A CONTRADICTION IN A TIME
OF FAILING MEDIA
Something to remember about the confused media today is that just because it comes from a source with a point of view, does not mean that it is not right. Fox gets things right. MSNBC gets things right. So do all of the nets and even many on line sources despite the fact that some, too many to my liking, have staked out a political or philosophical skew. Amongst the chaff is some real wheat but you must discern.
It used to be easier when journalists cared about
information first, before the tyranny of ratings
and the need to be a "profit center."
Objectivity used to matter.
Unless you only read the Economist and watch the BBC, about the only way you are going to get "the straight news" is to consume information from all over the spectrum. We should be doing that anyway, but most of us rely on the same old...
Here's the wikipedia paragraph that lays it out. Look what the repeals did and consider those in light of credit default swaps and other such scams. The point is, we had strong economic growth without devastating recession UNTIL we began "repealing" and de-regulating.
The Banking Act of 1933, Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933, was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Senator Carter Glass (D–Va.) and Congressman Henry B. Steagall (D–Ala.-3). Some provisions of the Act, such asRegulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by theDepository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding companyfrom owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act, named after its co-sponsors Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia).
The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks.
We may not always like the source, but we are served by
remembering that sometimes the truth can come
in thorny packages. Very few of the Old Testament
prophets would have won a popularity contests.
Political dialogue in the US has been hijacked by ideologues, zealots, hacks and cable news "personalities." While most of it is bilious and not worth your time,
some of it is necessary to fully understand all points of
view, even those with which you disagree. And
some of it is probably right, from time to time.
Even if the media is less objective than it should be
you can be as objective as you allow yourself in
considering, really considering, honestly considering,
all points of view. You can always rest in your
view, and if you've allowed opposing thoughts to
cross your mind and it has not nudged you a bit,
then you can take solace in the knowledge.
An open mind wont hurt.
See you down the trail.