The gatekeepers to the realm of business and finance are just as left-leaning as the reporters who occupy the White House press pool, suggests the findings of a new study. Like the political activists who portray correspondents on major cable news networks, financial journalists are not immune to the insidious nature of quid pro quo – favorable coverage equals greater access. Is it any surprise that a considerable portion of the American people distrusts the mainstream media?
State of Financial Journalism
According to a study by scholars from Arizona State University and Texas A&M University, most financial journalists are left-leaning, and only a small percentage sympathizes with the conservative plight. The survey, which interviewed 462 reporters from The Wall Street Journal, The New York Times, the Associated Press, and The Washington Post, among others, discovered that 58.47% leaned left, while 4.4% leaned right. [perfectpullquote align=”right” bordertop=”false” cite=”” link=”” color=”” class=”” size=”24″]Not even business and financial news is immune from leftist dogma.[/perfectpullquote]
The remaining 37.12% claimed to be moderate, but when you peruse through some of the reportage in parts of these outlets, it makes you question this number.
Researchers revealed another intriguing discovery about the quality of journalism. These scribes are not too knowledgeable about the financial industry, often relying “heavily on private communication with company management” and “sell-side analysts” for information.
While sensationalism is typically abandoned for “accurate, timely, in-depth, and information reporting,” there is a “substantial” amount of “quid pro quo incentives” to publish positive stories on corporate news. The incentive? To maintain reasonable access to internal sources.
Not even business and financial news is immune from leftist dogma. Because these journalists deal with markets, numbers, and facts all day long, you would think a neutral mentality would reign supreme. Not so, and that’s why so many Americans are distrustful of the press. The next time Jim Cramer shouts “buy” on CNBC or a Bloomberg anchor pounces on a Federal Reserve critic, you may need to second guess the news you’re viewing.
Examples of Biases
Where do we begin when highlighting the explicit bias that the financial news media has? Is it the personalities from Bloomberg or CNBC who attended John Podesta’s dinners? Is it the journalists who donated nearly $400,000 to Hillary Clinton’s 2016 presidential campaign? Or, is it in the meat and potatoes of the news stories?
In the months leading up to and following the global financial crisis, the talking heads often slammed those who had forecast the recession or who were critics of the White House and Federal Reserve’s stimulus efforts. You only need to witness how Peter Schiff or Jim Rogers were treated by the main networks as the pundits with rolled up sleeves played defense for then-President Barack Obama and Fed Governor Ben Bernanke.
Perhaps one of the most egregious forms of partiality occurred on the campaign trail in 2016.
President Donald Trump routinely and correctly accused the U.S. central bank of being a political tool beholden to the White House. The Counterfeit News Network’s Christine Romans attempted to debunk this claim in a video, titled “Why the Federal Reserve isn’t political.” This was Fake News 101. If you study the history of the Eccles Building, it shows great coordination between 1600 Pennsylvania Avenue and central bankers. From the partnership between Marriner Eccles and President Franklin Delano Roosevelt to the bromance of Alan Greenspan and President Bill Clinton, administrations and Fed Chairmen have worked side by side for political gain.
Anything to disagree with Trump or to ensure the money-printing institution is respected.
The Fourth Estate’s Collapse
In September 2018, a Knight Foundation-Gallup poll revealed that trust in the media is falling faster than Hillary Clinton’s chances of becoming president. Fake news, inaccuracy, and bias contributed to the public’s distrust of the press. While most respondents said their trust could be restored, don’t hold your breath of that happening anytime soon until the constant grandstanding ceases.
Political reporting is corrupt. Financial journalism is biased. Entertainment news is junk food for the mind. It seems the only objective form of journalism left is sports – for now.
Eminent 20th century philosopher H.L. Mencken said, “It is inaccurate to say that I hate everything. I am strongly in favor of common sense, common honesty, and common decency. This makes me forever ineligible for public office.” He forgot to mention journalism, too.
