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Tuesday, January 31, 2012 3:18 PM

Privatizing of Gains and Socializing of Losses; You Want the News? From Where?

Mish Moved to MishTalk.Com Click to Visit.

I am a fan of Michael Hudson. I was pleasantly surprised to see him on Capital Accounts with Lauren Lyster a few days ago.

Capital Account is produced by RT. That stands for Russia Today. I have numerous emails criticizing me for being on "Russia TV".

Let's take a look at what Wikepedia says about RT.

RT is the second most-watched foreign news channel in the United States, after BBC News. By March 2010, its videos had garnered more than 83 million views on YouTube and has also set a TV News Channel record after exceeding a view count on YouTube of half a billion.

RT broadcasts from its headquarters in Moscow and its studio in Washington, DC, and also has bureaux in Miami, Los Angeles, London, Paris, Delhi and Tel Aviv.

In the United States, the channel is available to digital customers of Time-Warner Cable in New York and New Jersey on channel 135 (channel 196 in upstate New York), in Los Angeles and the desert cities on channel 236, and in San Diego and North County on channel 222. Digital customers of Comcast can receive the channel in Chicago on channel 103, and in Washington, D.C. on channel 274. Digital subscribers to Buckeye CableSystem can receive the channel in Northwest Ohio and Southeast Michigan on channel 266. The channel is also available in the Washington, D.C. area via Cox (channel 474), RCN (channel 33), and Verizon FIOS (channel 455).
Last week RT interviewed Mohamed A. El-Erian, the CEO of PIMCO. They also interviewed me. More recently they interviewed Michael Hudson.

Alternate Sites vs. Mainstream Media

Most of the mainstream sites do one of three things (over and over and over).

  1. Interview those who manage the most money
  2. Interview those with bullish forecasts
  3. Interview those with the latest "hot hand" about to flame out

Reflection on News vs. Opinions

Please consider Rupert Murdoch
In an era of media empires, Rupert Murdoch, the Australian-born chairman and controlling shareholder of News Corporation, is perhaps the preeminent global media magnate.

The company, which owns Fox News, The Wall Street Journal, The New York Post and the 20th Century Fox film studio, among other assets, is one of the world’s largest media conglomerates.

In the worlds of politics as well as media, Mr. Murdoch has been one of the most influential figures of our time, and nowhere more so than in Britain, where he made his mark in newspapers.

But in July 2011, he and his company were engulfed in an explosive scandal involving the hacking of public figures’ telephone messages by journalists at News of the World, another British newspaper owned by News Corporation. The firestorm was set off by the revelation that the paper had deleted voice mail messages from the cellphone of a 13-year-old girl who was abducted and murdered in 2002, a move that had added to vain hopes that she was still alive.

In the wake of the furor, Mr. Murdoch closed down News of the World, saw two former editors of the paper arrested, accepted the resignation of Les Hinton, one of his closest associates, and abandoned what would have been the biggest deal of his career, the $12 billion takeover of Britain’s biggest pay television company, British Sky Broadcasting (BSkyB). He also bore the brunt of an outcry from the public and Parliament, as politicians of all parties who had long chafed under the need to win his support lashed out.

On July 19, Mr. Murdoch was questioned by a Parliamentary committee. In his testimony, he said that he was deeply sorry about the revelations of widespread unethical practices at his British newspapers, that he knew little or nothing about them and that he had not tried to cover them up. While defending his company against the accusations accompanying the scandal, Mr. Murdoch insisted that he had the backing of News Corporation’s board and would stay on as its chief executive for the foreseeable future.
News vs. Opinion

If you watch Fox News, rest assured it has a general overall spin that is approved by Rupert Murdoch.

Fox News will toss an occasional bone to Ron Paul, primarily from Judge Napolitano. I suspect it is out of necessity of hoping to appear balanced.

Much of what appears on Fox News belongs on "Reality TV" not news stations.

Understanding Bias

When someone reads my blog they understand what they see is "my opinion". When someone listens to Fox News many do not realize they are not getting facts, they are getting "political opinions" disguised as the news.

The Fox news slant is Republican, anti-Paul, pro-warmongering.
The Financial news sites are very biased towards "economic cheerleading".

Those who want something else turn to blogs like Calculated Risk, the Big Picture, Zero Hedge, Max Keiser etc.

Please see CNBC's Best Alternative Financial Websites; Strategist News' Best Business Blogs 2011; Business Blogs vs. Financial Blogs for further discussion of alternative sites.

Impossible Not to be Biased

It is impossible to not be biased, but as least everyone understands the alternative sites generally offer commentary that comes from the heart, not from robots hired to say and do exactly what the media giants want.

Mike "Mish" Shedlock
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