
There were a couple of really interesting pieces in the New York Times today. The first, a front page story on how drastically major news organizations are reducing their investments in original Washington reporting. In 2000, Cox Newspapers (Atlanta Journal-Constitution, Austin American-Statesman, plus 15 additional) had 30 reporters in Washington to cover the transition to George W. Bush’s administration. This year they are will have zero; they have closed their Washington bureau. There are many other dramatic examples like this. Just when we need an independent eye watching over politicians and the money-men behind them more than ever, they are being washed away in the frenzy to make all media free and every idiot with a blog (cough) equal to Edward R. Murrow.
Finally, the Times digs, also on the front page, into the outrageous bonuses paid to Wall Streeters based on profits that never existed in the first place. While I think there should be bankers hanging from every lamppost, the Times is at least asking why shareholders aren’t suing to claw back the fraudulent bonuses. (I guess we could string them up after getting the money back.)
Who would have believed oil would ever sell well below $40 a barrel just a few short months ago?