John Stossel is another Pervasive Pollyanna of Prosperity.
Read his most recent bensteinery called Dire News from My Colleagues:
"BMI took a novel approach. It compared the economic-news coverage by the New York Times, Wall Street Journal and Washington Post from Oct. 28 to Nov. 3, 1929, around the time of the stock market crash, with the coverage by ABC, CBS and NBC from March 13 to 19 of this year.
"The difference between how the 1929 and 2008 media handled a crisis was profound — with modern journalists hyping every event." Today’s coverage is much more alarmist. In 2008, few reporters pointed out "the differences between today’s economy and the nation’s darkest economic years, or bothered to note that America is not in a depression."
Here’s a newsflash, John: We had a crash equivalent to back then — the 1929 Dow and the 2000 Nasdaq each lost ~80%. The most recent crash started more than eight years ago, and ended about 5 years ago.
BMI’s comparison is is a foolish and ignorant. If you want to compare news coverage, try 1933/34 rather than these two totally incongruous periods.
Stick to exposés of organic vegetables. Markets, media and economics are not your forté . . .
Dire News from My Colleagues
July 02, 2008