Saturday, October 21, 2006
The New Media, Wall Street &New York Times
I just had an epiphany, and I wanted to share it with you today. I will apologize beforehand. I am experiencing technical difficulties on my main computer at home, so I won't be able to provide links and specific citations as I normally would. However, I think this observation will be one that many enjoy.
This past week, there have been two news articles I have noted: The Dow Jones closing up above 12,000 points and the NYT profits down a whopping 39 % (I would loved to have been a fly on the wall when the NYT accountants went into NYT Publisher Pinch Schultzberger's office and given this buffoon the news).
I think these two stories are deeply related.
The Old Media (spearheaded by the NYT) has been essentially masking how terrific the economy under the Bush Administration has been. For example, the very low unemployment rates (that is, unless your are a Mainstream Media type) have been unheralded. Stories about "outsourcing" are fairly regular elite media fare.
Yet, investors and businessmen seem jazzed. Euphoric. Optimistic about the economy. Why is this?
Because those of us in the business world utilize New Media sources for making business decisions. I know that many of you, like myself, are entrepreneurs and small business owners. Where do YOU go for your news on matters of national and international importance???
I know for damn sure I don't, won't and shan't use the NYT or any other traditional media outlet. I go to the Drudge Report, RealClearPolitics, and Fox News for hard news. I utilize the Competitive Enterprise Institute and other more conservative sites for materials related to certain aspects of my business. It seems to me most business people are doing much the same thing.
I wonder how this economy would be doing if the toxic, traditional media types were still the only source of news? We would probably be stuck with President John Kerry chirping about "malaise".