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The Sell out of Main Stream Media

"How telling is it that the best 'news' program on TV is on Comedy Channel (Daily Show with Jon Stewart) and the best financial journalist is found at Rolling Stone (Matt Taibbi)?  Is that a pathetic commentary on our corporate media or what?"


This comment was left on a blog (Zero Hedge), and speaks volume on what has been happening in the American media -- Matt Taibbi is infamous for having come up with the Goldman Sachs "Vampire Squid" moniker for the firm, which has stuck to the firm like super glue.  But it remains that the main stream media is not only loosing viewers/readers but it is also losing its hedge.  


In finance in particular the hard questions are now being asked by bloggers and not financial journalists.  Its not only litigation but its also a certain laziness that has gripped even the better news know outlet.  


MY top list of news sources are:


Zero hedge
Clusterstock
Calculated Risks
Bronte Capital
The Big Picture
Worthwhile Canadian Initiative
Steven Williamson


These are the guys (and gals) that write the good, cutting edge stuff.  Most of the MSM doesn't pick up their ideas for several months.  Worse yet, here in Montreal the French speaking newspapers will "translate" articles from the WSJ and NYT under their own bylines.  At first I thought I was dreaming, but it turns out that Montreal's highly paid journalists like to "lift" articles (and translate), from the American press.  I suppose its easier, and cheaper, than writing their own. 


As an example, discussions about Greece were big in September and October 2009 -- Yeah, I know that's when the "meat" came out (actually Societe General's top economist started last summer).  It took the MSM until March 2010 to start focusing on that problem.

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