Newspapers Soft-Pedal $700 Billion Bailout
Ryan Tate · 09/23/08 04:35AMWhat does it take to get American editorial pages honest-to-God riled up about something? In addition to the expected criticism from the left, Hank Paulson's $700 billion bank bailout has been savaged by no less a conservative than Newt Gingrich, who wrote, "we’re using the taxpayers’ money to hire people to save their friends with even more taxpayer money." Among the more strenuous Congressional opponents is the Republican senator from Alabama who chairs the Senate banking committee and said he worries the bailout "is neither workable nor comprehensive despite its enormous price tag." The Monday plunge in the dollar and U.S. stocks was widely seen as rendering judgement on the cost and effectiveness of the plan, unveiled over the weekend. And yet, save for some quibbling about oversight, the Times' Tuesday editorial on the matter treats the bailout as a given: