Our elite deregulated the banking industry, leading to nationwide bank collapses, and the press extolled the value of the free market. Our elite corrupted the levers of power to advance the interests of corporations and the press naively conflated freedom with the free market. This reporting may have been "objective" and "impartial" but it defied common sense. The harsh reality of shuttered former steel-producing towns and growing human misery should have, in the hands of any good cop reporter, exposed the fantasies. But the press long ago stopped thinking and lost nearly all its moral autonomy.
Real reporting, grounded in a commitment to justice and empathy, could have informed and empowered the public as we underwent a corporate coup d'etat in slow motion. It could have stimulated a radical debate about structures, laws, privilege, power and justice. But the traditional press, by clinging to an outdated etiquette designed to serve corrupt power structures, lost its social function. Corporations, which once made many of these news outlets very rich, have turned to more effective forms of advertising. Profits have plummeted. And yet these press courtiers, lost in the fantasy of their own righteousness and moral probity, cling to the hollow morality of "objectivity" with comic ferocity.
The world will not be a better place when these fact-based news organizations die. We will be propelled into a culture where facts and opinions will be interchangeable, where lies will become true, and where fantasy will be peddled as news. I will lament the loss of traditional news. It will unmoor us from reality. The tragedy is that the moral void of the news business contributed as much to its own annihilation as the protofascists who feed on its carcass.
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