$920 Billion in More Bailouts on the Way

WASHINGTON, September 30, 2008—“The Wall Street ‘bailout’ has been the subject of
more one-sided media coverage than Barack Obama’s campaign,” Accuracy in Media
editor Cliff Kincaid said today. “The media love Obama and they love this
‘bailout.’ What they have in common is a desire to massively increase federal
government involvement in the economy. But our media won’t label it for what it
is—socialism.”

Kincaid,
a journalist for 30 years in Washington, D.C., who has written several recent
columns about the financial meltdown, added, “There is no legal or
constitutional basis for the seizure of America’s financial sector by the
Treasury Department and the Federal Reserve. What we are witnessing, if the
federal takeover goes through, is the destruction of America’s free enterprise
system. What’s more, because the ‘bailout’ constitutes piling more debt on more
debt and more spending on more spending, there is no reason to believe it will
ultimately succeed.”

Kincaid
noted that the chorus in favor of a socialist takeover of the U.S. economy
includes not only traditional liberal media but “conservative” papers such as
Investor’s Business Daily and the Wall Street Journal and “conservative”
commentators such as Fred Barnes and Charles Krauthammer of Fox News and
Republican blogger Hugh Hewitt.

Kincaid
recently interviewed analyst and investor Peter Schiff, who spoke from personal
experience about the fact that coverage of the financial crisis has been
slanted in favor of the socialist approach. Kincaid’s column, “Socialist ‘Bailout’
Could Spark Collapse,” in which he quotes Schiff as saying that the federal
takeover plan will make the economy worse in the long run, can be found at www.aim.org.

In
another column, “$920 Billion More to Bail Out the World,” Kincaid also notes
that more federal bailouts are pending in Congress, and that these propose to
cancel the debts of foreign countries or provide them with more foreign aid.
The total cost of these bills is $920 billion.

Accuracy in Media is a citizens’ media watchdog
organization whose mission is to promote fairness, balance, and accuracy in
news reporting.  Founded in 1969, AIM is
the oldest non-profit press watchdog group in America.  For more information, please visit www.aim.org.

To
arrange an interview with AIM editor Cliff Kincaid, contact Sarah Schaerr
Norton at (202) 364-4401 ext. 107 or (JavaScript must be enabled to view this email address).

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