by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Monica Showalter writes for the American Thinker about journalistic malpractice from two of the nation’s leading newspapers.
… [T]he mainstream media are pushing another fraudulent “narrative,” this one of America rejecting capitalism.
Both the New York Times and the Washington Post opened the new year with an appalling attack on free markets.
The page one headline from the Washington Post was this:
The stock market is ending 2020 at record highs, even as the virus surges and millions go hungry
Not to be outdone, the New York Times ran a front page explainer headlined with this:
Why Markets Boomed in a Year of Human Misery
The logic here is atrocious. Stocks rose because companies were developing new products and new services that people want to buy, and often showing months of double-digit profits. Vaccine, anyone? Why the hell shouldn’t the companies that develop COVID vaccines in record time see some kind of stock market rise? Do we like and want vaccines? Or do vaccines just float in by themselves? Developments like these create votes of confidence from “the market,” including those of fund managers who manage millions of little guys’ 401(k)s.
Meanwhile, why are Americans poor and hungry? Don’t pin it on stocks. The blame for that squarely falls on the shoulders of blue-state Democrat governors, enacting unreasonable and selective COVID-justified lockdowns to crush much of the private sector.
The sum picture here from these two headline points made is that the private sector creates, the government damages and destroys.
But somehow, in the logic of the Times and Post, the stock market is to blame for all the restaurant workers, cruise ship porters, theatre employees, and personal trainers who are now left without their jobs.
Oh, of course, they argue that some very rich people gained. Yes, we know. But what the media conceals is that so does everyone else, either through jobs created as companies find themselves capitalized from stocks, or else through their stock-laden 401(k)s.