Tuesday, August 4, 2009

The media missed its bailout

Richard Diamond writes:

Before breaking out the public's checkbook to back these schemes, it is worth examining how Congress and the media share some of the responsibility for the current situation. While the Internet is generally held up as a convenient scapegoat for the industry's troubles, ill-considered congressional action backed by breathless editorials from many of the newspapers most in need of help have slammed the door on reform that would have provided a more efficient business model.

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