Tuesday, March 17, 2009

Richard Cohen, You're Part of the Problem

Easy defenses of media blowhards, from other media blowhards, aren't going to curry much favor, Dick. Especially when those defenses consist of "if these guys knew it was all a lie, why did they put their money into it?"

Sure, most people would think "um, maybe it's like a Ponzi scheme, that they hope to get out before it all falls apart, or maybe they just think that it WOULD fall apart". Others would think "hmm, what if somebody was predicting something like this would happen?" And they'd look, and they'd find them.

(Though not at the Washington Post.)

But not columnists like Richard Cohen. See, they know these guys. They trust these guys. They're part of the same tribe, the same Village, as digby puts it. Cohen, like the folks at CNBC, doesn't question anything that his buddies set in front of him, and will defend those buddies to the death, worthwhile or not.

After all, if Cohen were the type to take attacks fairly, then he would have not have written this:

Now we get back to Stewart. The gravamen of his charge is that the financial media, particularly CNBC and Cramer, knew all the time what was happening and was, in effect, shilling for the industry. "Listen, you knew what the bankers were doing, yet were touting it for months and months," he told Cramer in probably the most celebrated showdown since the Earps and Doc Holliday met the Clantons and others at the O.K. Corral.
At the very least, he would have bothered to mention that the blatantly manipulative games that Stewart was highlighting. The "you knew" bit was in reference to a video that Cramer produced openly advocating market price manipulation, not credit default swaps or collateralized debt obligations. People understand manipulation perfectly well. That's why it's illegal, and Cramer admitted it was illegal, but advocated it anyway.

Funny how Richard Cohen didn't even touch that little factoid, huh? But of course he didn't. He's too busy defending his own friends, and his own positions, from a public who is sick of their incompetent economic elites and their media apologists.

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