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"9/11" Occurs on Wall Street: Are Lawmakers Responsible?

By   Follow Me on Twitter     Message Kevin Gosztola       (Page 1 of 3 pages)     Permalink    (# of views)   2 comments

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CNN a Prime Example of How the Media Is Propagandizing the Public on the Bailout

Turn on the television and prepare to be blasted left and right with point after point of nonsensical reasoning to make you the pathetic American believe that the House of Representatives just committed a terrorist attack on Wall Street.

The “experts” and the pundits all in their punditry and expertise rolled out ounce after ounce of drivel to scare you into believing that what happened was not good.

Collectively, they decried the widespread sentiment that politicians and people were showing that "nothing" would happen if a bailout failed to pass in Congress.

As the markets plummeted, Wolf Blitzer stood before the cameras in “The Situation Room” and compared the Dow’s drop to the drop that occurred on 9/11.

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Tthose on CNN told pathetic Americans that what’s happening with the Dow is not important. What is happening with credit is more important.

This blog posted on U.S. News & World Report a couple hours ago gives some insight into the situation:

“Last week, I mentioned that it's still far from clear just how much this financial crisis is really causing credit sources to dry up. Evidence on the state of the credit crunch after all this turmoil will slowly be filtering in, and here's one of the first tidbits. Today, the new Discover Small Business Watch poll for the month of September shows that the conventional wisdom might be right after all when it comes to small businesses.

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One key finding:

Of small businesses who have attempted to get loans, 72 percent say it is harder to borrow money right now.

I should note that this poll was conducted roughly from September 9 to 16—before most of the recent failures on Wall Street. So the situation is very likely worse than the poll lets on. The number of businesses actually seeking credit—33 percent—is modest.

On the one hand, this makes the need for a bailout look more pressing. Even a short amount of time when businesses are not able to borrow can have huge consequences for economic growth as businesses cut back in other ways. On the other hand, it's a reminder that the real threat the financial crisis poses to the U.S. economy is not the problems for the financial institutions themselves—it's what happens to Main Street when financial intermediaries fail. It's not entirely clear that the bailout will trickle down to benefit the core of our economy.”

Don’t count on the ilk at CNN or any other network for that matter to tell you that. The news media doesn’t want you to know that the bailout may not help avert major credit problems. They want you to believe it so you get angry at your representatives in Congress and start telling them to vote for the bailout and not against it!

Second, they are preying on Americans’ disgust with political gridlock in Washington. CNN talked about how the bailout failed because of a partisan vote. Really, the vote was transpartisan.

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Those in favor of the bill were 140 Democrats and 65 Republicans. Those against the bill were 95 Democrats and 133 Republicans. That make up doesn’t seem partisan to me.

If the vote had shown 235 Democrats in favor of the bill and 198 Republicans against the bill, that would have been partisan.

But, Barack Obama is helping to transform public opinion and make people believe compromise is good including compromises between good and evil. That is how we got a FISA compromise, offshore drilling, and more funding of the Iraq War and that is how we the people will get stuck with this bailout if we do not keep demanding our leaders oppose it.

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Kevin Gosztola is managing editor of Shadowproof Press. He also produces and co-hosts the weekly podcast, "Unauthorized Disclosure." He was an editor for

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