The Opinion Blog

Freestyle - 1; Economy - 0?

Tuesday's lead editorial gladly acknowledges the survival of Freestyle Music Park through its first season, against substantial odds.

Inside the theme-park industry a year ago, conventional wisdom about the former Hard Rock Park was that its first owner would face bankruptcy, and then its second owner would buy it cheap, get it on the right financial track and sell it to a third owner who would then reap long-term profits from it.

Now rechristened Freestyle Music Park, its new owners have rejected that assessment, touting their local connections and promising a long run in Myrtle Beach. For our part, we're simply glad they have defied the difficult odds posed by the economy and apparently avoided another one-season disaster.

Madoff too slimy to walk among the innocent

Ripped from the wires ... In an editorial Thursday, the Miami Herald asks the most important question of these larcenous times: Why is master swindler Bernie Madoff not in jail?:

Prosecutors in the Bernard Madoff case were initially willing to allow the alleged Ponzi scheme mastermind to post $10 million bail and await trial ensconced in his Manhattan apartment. Madoff was cooperating with prosecutors, they said, beginning with his alleged confession to the FBI last month to being the author of a financial con game that bilked investors of as much as $50 billion.

Auto bailout dumps taxpayer protection onto Obama

Ripped from the wires ... The Philadelphia Inquirer argued Sunday that President Bush's bailout of GM and Chrysler, while economically necessary, falls short on taxpayer protection:

President Bush's bailout of General Motors and Chrysler prevents an economic calamity, for now, and dumps the responsibility on his successor to enforce the vague terms.

Resuming consumption won't cure our economic ills

Ripped from the wires ... In full contrarian mode, Froma Harrop explains why renewed consumer spending is NOT the path to national recovery:

By FROMA HARROP

Al goes to the doctor.

Al: "I'm still short of breath. I know you told me to quit smoking, and honestly, I've tried. But kicking the habit is really stressful. Doc, can you help me?''

Doctor: "I understand. Let me find a way to help you continue smoking.''

Hard Rock Park: Victim or boondoggle?

Today's editorial notes that this week's liquidation auction for the Hard Rock Park will provide clues whether a seasonal amusement park was ever a good idea for Myrtle Beach:

Would the Hark Rock Park have succeeded if the economy were stronger? That question has vexed local folks since South Carolina's largest-ever tourism investment collapsed into bankruptcy in September.

Cubs for sale, but not the Tribune editorial board

Ripped from the wires ... In an editorial today, the Chicago Tribune offers its perspective -- as an unwitting player in the drama -- on the fall of Illinois Gov. Rod Blagojevich:

Gov. Rod Blagojevich stood outside the Tribune Tower on Monday and offered what he called "a polite recommendation'' for how the Chicago Tribune could weather its financial woes: Fire the editorial board. People have stopped buying and reading the paper, he said, because they're turned off by the editorial page, which has been harshly critical of the governor.

Christmas greetings from Too Small To Matter

Ripped from the wires ... Florida columnist Robyn Blumner sends this holiday "love note" to the proprietors of the institutions that our wonderful national politicians regard as Too Big To Fail:

By Robyn Blumner

Dear Too Big To Fail,

Happy Holidays to you. I'm guessing your end-of-the-year bonus won't be quite as eye-popping as it was last year -- sorry there. But at least you still have a job. That's not necessarily true for my associates in the world of Too Small To Matter. We're hurting during this economic meltdown. You know, the one that you caused.

If all Americans were like Dad, there'd be no Starbucks

Ripped from the wires ... Bill O'Reilly indulges in a bit of schadenfreude (look it up) on the financial pickle in which so many Americans now find themselves:

BY BILL O'REILLY

One of the things I am deeply grateful for this Thanksgiving season is that my father was a frugal guy and made a big deal out of it. A child of the Depression, William O'Reilly Sr. hoarded his dollars and lectured his children on saving, not spending, money.

Chapter 11 the Big Three's best survival hope

Ripped from the wires ... An esteemed economist guru offers the best explanation I've seen on why Chapter 11 bankruptcy is the best alternative for the U.S. automakers:

By Martin Feldstein

The Big Three U.S. automakers need more than an injection of $25 billion from the federal government. Because of their ongoing losses, they would burn through that money in less than a year and would soon be back for more.

General Motors, Ford and Chrysler can make excellent cars, but they cannot sell them at prices that are competitive with the prices of cars produced in the United States by Toyota and others or with the prices of cars imported from Europe and Asia. The basic reason is the labor costs imposed by union contracts.