OpinionJournal :: How the media promote false pessimism about the economy.

"Not that it needed any help, but the already energized debate about journalistic bias was electrified when Rupert Murdoch, owner of the 'fair and balanced' Fox News Channel, struck a deal to buy The Wall Street Journal.

I have no desire to take sides in this debate, or question anyone's integrity, but my role as a business economist gives me a unique view of this subject. I talk frequently with members of the print media, and I am a regular guest on business TV shows. Both venues stress debate and journalistic skepticism. In my view this tendency causes a great deal of confusion.

If one guest or expert is a 'bull,' then the other must be a 'bear,' to keep things fair. Or, if there is a single guest on air, the host often takes the other side of the issue in order to keep things balanced. Get some sparks between guests, a little argument here or there, and it's even better for the ratings. The bigger the audience, the better the show, that's the way the advertisers see it. It's basic supply and demand.

But this idea of presenting both sides of an issue, while entertaining, informative and seemingly balanced, may paradoxically create a warped perspective of the economy."

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