The $700 Billion Media ‘Stampede’

FAIR associate Norman Solomon pens (Columbus Free Press, 10/13/08) a “Requiem for the Bailout Storyline”:

More recent events should not be allowed to obscure the reality that the news media played a pivotal role in stampeding the country into a bailout that was unwise and unjust….

When the House of Representatives rejected the bailout on September 29, all media hell broke loose. During the next few days, journalists and selected sources took turns decrying the failure of House naysayers to recognize the urgency of the moment….

Countless editorials and pundits castigated the House members who had voted no. The condemners spanned the mainline media spectrum; liberals, moderates and conservatives excoriated the House and called for a swift reversal.

Solomon reminds us of the swift result: “Senate passage came on Thursday, October 2, and the next day a chastened House approved a revised version. That Friday afternoon, President Bush signed the $700 billion Wall Street bailout into law.”

Hear FAIR’s radio show CounterSpin: David Cay Johnston on Meltdown/Bailout (10/10/08)