Traditional Journalism's Failure in Financial Crisis

Here’s a piece I wrote for Talking Points Memo on a subject I’ve covered here before. It begins:

Our government’s current operating principle seems to be bailing out people who were culpable in the financial meltdown. If so, journalists are surely entitled to billions of dollars.

Why? Journalists were grossly deficient when it came to covering the reckless behavior, sleaze and willful ignorance of fundamental economics, much of which was reasonably obvious to anyone who was paying attention, that inflated the housing and credit bubbles of the past decade. Their frequent cheerleading for bad practices — and near-total failure to warn us, repeatedly and relentlessly, of what was building — made a bad situation worse.