MSM Distancing Itself From Bank Party Line on Foreclosure Crisis

MSM Distancing Itself From Bank Party Line on Foreclosure Crisis

We’ll see next week whether two articles, one in the Wall Street Journal, the other in the New York Times, are a sign of a sea change in the media posture towards the banking industry’s spin efforts, at least as far as the securitization mess is concerned. Let’s face it, the banks have lied so often, so badly, that journalists might finally be prepared to take their remarks with a fistful of salt.
Or these articles may merely be a weekend outburst of “objectivity” which will be beaten back when the financial services industry flack crank up their efforts next week.
The most interesting change in posture was at the Wall Street Journal, which heretofore has been staunchly falling in with the industry party line. Apparently two days of battering of bank stock prices have persuaded the Journal’s writers that the critics’ case might have some validity. The article, “Mortgage Damage Spreads” focuses clearly on the main issue, as its subtitle telegraphs: “Big Bank Stocks Hit Again as Modern Finance Collides With the Legal System.”