Back in October of last year—following Yves Smith’s lead—I got interested in The Mortgage Mess, and wrote several pieces about the whole fiasco:
• The Coming Middle-Class Anarchy (10/7/10)And now—finally!—the mainstream media is catching up. Here’s last night’s clip from 60 Minutes:
• The Second Leg Down of America’s Death Spiral (10/12/10) (This was the piece I wrote which was plagiarized repeatedly—and rather embarrassingly, for some.)
• This Is What Brian and Ilsa Said To Their Bank: “Show Me The Note, Motherfucker!” (10/18/10)
• Mulligan Mortgages—The Banks’ Only Way Out (10/21/10)
Interesting, huh? Sounds kind of familiar, too . . .
I wrote about The Mortgage Mess because I was interested in it. But do keep in mind, I wrote about it from Chile, where I live: It’s not like I had exclusive access to some insider information or anything. Hell, I barely had any idea what a mortgage loan entailed, until I started looking into it out of idle curiosity.
Now, the reason I bring this up is, why is the mainstream media at least six months behind the bloggers?
Yves Smith is a far more definitive and substantive source than I’ll ever be, on the issue of The Mortgage Mess: She has been all over this story with far more detailed and in-depth stuff about the situation than I’ve found anywhere else. My laziness and ADD makes my eyes glaze over, whenever I’m forced to wrestle with the details of The Mess—but Yves just trundles through it all, as she has been doing since last summer.
But Scott Pelley and the boyz of 60 Minutes? Kinda late to the party, eh?
This is why so many bloggers feel such contempt for the mainstream media: They are not doing their job. They are not looking into stuff that is affecting people’s lives. They are ignoring the big stories, and instead focussing on maintaining “access” to muckety-mucks. How do they maintain this access? By playing down and ignoring the big and important stories which might makes these big-wigs “uncomfortable”—by only reporting shiny, happy, green-shoots stories that the grandee tells them to report. That is the Faustian bargain the mainstream media has made with the kleptocrats running the circus.
But when the story is too big to ignore, when the mainstream media finally have to start doing their jobs—when they finally have to start talking about something bloggers have been jumping up and down about for months—they act as if they’d stumbled across some great big secret nobody else had been privy to. They never ever admit that they’re covering ground bloggers trod six months before, if not longer. They never ever admit that they were distracted with all the sucking-up they were giving establishment figures, be they in politics, business or the military, all for the sake of this precious “access”. They never ever admit they should have been paying attention to this “sudden crisis” way back then, when the attention might have made a productive difference.
They only pay attention when it’s too late: When the problem is simply too big to ignore—and therefore too late to solve.
Now, I’ve been writing about QE-2 and the likelihood of QE-3, and the possibility that the Federal Reserve’s novel experimentations—not to say insane monetary alchemies—might well trip over into hyperinflation. I’ve been particularly outraged at QE-2, which I consider Federal government debt monetization, no different from Argentina. And I have argued that QE-2 is creating an unwholsome dependence by the Federal government on Federal Reserve money printing—and that because of this unwholesome dependence, QE-2 will have to be extended indefinitely, which will in short order lead to ruin.
Question: When can I expect a “hard-hitting” 60 Minutes exposé of QE-2 and the pernicious effects it is having on Federal government fiscal policy, and the likelihood that it’ll result in hyperinflation? When a gallon of gas costs a hundred bucks, and a cup of coffee a twenty?
Because by then, it’ll be too late.
If you’re interested, you can find my recorded presentation “Hyperinflation In America” here. I discuss in detail what I would do, if and when the dollar crashes.