BCT Editorial – 11/16/08

This page was last updated on November 16, 2008.

Unstoppable; Editorial; Beaver County Times; November 16, 2008.

Below is a detailed critique of the subject editorial.

“The problem with government bailouts is that they’re easy to start and hard to stop.”

[RWC] If nothing else, Times editorials can be breathtaking in their hypocrisy. You’ll see what I mean below.

“After the federal government committed itself to bailing out Wall Street, is it any wonder that U.S. automakers and their Democratic allies in Congress are trying to carve $25 billion in emergency loans out of the $700 million that has been set aside for the financial industry?”

[RWC] An admission it’s Democrats pushing to bail out “U.S. automakers?” How did that get by the proofreader? <g>

“No one knows if the emergency loans would do any good, but it is hard to deny the automakers’ request when others in the private sector are benefiting from massive government aid.”

[RWC] After two sentences implied “government bailouts” weren’t good, the editorial discretely says go ahead and give “U.S. automakers” the money.

Though I didn’t favor the financial sector bailout, leave it to the Times not to recognize the difference between the financial sector and other portions of the private sector. Someone referred to the financial sector as a utility everyone (businesses, individuals, governments) needs to function. I like that assessment. That description, however, doesn’t apply to the auto industry or other industries with their hands out. We have bankruptcy procedures to handle failing businesses. As for the fear mongering about not letting the U.S. automakers fail, we should know by now bankruptcy doesn’t necessarily mean the end of the business. U.S. Airways is just one example.

“But that still leaves the unanswerable question: Where does it stop?”

[RWC] Do I have to remind you the Times supports just about every government subsidy that comes down the pike? Here’s a very small list of government bailouts, though most were described by euphemisms like “economic development,” “subsidy,” et cetera.

BCTA; PAT; SEPTA; Lord & Taylor; Lazarus; Steelers ownership and the NFL via Heinz Field; Pirates ownership and MLB via PNC Park; Penguins ownership and the NHL via the new hockey arena; U.S. Airways via the Midfield Terminal; PNC Bank via subsidies for construction of its new office building; and on and on and on.

Other than the mass transit handouts, I don’t know which ones the Times supported and which it did not, though I have my suspicions.