Friday, March 13, 2009

John Stossel 20/20 Special "Bailouts and Bull"

Just received this notice from regarding John Stossel special on the bailout. Here is an excerpt from Stossel's notice.


Please forgive the impersonal email, but I want to let you know about my bailout special! With the help of Drew Carey and Reason TV, we look at Big Government's promise to "fix" the economy and other bull.

You can find the outlets in your area on

Here's what ABC lets me say about it:

The Conceit of the Ruling Class 

Politicians and pundits say government must do "something." It sound like a Viagra ad: "Does your economy have performance issues? If it's hard to achieve and maintain growth, 'stimulus' is right for you!" But shouldn't "stimulus" come with a warning label? "Side effects may include hyper-inflation, dollar devaluation, horrible debt, growth of welfare state, and unrealized expectations. Stimulus has not been proven successful, so it should not be used in the hopes of achieving actual growth ..."

While politicians claim that "all" or a "consensus" of economists agree that something "big" must be done, more than 300 economists say that the government's action do more harm than good. I interview some, calculate the amount the stimulus costs per taxpayer (about $16,000) and ask lawmakers: Where will you get the money? If too much debt was a problem, why is more debt now a solution?

I confront House Majority Leader Steny Hoyer about his claim that "all economists agree."

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