Thursday, January 28, 2010

Matt Taibbi on Media Bias

What a great article. Taibbi argues that outlandishly criminal behavior by Wall Street continued unchecked in part due to the tone of media coverage. Taibbi summarizes the coverage in the following terms:

"...outrages are covered without outrage, and stories that are not particularly “balanced” in reality — stories that for instance are quite plainly about one group of people screwing another group of people — become transformed into cool, “objective” news stories in which both the plainly bogus version of events and the real and infuriating version are given equal weight..."

I agree with Taibbi on this point and others made in his must read article. Wall Street behavior, such as Goldman's practice of betting against its clients' investments (recommended by Goldman), is reprehensible, yet no convictions have been made, no major regulatory changes pursued, no break ups instigated. WTF

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