Why No One Won a Pulitzer for Financial Crisis Reporting (Part 1)
Politics / Mainstream Media Aug 15, 2009 - 01:30 PM GMTBy: Mike_Stathis
Amidst the biggest financial crisis since the Great Depression (if not ever) and the biggest Ponzi scheme ever, (the real estate-banking Ponzi scheme) not one of the 65 Pulitzer Prizes was awarded for coverage of the events surrounding the “financial crisis.” Ironically, the media has yet to identify this crisis as the biggest Ponzi scheme ever, confirming their incompetence.
Disgraceful? Yes. Surprising? No. It’s all about content. It’s always been about content. Valuable content drives readers, listeners and viewers, which appeals to sponsors. Valuable content is highly treasured because it’s so rare today.
This relationship generates healthy revenues for newspapers and more business for their sponsors. But media executives disagree. They feel that the best way to secure healthy profits is by serving the interests of the guys who pay the bills; ad sponsors; this means corporate America. And for the financial media, it’s all about serving the agendas of the financial industry.
The problem is that the value of content with most U.S. newspapers has been in decline for many years. And now, media executives are realizing that content matters. Perhaps now they realize that ultimately, the audience pays the bills, for without an audience, there will be no money for ads.
It has only been since the widespread use of the Internet that many have discovered just how much newspaper content is slanted, biased, deceptive and irresponsible. The same situation exists with broadcast media. But soon, they will feel the effects of the Internet as online video content grows.
Prior to the Internet, America’s media moguls sought to seize even more control of the hearts and minds of Americans in order to satisfy the needs of their financial sponsors and political agendas. And they were successful.
Today, America’s mainstream media machine is primarily owned by a small group of men. And they don’t just own television networks or newspapers. They own television networks AND newspapers AND radio stations. This is why you get the same bull regardless where you turn.
This carefully guarded control has created a very dangerous form of censorship that few realize because America’s media industry puts out the same messages and rarely allows an open platform for the exchange of opposing viewpoints by credible experts. I know this from first-hand experience.
But the Internet is beginning to crash their party. Slowly but surely, the truth is coming out. Slowly but surely, more people are coming to know who I am and the value behind my content.
Regardless who you speak of, from the media to the feds, they have all used their own methods to attempt to silence me. And I expect more to come as my audience grows. This is just one reason why I plan to leave America for good in the future. Perhaps you might also consider such a move; perhaps for other reasons.
When it comes to dishing out excuses for the demise of America’s very powerful and dangerous propaganda machine, media executives resemble Big 3 executives. Common to both industries, the excuse always lies with “the economy” or “the Internet.” It’s not “the economy.” Yes, it is the Internet; not the cost advantages though. The Internet has broken through the stronghold of the media monopoly.
The mainstream media no longer holds complete control of media distribution. We the people now have a say in distribution through the Internet. As a consequence, the truth is coming out. But you have to use your mind so you can spot sift through the smoke screens. If you’ve been following my writings for some time now, you probably already realize that I view myself as a substantial part of this movement.
I find it laughable that media executives and critics always come back to the Internet as the reason for their demise. All major newspapers have an Internet presence. When people are provided with an abundant variety of unbiased alternative media, they can see more clearly. They can spot the media spin and they run away for good.
In the end, the mainstream media won’t win because it’s always been about content; not lies and spins. But they will only lose if you wake up and realize how you’re being fooled.
Valuable content unattached to financial and political agendas is growing each day in cyberspace. Newspapers are the early casualties of this growing trend. Down the road, broadcast media will suffer the same consequences.
As I’ve been saying all along, the media is hiding the truth. But it goes beyond that. The vast majority of reporters lack sufficient understanding required to decipher the deception and fraud that continues to this today. Furthermore, most of today’s journalists are irresponsible, rarely verifying leads and never adequately researching track records of the so-called “experts” they interview.
Instead, they associate credibility with their media exposure. Instead, they play by the “follow the leader” mentality. Once one guy is interviewed on one network, the others interview him even when he’s clueless; even when he’s almost always wrong.
It’s not about being right. It’s all about providing you with entertainment. It’s also about exposure; flooding you with a name and face you recognize; name and face recognition rather than value; or so the media executives think. They mistakenly refer to this as being branded. It’s more like being flooded with trash.
This mentality explains why you still see countless shills like Ben Stein discuss investments on TV despite having one of the worst track records over the past few years. As you can imagine, this creates a perpetual loop of useless content. That’s why you see the same goofballs with horrendous track records being interviewed over and over.
