While most major news outlets have reported the worst quarterly GDP figures in 27 years, both Fox News and CNBC, for whom Big Business and the Market are their livelihood and passion, ”optimistically” viewed the results saying the 3.8% drop was far less than expected.
This is what’s seen as good news these days: the bad news isn’t that bad. It’s like saying to someone who just had one of their two cars stolen, “be happy both cars weren’t stolen!” Fortunately one astute voice on CNBC, Dylan Ratigan acknowledged the market ups and downs, and undefined bottom, exists because Wall Street sees no concrete “reason to rally.”
I am reminded of Elton John’s song “Mona Lisa and Mad Hatters,” which said “sons of bankers, sons of lawyers, turn around and say “Good Morning” to the night, for unless they see the sky, but they can’t and that is why, they know not if its dark outside or light.”
Fox News and CNBC resort to propaganda to paint a pretty picture due to self interest, all the while turning a deaf ear to the concerns and reality on Main Street, where the solution lies.
David DiBello
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