How the Media Sold Their Souls to Wall Street

[Commentary] A comprehensive report studying 42 banking crises over the past 37 years finds that bailouts often do not work. They often result in more bad practices, and they distort economies by transferring wealth from taxpayers to bankers and their customers. But why aren't these conclusions being shared by the mainstream media? Instead, turn on your television - the place where more than 60% of Americans get their primary news - turn on your radio, or open your local newspaper, and you're not going to see what these top economists are saying. It's a McCain quote, an Obama sound byte, and the same pundits who have proven their incompetence over and over. The result is an American public that is fundamentally uninformed about the issues that matter most - like economics, health care, and war - and over-informed about those that matter least: sports, celebrity, the latest campaign ad, and horserace analysis of elections. We have no reason to believe that the press -- and along with it, most politicians -- will ask the tough questions, expand the range of debate, and bring the facts to the American people. But until they do, our economy - and our democracy -- will continue its race to the bottom.