You even see this type of behavior on the Internet, as bloggers try to attach themselves with “experts” quoted in the mainstream media as a way to draw an audience or to imply some form of credibility.
They also like to “catch a ride aboard the mainstream bandwagon” by giving book reviews from authors published by the same mainstream media machine – big publishers. But these authors are the same guys who have sold out to broadcast and print media. It’s truly sickening, and it demonstrates these followers have no ability to think critically on their own. They are mere robots, not thought leaders. You need to recognize this pattern of behavior and stay away from this trash.
When you combine these elements, you get some harsh consequences for the media industry; bankruptcy. The newspapers are struggling to stay afloat not because the economy is bad, and not because they have no Internet presence.
The real reason for their demise is because people are tired of the lies, deception and incompetence. And now they have a choice. It's all about valuable content. And the mainstream media doesn't have it. They intentionally focus on serving their ad sponsors when determining content. And now they’re paying the price.
Media executives thought they could be successful by serving the financial and political agendas of their sponsors, but the verdict is in. Americans refuse to waste their time on lies and incompetent reporting.
This all brings me to the recent Pulitzer Awards; none of which went to any “professional” journalists covering the current economic mess. But understand this. If these awards were open to everyone, there would have been many awards passed out.
During the awards ceremony, Paul Krugman was mentioned for his so-called "prophetic columns on the economic perils." Are you kidding me? Krugman simply stated the obvious.
What I find troubling is that he continues to avoid asking the really difficult questions and raising the most critical issues. Furthermore, he never addressed the real fraud by the Fed, Treasury and banking cartel. In fact, he hasn’t even made mention of the banking cartel. Krugman is no different than the other hacks in the media. You need to realize this. Stop being brainwashed by the liars in the mainstream media.
If you know too much and you speak the truth, you won’t get published or interviewed by any journalist because that would hurt their sponsors. This explains why Krugman is published by the New York Times and is seen on television, along with the others who appear to be on your side, but who really downplay things.
They aren’t on your side. At best, they’re Monday morning quarterbacks. At worst, they’re masters of deception, extremists, perpetual doomers, and snake-oil salesmen; Shiller, Schiff, Roubini, etc. Make no mistake. They have very little credibility. And they don’t deliver valuable content. If you read and listen to what they have to say, you’ll get burned. Their written and audio records serve as evidence of this.
If you think these guys truly know what’s going on; if you think they are addressing the real issues, you’ve been fooled. Always remember this. If you aren’t getting the full story, you’re being lied to. And if you’re spending most of your time giving interviews, you aren’t spending the time needed to know what’s going on. But you will fool the sheep, who’ve been brainwashed to equate media exposure with expertise.
Have a look at a real track record. http://www.avaresearch.com/article_details-341.html
You need to understand that the media works with Wall Street and Washington to hide what’s most critical for investors. Only after it’s too late do they come clean. This is why the masses get slaughtered during bubble implosions. If they aired credible experts who had real insights with no agendas, the insiders wouldn’t be so successful in taking your retirement funds now would they.
Always remember this fact. You can never and will never receive any valuable investment guidance from anyone who deals in selling securities because they have a stake in pitching their own slant on things in order to boost their business.
Maybe if Wall Street Journal, Washington Post, New York Times and several other newspapers had not refused to publish my op-ed pieces, they might have actually won a Pulitzer (with editorial help of course) for coverage of the economic crisis.
I find it ironic that at least one of the recent winners of the Pulitzer was laid off. If he/she had only won a Pulitzer for covering the economic crisis, I can assure you he/she would still be employed.
Part 2 Continues Here http://www.avaresearch.com/article_details-337.html
By Mike Stathis
www.avaresearch.com
Copyright © 2009. All Rights Reserved. Mike Stathis.
Mike Stathis is the Managing Principal of Apex Venture Advisors , a business and investment intelligence firm serving the needs of venture firms, corporations and hedge funds on a variety of projects. Mike's work in the private markets includes valuation analysis, deal structuring, and business strategy. In the public markets he has assisted hedge funds with investment strategy, valuation analysis, market forecasting, risk management, and distressed securities analysis. Prior to Apex Advisors, Mike worked at UBS and Bear Stearns, focusing on asset management and merchant banking.
The accuracy of his predictions and insights detailed in the 2006 release of America's Financial Apocalypse and Cashing in on the Real Estate Bubble have positioned him as one of America's most insightful and creative financial minds. These books serve as proof that he remains well ahead of the curve, as he continues to position his clients with a unique competitive advantage. His first book, The Startup Company Bible for Entrepreneurs has become required reading for high-tech entrepreneurs, and is used in several business schools as a required text for completion of the MBA program.
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