In front of our noses

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This Krugman blog post highlights a virtually unreported detail about the past week of financial-world turmoil on the heels of the S&P downgrade of US debt:

A week ago, before the S&P downgrade, the interest rate on US 10-year bonds was 2.56 percent. As I write this, it’s 2.24 percent, with the yield on inflation-protected bonds actually negative.

You would think this would amount to strong evidence that the downgrade totally failed to shake confidence in US debt.

Yet people who listen to radio and TV reporting tell me that most stories attribute the stock plunge to the downgrade, and are telling listeners that the case for immediate spending cuts has gotten even stronger.

Get it? This is how the corporate narrative works. The Situationists figured it out more than 40 years ago:

[They] argued in 1967 that spectacular features like mass media and advertising have a central role in an advanced capitalist society, which is to show a fake reality in order to mask the real capitalist degradation of human life.

Their term for the narrative and its associated creations and fabrications was The Spectacle. Sounds correct to me.

Be that as it may, I call it criminal malpractice by the news media. Ordinary people who consider themselves to be very well informed because they follow the "nice" media CNN, MSNBC, Newsweek, The New York Times, and NPR are being deliberately misled. I call it deliberate deception because I know what a fucking news editor is really supposed to do for a paycheck.

One might think that our very own President North Star would have been hammering this point home for the past day or two, or maybe that he'll get around to it next week. But in order to do that, he would have to be a leader of sorts, with a few guts inside his skin. Where have you gone, Huey Long? Our nation turns its longing eyes to you. Goo goo goo joob.