Journalism is often called “History written in a hurry.” If so, last week’s headlines from the front page of The Wall Street Journal reflected a period of our current history that will likely have future historians wondering how we made it through these times without completely losing our minds.
If fear sells newspapers, drives television news ratings, gets bad laws passed, and is useful for selling all manner of other goods and services, than last week must have been very good for business.
The weekend edition, Saturday/Sunday, September 3-4, began with “Job Growth Grinds to a Halt.” The sub-headline was “Lack of Hiring in August Roils Financial Markets; Gloom Ratchets Up Pressure on Obama.” The President would have to wait until the following Thursday to roll out his “Jobs” bill and to tell a joint session of Congress, “Pass this bill now!”
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Reluctant to admit its role in the housing mortgage crisis that broke in late 2008 during the political campaign and largely due to Fannie Mae and Freddie Mac—both of whom own 50% of U.S. mortgages—the next article on page one was “U.S. Sues Big Banks Over Home Mortgages.”
Monday was Labor Day so there was no WSJ edition, but on Tuesday, September 6, the lead headline was “Europe Signals Global Gloom” with a sub-headline, “World Markets Fall as Continent’s Debt Crisis Fuels Worries of Lengthy Slowdown.” It reminded me of the cliché that, when the U.S. sneezes, the rest of the world gets pneumonia.” Under the lead story was a headline, “Voter Discontent Deepens Ahead of Obama Jobs Plan.”
Read More at Canada Free Press By Alan Caruba, Canada Free Press
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