Business Cycle & Economics Blog of Caleb Lawrence
Stocks marked solid gains to begin the week on thin news, though the media heralded the Citigroup bailout as the catalyst, more on that in a minute. The FDIC worked overtime Friday to close three more banks, The Community Bank, Loganville GA #20, Downey Savings and Loan (the 3rd largest bank to fail this year) [...]
Hi and welcome to The Profit Motive, I’m your host Caleb Lawrence. Once upon a time in America the media acted as the watchdog of the corporations and the state. In the modern era it’s all about ratings and profits, opinion has been substituted for news and frequently is presented as fact. Much like my daily radio show on KPIG 107.5 FM in Santa Cruz California and KPYG FM 94.9 Cayucos/San Luis Obispo California. A thousand Blogs were able to spot the current problems and many began discussing it years before it reached crises proportions. While there were exceptions, and these exceptions are becoming more common, the mainstream media failed to get it and largely continue to do so.
