US Economy: Is the US Press Muffled By Their Owners?

From an editorial "No News is Bad News"  by Tony Manfred, in the Cornell Sun: "When the Senate releases a 650-page report on the causes of the 2008 financial crisis and the media doesn’t talk about it, does it make any sense?

Last week the Senate Permanent Subcommittee on Investigations released the conclusion of its two-year investigation into the causes of the financial crisis that has decimated the U.S. economy. The report finds that “the crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies and the market itself to rein in the excesses of Wall Street.”

The investigation, headed by Sen. Carl Levin (D-Mich.) and Sen. Tom Coburn (R-Okla.), focuses primarily on three areas: Washington Mutual and the Office of Thrift Supervision that failed to regulate it; Moody’s and Standard & Poor’s, the country’s two largest credit rating agencies; and Goldman Sachs and Deutsche Bank, two investment banks that worsened the crisis through the promotion of questionable financial products.

Yet in the week since the report was released, the media has responded with a baffling lack of coverage. I realize finance stories are absent of the sex and violence that constitute front-page news, but how is this not a bigger story? "

The deadly silence by most of the US press on the  above mentioned issue should not come as a surprise. They also are controlled by major corporate interests and are part of the "financial mafia" which caused the financial crises. Its all about money and shareholders today, and unfortunately this means fair and honest journalism is not part of the equation.

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