Saturday, October 10, 2009

How to read a WSJ editorial

.... when reading WSJ editorials you need to bear two things in mind:
  1. The WSJ editorial page is wrong about everything. 
  2. If you think the WSJ editorial page is right about something, see rule #1. 
After all, here’s what you would have believed if you listened to that page over the years: Clinton’s tax hike will destroy the economy, you really should check out those people suggesting that Clinton was a drug smuggler, Dow 36000, the Bush tax cuts will bring surging prosperity, Saddam is backing Al Qaeda and has WMD, there isn’t any housing bubble, US households have a high savings rate if you measure it right. I’m sure I missed another couple of dozen high points.
I forgot where I heard it, but I like this explanation as to the WSJ's popularity with its target demographic: "whereas the news section tells executives what they need to know, the editorial page gives them what they want to believe."   Before Murdoch bought the WSJ, I often felt compelled to buy the paper -- for the long stories with in-depth investigative reporting.   But under the new management, there appear to be fewer of those.

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