Tuesday, September 30, 2008

Unbiased Media?

Here is an article by Associated Press writer Steven R. Hurst concerning the failure of the "Bail Out Bill." He says, "McCain has been routinely wrong-footed on the slumping U.S. economy throughout the campaign." Through use of quotes he sides with Obama. Obama said that McCain "fought against commonsense regulations for decades, he's called for less regulation 20 times just this year, and he said in a recent interview that he thought deregulation has actually helped grow our economy." Finally, Hurst writes, "Polls consistently have shown voters place greater trust in Obama to pull the country out of a financial crisis that has not been matched since the Great Depression of the 1930s. "

Sounds like a liberal agenda to me. There are also some problems with his understanding of the issue. Obama has been the one who is for government bail-outs and the redistribution of wealth. MacCain, as Obama admits, has sided with a free market and deregulation. In an odd turn of events Obama adeptly remained aloof from this bill, while McCain took the risk of siding with it. Hurst paints the picture that McCain has consistently made wrong moves concerning the economy. He speaks out of both sides of his mouth. Either it is right for the Government to tax people, forcing them to bail-out financial institutions (or other individuals), or it is wrong.

Over the long run, deregulation of the market is the sounder principle. The recession is due to a lack of trust in our financial institutions, the way businesses are being run, investor fear, and government intervention. Notice that the larger market plunge (yesterday's 777 point drop in the DOW) came after a proposed government plan was voted down. What would have happened if no plan had been proposed? We will never know. We are paying our dues for poor decisions in the past, and the financial institutions must diversify and acclimate in order to compete. This recession, while it hurts many if not all, is a good thing, because it leads to better business rather than business as usual.

I, for one, have had enough of partisan politics and enough of the equally polarized media. Articles like Hurst's, which confuse the issue and flip the roles of the individuals in focus, are unhelpful at best.

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