CNN's Ali Velshi exemplifies media elitism, writes Congressional Quarterly editor Daniel Parks

 

The mainstream media have utterly failed to report the full story on the mortgage and financial industry crisis and the government bailout of big investors and takeover of much of the nation’s financial sector.

The reason for this failure lies in the dirty little secret of America’s elites: although they often seem to differ greatly on political policies, their real loyalty is to their privileged caste above all. Hence, they consistently agree that social and economic conditions should be constituted such as to allow them to pursue whatever power and pleasures they wish, with the great unwashed general public paying the bills.

That is one thing on which both the editors of the New York Times and their presumed adversaries on Wall Street agree wholeheartedly.

Congressional Quarterly editor Daniel J. Parks, writing in the Chicago Tribune, provides strong evidence supporting that conclusion. Parks writes:
If you’ve spent much time listening to cable news lately, you would think there is universal agreement among economists that an immediate, enormous government intervention in the markets is the only way to stave off a recession, and perhaps even a depression. This is simply false. Many economists reject the notion that something must be done immediately and have called for more careful consideration of a wider range of options. Some even reject the premise that any bailout action will make much of a difference. . . .
 
The disconnect appears to stem from the fact that in many cases, financial journalists have simply gotten too cozy with the Wall Street crowd. These journalists have failed to cast a critical eye on what their small circle of East Coast experts in the financial world tell them, and they have ignored other sources in most cases.

Echoing the point I’ve made above and written previously in this publication, Parks writes, "this isn’t a divide between smart and dumb people; it’s a divide between Wall Street and its allies in Washington, and the rest of the country."

The mainstream media have been relentless in their alliance with their fellow elites residing on Wall Street, and their behavior has been arrogant and elitist in the extreme, Parks notes:

In my 18 years as a journalist—nine of them in Washington—I’ve rarely seen my profession behaving as badly on a hard news story as it has during coverage of the financial bailout bill.

The level of condescension has been breathtaking.

Particularly on network and cable television, journalists and supposed financial experts have been wagging their fingers at the voting public for pressuring Congress to vote against the bill. To hear them tell it, you would think there was universal agreement—at least among smart people—that something needs to be done now.

The coverage of the financial crisis is in fact emblematic of the U.S. elites’ attitude toward the general public. It is something not at all distinguishable from contempt. Here’s an example of how Parks sees it as manifested in the current instance:

Ali Velshi on CNN is among the worst. The bald, bespectacled financial analyst practically wags his finger at America as he exhorts over and over again tha t everyone is at risk, and that the good people of America just need to listen to the experts.

Similarly, he notes,

The Washington Post’s Steven Pearlstein, whose expertise and analysis I respect on most issues, joined the "They just don’t get it" bandwagon with a column in Wednesday’s edition titled, "They just don’t get it." Pearlstein showed remarkable arrogance in declaring "too many people don’t understand the seriousness of the situation."

That’s hooey, Parks observes:

The fact is, most people do understand. They just aren’t convinced that this particular approach—or any government approach—is the best answer. And there are plenty of smart, highly educated people on their side. Just because you won’t find many of them on Wall Street, or in Washington, doesn’t mean they don’t exist or their analysis is any less sound.

Although they often disagree strongly on the specifics of who should run the country and what the guiding policies should be, the reality is that America’s elites are consistent in their agreement that they’d very much like to dissolve the American people and elect a new one.

Clearly, we the people should strengthen our efforts to do unto them as they would do unto us.

 

Thanks to Steve Stanek for referring us to this story.