A new kind of accountability in new media

July 1, 2009

There is no question a big reason why the MSM informs so little is that senseless theories and rumors continue to be pushed even after being thoroughly refuted or debunked.  So often proving a point is, well, besides the point.  Confusing the issue and deflecting attention from real answers is the goal.

Pundits and think-tank ‘experts’ incur no cost whatsoever for doing this (professional, legal, reputational, etc.) since most are never held accountable for their past analyses or predictions, so it’s a cheap trick to further their backers’ agendas.

There are plenty of examples, but a particularly onerous one is the ‘Fannie and Freddie created the crisis by mandating minority loans’ meme.  It’s a favorite of Neil Cavuto over at News Corporation.

So I am ecstatic at this little experiment Barry Ritholtz is proposing: He will debate anyone on the topic, and bet $100,000 of his own money on it.  Let’s see how many idiots are willing to put up, and how many will finally shut up.

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One Response to “A new kind of accountability in new media”


  1. […] 18, 2009 First it was Ritholtz’s debate challenge, now Nate is putting money on the line to kill an idiotic meme (”Cold day today, so much for […]


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