While Crypto Bro Scammed Clients, Reporters Scammed Readers – FAIR

Doug Henwood, host of KPFA’s Behind the News and the author of Wall Street: How It Works and for Whom, told FAIR:

The business press is rarely skeptical about the speculative heroes of the moment. There are exceptions; if you read carefully, you can get a good critique. But the general culture is boosterish. Just a few months ago, SBF was a genius. Elon Musk, too, though his antics at Twitter are making that cult harder to sustain. Before that it was Elizabeth Holmes and her magical blood-testing machine. Go back a couple of decades and it was Ken Lay and Enron (celebrated by none other than [New York Times columnist] Paul Krugman, who’d also been paid a consulting fee by the company).

There are a lot of reasons for this. Many business journalists identify with the titans they cover—some even aspire to join them, as did former New York Times reporter Steven Rattner, who became an investment banker. Then there’s the fear of alienating your sources—the dreaded loss of “access.” And then there’s the general reluctance to be the skunk at the picnic—when markets are frothing, it’s more fun to play along than play the critic.

While Crypto Bro Scammed Clients, Reporters Scammed Readers – FAIR