The Obama Administration Wants You to Stop Worrying and Love the Bailouts
The Obama administration wants Americans to realize what a good job it and the Bush administration did saving the economy from a second Great Depression. But they'd prefer not to make this case directly. They want journalists to do it for them.
On Friday, the Treasury Department convened one of its semi-regular, invitation-only background press briefings for journalists. Senior Treasury officials spoke to us, answered our questions, and showed us a "deck," which is annoying industry jargon for a PowerPoint presentation. "I just know this is going to be a fucking waste of time—another dog-and-pony show," another journalist told me on our way into the meeting. The central message of the dog-and-pony show was that the US response to the 2008 financial collapse was pretty effective, especially when compared to how other countries reacted to different crises. The PowerPoint presentation used terms like "bank investment programs," but what the Treasury gang was talking about was the highly unpopular financial bailouts (as opposed to the auto bailouts, which the Obama team views as a political winner).