I’m rather stunned at most of the media coverage of the coverage of the bailout vote that I’ve encountered so far. For example, this morning I’m listening to Steve Inskeep ask questions that appear to mostly be premised on the belief that this vote should have passed. Phrases like “deliver your share of the votes” (describing what I know are fairly normal negotiations on Capitol Hill) go unchallenged, are even adopted, as if democracy didn’t more or less actually work yesterday, in spite of back room negotiations and fear mongering.

Inskeep at one point does mention that “we’ve had our share of critics” (ah, yes, “one’s share” again — meeting some minimum obligation to defer to the minority view that doesn’t fit conveniently in the two sided volley that they’d prefer, I guess) in questioning the Republican guest who voted against the bill.

But the critiques Inskeep has apparently been informed of (I am most familiar with those of Dean Baker, not sure if he was a guest) do not seem to inform the questions. Shouldn’t they? Shouldn’t Inskeep ditch the verbage that defers to Capitol Hill back rooms and actively try to reconsile all the assertions, including those beyond the default false dichotomy?

If there is a bias, shouldn’t it be towards those who don’t have a vested interest in the power structure and who have a track record of getting things right? Shouldn’t there be less deference for those who have been repeatedly wrong or massively inconsistent without rationale?

Instead Inskeep sounds like he is play-acting sounding puzzled that the two party machines could not keep the game playing the way the normally do and making little effort to go much further. Backroom tactics can be news but they should either be equal or second to routing out the facts of the issue, reconsiling the assertions about the public policy and the problems.

That most Americans opposed the bailout seems to be a footnote: often mentioned as an aside, never explained in as many words are given to all the tactical explanations.

Much emphasis has also been given to Wall Street’s reaction to the vote — but what do we expect? It is the trader’s own industry that is affected, whatever the real meaning for the rest of us is. I know so many have their futures tied-up in mortgages and investments, and this is real for a lot of regular Americans, but it seems like the casino of Wall Street is prone to manic behavior. Perhaps Wall Street isn’t unlike a three year old who just ate all the cake, is sick, wants more cake still, and is throwing a tantrum of impatience because typically capitulating parents can’t come to any other agreement as to how to handle the infantile beast.

A rough metaphor perhaps. But what I mean to say is that Wall Street is not a purely rational actor in this case (if it ever is), as it is not remotely observing other parts of the system and then making projections based on it. Its own profits, treasure, is at stake, and whether or not things could work without a bailout of this sort, the analysts and traders seem to have an incentive for the market to behave “badly” at worst and little perspective to be level-headed at best. The stock market cannot be relied upon — again — this is problematic for a lot of people who are tied up in it as other guaranteed benefits have been stripped away (by bought lawmakers and Wall Street lobbyists). If help should get to anyone, perhaps to them.

But let the traders thrash about a bit more. For all those who need real help, let us consider other ways for the State to spend $700 billion, so long as it can be done and we still have this state around to cajole into helping the people it allegedly exists to serve.