Responsible Journalism on the Bailout

by: Matt Stoller

Mon Oct 06, 2008 at 14:52

House Rejects Bailout Package, 228-205; Stocks Plunge, New York Times

Bailout bill slapped aside; record stock plunge, AP

Markets plunge after House rejects financial rescue bill, LA Times

Stocks plunge as House votes down bailout plan; Dow drops 778, USA Today

Today.

Credit Crisis Drives Stocks Down Sharply, New York Times

Dow plunges 800 points amid global sell-off , AP

Stocks plunge as credit crisis goes global, LA Times

Credit crisis pushes Dow below 10,000, USA Today

It's almost as if there's a double standard at work.

... There seems to be a little misunderstanding here.  I'm not saying the bailout succeeded or failed or was or wasn't necessary, only that last Monday's stories made it sound like the markets would crash without a bailout!  And now they are crashing anyway, but you don't hear that the bailout didn't work.  If the story is that the Dow is your metric, be consistent about it.  And yes, I heard from members that their constituents were afraid they'd lose their 401k and retirement savings and so flipped on the bailout precisely because of the reporting that connected the two stories.

Last Monday, no bailout, we're DOOMED!  One week later, there was a bailout, nothing to see here, we're DOOMED!