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.