Media endorse bailout plan

Julia Seymour of the Busienss & Media Institute writes Wednesday about how the business media fell all over themselves to support the $700 billion bailout of the economy, even though polls showed that the public was opposed to the plan.

Seymour writes, “Despite public furor over the bill, the media theme was that it ‘must pass’ or terrible things would happen. Reporters and interviewees called it ‘necessary,’ ‘essential,’ and ‘critically important.’

“Time.com reported on Sept. 29 that phone calls to congressional offices were running 100 to 1 against the bailout. Glenn Beck indelicately described the public’s attitude toward the legislation on Oct. 2, saying ‘America is pissed at this bailout.’

“Still, reporters and anchors promoted the bailout with ‘doomsday scenarios.’ ABC’s Bianna Golodryga painted a dire picture for ‘Good Morning America’ viewers on Sept. 28. Citing ‘experts,’ Golodryga warned ‘time is running out to save both [Wall Street and Main Street].’ While she did quote opposition to the bailout, Golodryga undermined it with an immediate rebuttal: ‘But for traders who are in the thick of things, the bailout is essential.’    

“Why was the bailout ‘essential?’ According to ABC’s Betsy Stark, experts said ‘something had to be done to keep Wall Street and Main Street from falling into the economic abyss.'”

Read more here.