A Bailout For Yuppies

Joel Kotkin writing in New Geography reports:

The recent call by the porn industry - a big employer where I live, in the San Fernando Valley - for a $5 billion bailout elicited outrage in other places. Around here, it sparked something more akin to nervous laughter. Yet, lending a helping hand to Pornopolis is far from the most absurd approach being discussed to stimulate the economy.

Some influentials close to the administration may even find the porn industry a bit too tangible for their tastes. After all, the pornsters make a product that sells internationally, appeals to the masses and employs a lot of people whose skills are, well, more practical than ideational.

As such, they may not even qualify for what is best described as a yuppie bailout, poised to extend the welfare state to the highly educated professional set. After all, George Bush's bailout of Wall Street has already set a precedent, using public money to secure the bonuses and nest eggs of some of the nation's most elite professionals. Call it the Paulson principle: In bad times, steer help to those least in need.

Another great one from Joel Kotkin.