Notice that Scott Pelley did not announce that the US DOJ is investigating Goldman Sachs, or Citi, or Merrill Lynch, or Bank of America or several other so-called banks for looting the American public and influence-peddling in the halls of government. Or the SEC and the CFTC for failing to regulate the trade in frauds and swindles. The window for that sort of action is closing, and with it the reasonable hopes of citizens in the legitimacy of institutions that manage things.
The failures in journalism are now so stupendous that there are only a few possible explanations.
1. The major media, hard pressed by declining revenues and the extremes of competition on cable TV and the Internet, are in thrall to corporate advertisers who expect cheerleading for the status quo in return.
2. Major media editors and producers - the officer corps of journalism - are not smart enough to tell the difference between what's important and what's not and can't run their newsrooms.
3. Mainstream media only reflects the cognitive dissonance that pervades the collective imagination of a culture - too much noise to think coherently.
4. We really don't want to know what's going on - it's too scary.
5. Sometimes a generation of leaders just fails.
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