Maybe there are conspiracies....
The mainstream press—what’s left of it—sees an important duty to foster confidence in public institutions. On May 6, right after disclosure of Goldman Sachs’ double dealing, came the plummet and surge in the stock market that for a brief moment sliced 998 points off the Dow, prompting serious losses to small investors who had placed stop-loss orders on individual stocks. On Comedy Central, Jon Stewart showed a stream of news anchors characterizing everything from the GM bailout to the mortgage crisis to the rescue of AIG as caused by a “perfect storm.” Stewart said, “I’m beginning to think these are not perfect storms. I’m beginning to think these are regular storms and we have a s---ty boat.” But the mainstream press zealously steered clear of suggestions that market manipulators might have engineered a killing.
Sometimes a cover-up does surface, propelled into the light of day by a tenacious journalist. Then there’s the outraged counterattack. Are you suggesting, sir, that the CIA connived to smuggle cocaine into America’s inner cities? Gary Webb’s career at the San Jose Mercury News was efficiently destroyed. Those who took the trouble to read the subsequent full report of CIA Inspector General Fred Hitz found corroboration of Webb’s charges. But by then the caravan had moved on. A jury issued its verdict, but the press box was empty.