Friday, September 26, 2008

NPR: "The Largest Bank Failure in the History of the United States!!" What a Crock.

This was the lead this AM as I drove to the MetroRail station and turned on NPR. The reference to the "failure" was to Washington Mutual. When I arrived at work, there was the WSJ, reporting that JP Morgan had acquired WaMu assets and would keep the bank open under it's present name, etc.

A Depression style "bank failure" is when the depositors lose their money, and whatever emotion that the idea of a Depression era bank failure would generate is clearly the sort of emotion with which NPR wanted to freight this news. But that is simply a lie.

What is also interesting about JP Morgan's acquisition is that private monies, not public, are funding the acquisition of WaMu. The people who are getting hurt are the WaMu shareholders, the same people who would have profited from the run up of the stock over the years in which WaMu was making it toxic loans. There is a rough justice in all of that.

But it serves NPR's editorial purposes to add fuel to the current panic: the long-range purpose being to promote and expand an already intrusive national state and the short-range being to install a left-wing candidate (to the extent that we can know who, exactly, we would be getting here) in the White House.

I am simply through with NPR.

1 comment:

Anonymous said...

Hear, hear! I long ago renamed NPR to NSR (you can guess what the 'S' stands for and it is much longer than a four letter word). I have not listened for years. The Atlanta Board of Education's WABE-FM use to be a classical music station with a smattering of NPR. As more and more S's moved to Atlanta, less music could be heard during Drive-time and more pandering to the pockets of ATL's newest residents. There you have listener supported radio; and a further reduction of the musical arts in Atlanta.