The Wall Street Journal - unFair and unBalanced?
By draks on Jul 31, 2007
Rupert Murdoch is on the cusp of buying the WSJ - that venerable paper of journalistic integrity. Unfortunately, that may not continue. Murdoch's other outlets, namely Fox News, has already won a case, upheld by the Florida Supreme court that, "there is no rule against distorting or falsifying news". Since Rupert enabled Fox TV to distort facts (after all its just entertainment and who watches TV news?) it was ok. However, applying that journalistic style to the WSJ is a different issue all together. The WSJ is the standard for truth in the financial world where truth and access to facts are what enable our financial systems operate smoothly. Just look at your credit card statements - many of these tie their interest rates to the "prime rate as printed in the WSJ". Just imagine if Rupert decides to "distort" the prime rate in the WSJ and jack it up 42% or so just for fun? What happens if he prints falsified stories about companies being bought or sold as a way to sell papers? Just think how he could cause chaos in the markets - all under the guise of newspapers as entertainment? I think we need to watch this move carefully.