Bailout: Typical media response..

Sep 21, 2008 by Sam

Just heard estimate of 2000 per person cost of bailout… Media throwing out that number and also insisting on  as the NY Times wrote : “How will Congress balance the bailout of Wall Street and the needs on Main Street? If financial markets stabilize, all Americans will benefit. But Congress must do more to provide direct help to struggling American families. Lawmakers should use the bailout legislation to also extend unemployment benefits, bolster food stamps and provide aid to state and local governments to provide health care and other services that are especially important during tough times.”

What else should the bailout include: loan guarantees to the antiqated print media business.. ?. throw them some money and they will quickly keep quite about bailouts…

If you compare this with the cost of this pork barrel projects ( which benefits almost no one) http://www.cagw.org/site/PageServer?pagename=reports_pigbook2008 

Then the bailout cost ( which benefits almost everyone) seems to be a pretty good deal… ( it is true that I do have concerns about banks being made whole while at the same time home owners being on the hook for the full amount  but that is my only concern (and I will address in a future post)  as opposed to supplying food stamps etc as the Times suggested.)

This is a good article that actually explains the reality the bailout and its potential real costs http://money.cnn.com/2008/09/18/news/economy/bailout_tally_taxpayer/index.htm?postversion=2008091810

and here is an article that is short on facts and long on hysteria http://www.newsweek.com/id/159676