insane are now running the asylum.
After the shocking vote of 228 to 205, party leaders did their usual rounds of partisan finger-pointing, but it really wasn't a partisan issue at all. The center had collapsed in favor of a coalition of far-right and far-left zealots. What was once the lunatic fringe was now a majority: 40 percent of House Democrats, going by yesterday's vote, and fully two-thirds of Republicans. [...]
On the floor, the usual partisan splits gave way to two new coalitions: pragmatists and wing nuts.
Everybody knows this bailout is the right thing to do, it seems, except for the American people, the House of Representatives, and others among us who are predisposed against trillion-dollar takeovers of the financial industry's bad bets.
|9.30.08 @ 10:02AM|#
One might think that some financial reporters' jobs may depend on this bailout.
The Extispicator|9.30.08 @ 10:08AM|#
I like how they blame everything on the bad marketing job the
genius classes have done in selling this idea to all-o'us hayseeds
out here. Apparently, the unaninmity of opinion in the wall-to-wall
coverage on tv, radio, print and (almost unananimous) internet -
all very much in favor of the bailout as completely necessary -
still isn't enough to get it through our thick heads either because
we don't understand it or are too busy watching football/NASCAR. We
just haven't "felt" it yet.
OR, maybe, just maybe, it's really hard to sell a crap sandwich no
matter how much marketing you do.
kinnath|9.30.08 @ 10:10AM|#
Congressional Neroes: Republicans and Democrats fiddle as
the economy burns
Burn, baby, burn!
|9.30.08 @ 10:15AM|#
Everyone keeps citing the "largest single-day drop in history" figure - where does yesterday rank as far as percentage declines? I'm sure it's up there, but definitely not the worst.
|9.30.08 @ 10:17AM|#
Considering that Suetonius fingers Nero for setting the fire in the first place, I like this analogy.
Carola Von Hoffmannstahl-Solom|9.30.08 @ 10:17AM|#
Since real estate classifieds are a major source of revenue for newspapers, one might indeed argue that some financial reporters have a stake in the bailout. After all, the bailout was supposed to "rescue the housing market" by fixing prices.
Citizen Nothing|9.30.08 @ 10:22AM|#
Financial reporters (and reporters in general)aren't generally smart enough to make that link, C.V.H-S.
|9.30.08 @ 10:26AM|#
there are certainly some who know better, and their lack of
political courage is stunning.
Are they kidding? We're being told by everyone from Paulson to
Mother Goose that WUR AHL GUNNA DIE! and if this bill doesn't pass
and the ones who had the stones to say "no" are the cowards?
Fuck those chattering tools and their firmly-inside-the-box
heads.
|9.30.08 @ 10:26AM|#
"Everyone keeps citing the "largest single-day drop in history"
figure - where does yesterday rank as far as percentage declines?
I'm sure it's up there, but definitely not the worst."
By percentage it's like 17th or so. Not even close to 1987, when we
lost 22% in one day. We've already gained back 2% of the 7% lost
yesterday. Seriously, these people need to get their panties out of
a knot.
MrDan242|9.30.08 @ 10:33AM|#
I like how it's been all Main Street vs Wall Street for like
weeks now and by the stock market (Wall Street) dropping a bunch
yesterday the talking heads on CNBC are all like,
See, See, it's affecting Main Street now.
JP|9.30.08 @ 10:36AM|#
The W$J's lead editorial has this same blather. Please direct me to men's room so I can PUKE.
Chuck|9.30.08 @ 10:38AM|#
I'm starting a fund to buy every congresscritter his/her own personal fiddle. Who's with me?
|9.30.08 @ 10:57AM|#
This has really made my week. I couldnt be happier about all this. I think the Anti-cosmotarian Ron Paul deserves a little bit of indirect credit here too. Ive seen more than a few comments on many a mainstream blogpost that hinted at Austrian economics.
Boomer Buddah|9.30.08 @ 11:05AM|#
I think this is great for the boomers. they've fusked witht he
country so much that no whn they're about to retire the country is
fucking with the money thy have int he market but whould shortly be
cashing in.
Karma is a wonderful tool to train the spirit.
Plus I don't retire for 20 years, so it'll all be fixed up by
then.
Brandybuck|9.30.08 @ 11:05AM|#
Who is that sweaty bald guy on television screaming that we're all going to die? *Screaming!* It's looks like some financial program designed to give investing advice, but that guy is so obnoxious I can't believe he's got his own show.
Citizen Nothing|9.30.08 @ 11:16AM|#
Buddah has a point, although he should polish his texting
skills.
Those of us with some skillz and more than a decade left in the
workforce should come out just fine, assuming no financial
apocalypse. The market just went on sale, boys.
LarryA|9.30.08 @ 11:21AM|#
On the floor, the usual partisan splits gave way to two new
coalitions: pragmatists and wing nuts.
True, but in the opposite way she's thinking.
If your kid spends all of his allowance by Wednesday, giving him
enough extra to make it through the weekend speaks a lot louder
than "Next time stick to your budget."
|9.30.08 @ 11:22AM|#
I love this term "Main Street" that's being used all over the place as if people still go to their town's Main Street. It should be Wall St. vs. Cherryblossom Lane or Shakespeare Boulevard.
|9.30.08 @ 11:27AM|#
I prefer to think of it as "Wall Street vs Mean Street".
"No, I don't have any spare change, asshole. Get a
job."
|9.30.08 @ 11:33AM|#
Don't be silly SugarFree. Nobody goes to malls anymore.
It would be more like
Wall St. vs. Spring Oakhill Garden Terrace Towne Centre
|9.30.08 @ 11:46AM|#
Spring Oakhill Garden Terrace Towne Outlet Centre, maybe. I don't know about you, rich boy...
Francis|9.30.08 @ 11:54AM|#
So we have again this very compicated matrix they use when
analyzing policymakers' decisions:
- If journalists like it and people like it: it is a "democratic"
decision
- If the journalists hate it and people like it: it is
"demagoguery".
- If the journalists hate it and people hate it: it is
"anti-democratic, authoritarian".
- If the journalits like it and people hate it: it is a
"courageous" decision.
alan|9.30.08 @ 11:56AM|#
On the floor, the usual partisan splits gave way to two new
coalitions: pragmatists and wing nuts.
Without the wings, Milbank, you are just a dodo.
|9.30.08 @ 12:02PM|#
If only Pennsylvania Avenue had contacted the braintrust on
Madison Avenue, then this bill could have been properly packaged to
bail out Wall Street for the benefit of Main Street.
Maps: $5
|9.30.08 @ 12:14PM|#
Considering that Suetonius fingers Nero
Epi-I'm going to pretend that this was the whole of the quote,
because it's funnier that way.
|9.30.08 @ 12:20PM|#
I just sneaked a peek at CNBC- an array of distraught reporters
whining about the failure of the bailout. One said it would be
better (for ramming the thing back through) if the market was
*down* 250, instead of *up*.
They have now latched onto the "vocal minority of wackjobs" theme
with a viselike grip. All the sensible people out there love this
plan.
|9.30.08 @ 1:09PM|#
Since real estate classifieds are a major source of revenue for newspapers, one might indeed argue that some financial reporters have a stake in the bailout.
It's also one of the reasons that all of the warnings that the real
estate bubble was not sustainable were ignored.
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