White House Critical Of "B"-Word Use
Mark Knoller is a White House Correspondent for CBS News.
To hear the White House tell it, one factor in the House vote yesterday against the administration’s bailout plan – was the word "bailout."
"It’s really unfortunate shorthand for a very complicated issue." says White House deputy press secretary Tony Fratto.
He says the administration plan to rescue the financial markets is "not a bailout for Wall Street" and "certainly not a bailout for Wall Street CEOs."
Okay then – what should we call it?
"It’s an effort to fix this problem of a frozen asset class that has implications over our entire economy," said Fratto at the daily White House press briefing.
That certainly rolls off the tongue: "an effort to fix the problem of a frozen asset class."
If so, that means all of today’s headlines are off the mark. It’s not "House Rejects Bailout." It should be "House Rejects Effort To Fix Problem Of Frozen Asset Class." That’ll sell a lot of newspapers.
Fratto says he's not one to bash the media, but he says reporters are using the language of the plan’s critics when we call it a "bailout."
You may have noticed, President Bush is careful not to say "bailout." In his statement to reporters this morning, he said he wants "legislation that decisively addresses the troubled assets now clogging the financial system."
He avoids the “B” word because he’s on record saying "bailouts" are bad.
At his news conference on July 15, he was asked if he would take government action to help a company or industry crucial to the economy?
"If your question is, should the government bail out private enterprise, the answer is, no, it shouldn't," he replied.
"And by the way, the decisions on Fannie Mae and Freddie Mac – I hear some say 'bailout.' I don't think it's a bailout. The shareholders still own the company," Mr. Bush said.
Of course, now the government is the principal shareholder.
A year earlier, in announcing steps to help homeowners unable to pay their mortgages, Mr. Bush decried the idea of a "bailout." He said "a federal bailout of lenders would only encourage a recurrence of the problem."
"It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford," he said with conviction.
And that mirrors the view of many of the House members who voted against the bailout plan yesterday – reflecting the wishes of their constituents.
So based on his tough words about bailouts, President Bush could hardly be advocating one for the financial markets.
Instead, he’s trying to fix the problem of a "frozen asset class."
Remember that the next time you discuss the "B"-word.
To hear the White House tell it, one factor in the House vote yesterday against the administration’s bailout plan – was the word "bailout."
"It’s really unfortunate shorthand for a very complicated issue." says White House deputy press secretary Tony Fratto.
He says the administration plan to rescue the financial markets is "not a bailout for Wall Street" and "certainly not a bailout for Wall Street CEOs."
Okay then – what should we call it?
"It’s an effort to fix this problem of a frozen asset class that has implications over our entire economy," said Fratto at the daily White House press briefing.
That certainly rolls off the tongue: "an effort to fix the problem of a frozen asset class."
If so, that means all of today’s headlines are off the mark. It’s not "House Rejects Bailout." It should be "House Rejects Effort To Fix Problem Of Frozen Asset Class." That’ll sell a lot of newspapers.
Fratto says he's not one to bash the media, but he says reporters are using the language of the plan’s critics when we call it a "bailout."
You may have noticed, President Bush is careful not to say "bailout." In his statement to reporters this morning, he said he wants "legislation that decisively addresses the troubled assets now clogging the financial system."
He avoids the “B” word because he’s on record saying "bailouts" are bad.
At his news conference on July 15, he was asked if he would take government action to help a company or industry crucial to the economy?
"If your question is, should the government bail out private enterprise, the answer is, no, it shouldn't," he replied.
"And by the way, the decisions on Fannie Mae and Freddie Mac – I hear some say 'bailout.' I don't think it's a bailout. The shareholders still own the company," Mr. Bush said.
Of course, now the government is the principal shareholder.
A year earlier, in announcing steps to help homeowners unable to pay their mortgages, Mr. Bush decried the idea of a "bailout." He said "a federal bailout of lenders would only encourage a recurrence of the problem."
"It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford," he said with conviction.
And that mirrors the view of many of the House members who voted against the bailout plan yesterday – reflecting the wishes of their constituents.
So based on his tough words about bailouts, President Bush could hardly be advocating one for the financial markets.
Instead, he’s trying to fix the problem of a "frozen asset class."
Remember that the next time you discuss the "B"-word.
katie did a nice job with sarah
its just too bad sarah can''t put together an understandable answer
Journalists need to do their jobs here and explode this MYTH.
vvvv CHECK THIS LINK vvvvvvvv
http://4thoffense.com/mc.html
Palin is incapable of holding a PRESS CONFERENCE! Can anyone POSSIBLY imagine a PRESIDENT OF THE UNITED STATES OF AMERICA, the greatest nation ever on this earth, being INCAPABLE of meeting with a group of reporters all yelling questions with cameras rolling and flashes going off?
THIS IS THE REAL WORLD OF INTERNATIONAL POLITICS FOLKS NOT A BAKE SALE OR A FOLKSY MEETING WITH A GROUP OF FRIENDS.
WAKE UP.
This woman is a JOKE. McCain was a FOOL to select her after a short meeting and a phone call. God help us if these losers win the election.
Sellout
The current form of this bill and anything close to it is not going to eradicate the problems ahead so they should not even try imply the boat will stop sinking.
Even the contingency of part of the money now and part later is a farce. The last version of the bill that I saw left it to the president to decide if further funds were needed. Not the next president only, it is open to Bush to decide if he likes. Of course he will line the pockets of his masters at the earliest opportunity. Happy New year present may be the entire goal of this sellout.
See, the word sellout does sound right doesn''t it?
You are right about this!
We should find out exactly who can''t get credit and why. After reading your post I went and did a search for mortgages and if the advertising is to be believed there are some decent mortgages available. I am sure an applicant would have to be well qualified but somehow I think that being qualified should be a prerequisite.
Good observation.
I watched you trash Charlton Heston because he was president of the NRA. I did nothing. You never fought for our freedom as he did in WWII, but you judged him, and I just let you do it. Perky? Perky, my ***. ******. Mean. The tragic thing is you can be delightfully funny. With lefties. I watched you mock consersatives, you have a real need to make fools of them, don''t you. I won''t just walk away this time. I want you to know how despicable I think you are. You never governed anything, you never fought for your country. You just mock people for believing in God, the Bible, and saving the unborn. You tried so hard to get Sarah to say something you could pin on her, like a salivating dog. I assume women who react badly toward Sarah Palin have repressed anger from previous abortions. If she is right, then you are wrong. If the law is changed, the fig leaf cover of a legal abortion is gone, and with it the pretense of moral covering for the act. Otherwise, I don''t think it would matter so much to destroy Sarah. She has done nothing wrong, but when the witness must die, it means the killer is already very very quilty. you are giving yourselves away by hating her so much.
Chris
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by ala_frosty
October 2, 2008 6:50 PM PDT
- I think we need to call a spade: "a spade"! When your boat is sinking, you bailout the water. This is not pejorative, it is descriptive. The financial institutions bet on debt that went bad and now, to remain solvent, they need someone, by hook or by crook, to remove it from their books. The analogy fits perfectly.
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See all 26 CommentsIf the shoe fits, wear it!
I''m running out of platitudes here .. quick, someone pass me a shrub.