David Sirota: Naked Capitalism – Financial Journalists’ Secret Weapon
It is no coincidence that the ongoing journalism and financial crises are happening at roughly the same time. Though the government is supposed to be a watchdog, regulatory capture has often turned it into a lapdog — the kind which, in the words of This American Life, “licks the face of an intruder, and plays catch with the intruder, instead of barking at him.” That has left the financial press to serve as the last line of defense to spotlight lawbreaking, malfeasance and fraud. And quite often, the financial press has been the watchdog that didn’t bark.
There are many reasons for the media’s silence — some of it is their version of regulatory capture, but a lot of it has to do with resources and expertise, or, really, lack thereof.
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