Library of Congress, FSA/OWI Archive
The four freedoms. No government censor passes on what may appear in these publications. Crowded newstands such as these, with journals representing every political party and every social theory are possible only in a democracy, where there is freedom of speech and of the press.
Which reminds me of an old (no doubt apocryphal) story about Soviet journalists visiting the U.S. on a cultural exchange.
Noting the kind of stuff that got into print, the astonished Reds asked: "You don't have State control of your press? Then, how is it possible that they write such things?
I was just catching up on some LeShow editions, and December 5 features a long interview with Yves Smith, on the home mortagage meltdown.
The interview is a good one, with much detail on the abundance of scams pulled off, and the techniques used.
One striking, if unsurprising, point came when Shearer asked if it was mainly due to the financial illiteracy of journalists that this information failed to enter the public discourse.
Smith said that until robo-signing came to light, the people who perceived a nationwide, institutional pattern of crooked practices were mainly foreclosure defense lawyers. Whom journalists tended to view as stereotypical ambulance chasers. And, as these attorneys were often providing legal aid or working pro bono, they could be seen as low class—without the money that gives the banks "credibility," and thus, media access. Smith says the story's failure to come to national attention earlier was largely a matter of knowledge held by "two different sets of parties, with very different access to media."
And on other levels, the same kind of thing applies to figures like Geithner, whom Smith deems "a true believer"; thus, "more persusasive to the media than industry spokespeople."
Smith also says that Geithner, in a meeting with economics bloggers, admitted that HAMP, intended to help homeowners prevent foreclosure, had been gamed by lenders.
It all brings to mind how the prison industry is pushed as a source of jobs.
In this case, it seems like it would make economic sense for a segment of the populace to earn paychecks guarding a very large group of white-collar crooks.
... I can dream, anyway. As I dream of a news media that does its job.
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