Sunday, October 26, 2008

More On The Big Heist

Beat the Press Archive The American Prospect: "The Post Misleads Readers on the Bailout, Yet Again" :

Many school teachers, autoworkers, and plumbers do not like the idea of paying higher taxes so that the incompetent executives at major financial institutions can continue to collect their multi-million dollar paychecks. But, that is exactly what is happening as Congress voted to "spread the wealth around" by redistributing tax dollars from ordinary workers to some of the very richest people in the county.

Yeah, we know about the limits on executive compensation. But these limits are a joke, that's what all the experts said. People who read the Washington Post know that the limits on executive compensation are a joke because the Post ran a very good article (after the passage of the bailout) telling readers that the limits on compensation are a joke.

Since everyone knows that the limits on executive compensation are a joke, why did the Post tell readers in an article on the potential bailout of insurers that the banks who received government money "also must accept limits on executive compensation."

The reality is that these bailouts are being structured to be a massive transfer of wealth to the very richest people in the country. It is not supposed to be the media's job to conceal this fact from the public.

--Dean Baker
Posted by Dean Baker on October 25, 2008 9:22 AM

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