On January 4, Wall Street suffered big losses. On my TV, several non-celebrities had a lengthy and lively discussion about what, if anything, the Federal Reserve should do to fix the U.S. economy. The panel was critical of the financial community—which has been badgering the central bank to cut interest rates—for its narrow view of Fed policy. “What’s good for Wall Street isn’t necessarily good for everyone else,” one guest said, and everyone agreed.
No, it wasn’t CNBC, the General Electric-owned financial network, which provides serious economic information and analysis to the business class but rarely considers the economic interests of Americans outside its target demographic (that is, rich people working hard to get richer). If you saw this particular discussion, you were watching Fox Business Network.
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