Friday, September 19, 2008

The MSM Jumps on the Economic Bandwagon

The MSM Jumps on the Economic Bandwagon

By Kathy Sanborn

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So the US economy is on the brink? Yawn. Tell me something I didn’t know at least two years ago. Now the mainstream media have been given the green light to announce, bold as you please, that we are in for some pretty tough times, but Internet news and blog readers have known about our faltering financial system for a long, long time. Now, in the mainstream press, it has become popular to state the obvious: the country is broke.

Where were the mainstream media financial geniuses several years ago, when people like Joseph Stiglitz told us, via the Internet, that we were heading for a fiscal train wreck the likes of which no one has seen since the Great Depression?

Where were the TV pundits when Dr. Paul Craig Roberts told us, at least two years ago via the Internet, that we were going to lose our shirts, due to outsourcing and investing in “funny” money?

Where were the breathless media when economist Lyndon LaRouche declared, in an Internet webcast at least two years ago, that our financial system would be finished unless it went into bankruptcy protection?

Why weren’t everyday citizens informed through the so-called public airwaves that derivatives and exotic investments were the chief cause of our current financial turmoil, and not the so-called sub-prime mortgage loans?

A sleight-of-hand is occurring; now you see it, now you don’t. Using exotic debt instruments was probably illegal, says author and historian Webster Tarpley, yet the players involved are getting bailed out. Talk about rewarding the transgressors! While you and your children choose between fueling the family car and buying groceries this week, the already-rich bankers are begging “Daddy” government to save their behinds – and not paddle them instead.

Internet writers like Mike Whitney have been pounding away at their keyboards for years, trying to warn the public of the brewing financial storm, but only those savvy enough to get their news from the Internet were the beneficiaries of their wisdom.

Add another black mark for the mainstream media, but is anybody really listening to them anyway? Their “Chicken Little, the sky is falling” warning is too little, too late.

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