Colossal and Egregious Media Failure
Reading news reports these days, you'd think all we have to do to end this bad economy is spend more government money.
From CNN: "For maximum effect, experts say the cash should be doled out quickly. The plan could be approved just days after President-elect Obama takes office. Done right, it could create millions jobs and lubricate the economy. Done wrong, it presents innumerable opportunities for waste and fraud."
Uncritically from Bloomberg: "Chairman Ben Bernanke said on Dec. 1 that the Fed was considering buying “longer-term Treasury or agency securities” in the market to spur demand."
From the L.A. Times: "Most Americans Favor Government Intervention in Economy" (Only later do we find out exactly what is meant by "intervention," and it isn't TARP or the auto bailout.)
Reading these unremarkable articles would give the reader the impression that a) the government can help the economy recover and b) Americans are not generally opposed to most programs. Either out of laziness, incompetence, or something more sinister, most media sources are towing the line for government while it squanders our money and assumes control of our economy. I've yet to have explained to me how spending my money or decreasing the value of my money is the way to prosperity.
If coverage is this bad now, what happens when government starts incorporating nationalized health care into their "recovery" plan?