Monday, November 12, 2007

How to Get Rich Off Liberal Media Bias (without becoming a pundit)! At a lecture today at the Milken Institute, economist/blogger Tyler Cowen said he didn't think the subprime mortgage crisis was such a big deal for the nation's economy. That's always been my untutored sense--it seemed clear the MSM was hyping the crisis because a) it was the story of the moment; b) economic news is always bad news; and c) the anti-Bush, anti-GOP press is now in permanent campaign mode--and the economy is one of the few things the Republicans, and Bush's policies, might be able to take some credit for. If it tanks, they're really dead. So the press has a catastrophist bias** when it comes to the economy. Remember when Enron was going to sink it in 2002? However big the subprime problem is, it was never going to be as big as the press makes out.