When the press failed to anticipate the most catastrophic financial crisis in 80 years, reporters were focusing on the wrong things, responding to the wrong incentives and writing the wrong kind of stories.
By Thomas Hedges, Center for Study of Responsive Law —
The natural gas industry is waging an aggressive public relations campaign to bolster investor confidence, despite evidence showing that shale gas is an unreliable resource and that the production process releases large amounts of methane into the atmosphere.
Critics of the financial industry and some clergy members are upset over suppression by St. Paul’s Cathedral of a report that would appear to reveal a shared denial of responsibility for the financial crisis within the London banking community. (more)
President Obama’s former chief of staff will take his talents—and epithets—to Chi-town. Rahm Emanuel, who took so much money from the financial industry that David Sirota labeled him a “Financial Industry Cyborg,” scored an impressive victory in Chicago’s mayoral race, despite the fact that he moved back only when he decided to run.
President Barack Obama might have done well to keep former Federal Reserve Chairman Paul Volcker in closer reach during his first year of office rather than rely on the dubious advice of Timothy Geithner and Lawrence Summers. Too late for that—but hopefully not too late for Volcker to help the president in his future dealings with Wall Street.