The level of condescension has been breathtaking.
Particularly on network and cable television, journalists and supposed financial experts have been wagging their fingers at the voting public for pressuring Congress to vote against the bill. To hear them tell it, you would think there was universal agreement—at least among smart people—that something needs to be done now.
But this isn't a divide between smart and dumb people; it's a divide between Wall Street and its allies in Washington, and the rest of the country.
And no, it's not the same thing...
Many economists reject the notion that something must be done immediately and have called for more careful consideration of a wider range of options. Some even reject the premise that any bailout action will make much of a difference.
While it is true that most Wall Street economists predict doom and gloom for America without immediate government action, many of these economists are connected in some way to the institutions that would benefit from a bailout. There are scores of respected economists who hold different opinions...
The Washington Post's Steven Pearlstein... showed remarkable arrogance in declaring "too many people don't understand the seriousness of the situation."
The fact is, most people do understand. They just aren't convinced that this particular approach—or any government approach—is the best answer. And there are plenty of smart, highly educated people on their side...
Even among the voters who believe a bailout would help, many remain opposed regardless. They want to see Wall Street suffer for its excesses, even if they must suffer, too...
The disconnect appears to stem from the fact that in many cases, financial journalists have simply gotten too cozy with the Wall Street crowd. These journalists have failed to cast a critical eye on what their small circle of East Coast experts in the financial world tell them, and they have ignored other sources in most cases.
Media haven't deigned to cover bailout dissent -- chicagotribune.com
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