maybe the MSM needs to look in the mirror…
New York, NY – If you’re reading this, there is about an 80 percent chance that you lean conservative. But, even if you have some horse sense, you see a lot of irresponsible media outlets out there. This is destroying the credibility of the industry. The industry that (one car argue) is the 4th Rail of politics, responsible for keeping politicians in check and the public informed…You know, kinda important!
Clearly, this is becoming less and less of the case. People now seek news from various sources, a lot of it originating from social media. If you lean to the right politically and let’s say you watch Fox News or check out Breitbart, you immediately hear the majority of media make the claim that neither are credible. If they really don’t like where you get your news, the Main Stream Media (MSM) will call it an “Alt-right” source (AKA Racist), or they’ll just label it “Fake News.”
Instead of name-calling, maybe the MSM needs to look in the mirror on who is doing the real damage out there. We came across this “tasty” article form Cheddar. Cheddar (in our opinion) is a middle of the road business and another news site for millennials run by millennials. We’re not going to label them left or right because they seem to “try” to report the news. We may update our opinion at a later date.
So the article we are talking about is entitled “Exclusive: Fake News Is Costing the World $78 Billion a Year.” We thought it was clickbait, but it ended up being an interesting read.
This chronicled the most expensive fake news stories in recent history. Most of this was based upon how fake news stories affected financial markets – namely a drop, where investors lost money. If you’re on a government pension, that means you most likely lost money as well.
Some of the things listed we disagree with, like their anti-vaccination claim. We think parents should make the choice, not the government…Plus, if your kid is vaccinated, why should you care if someone else’s kid is not…
Putting that aside, we found this the best and most interesting part of the article. Can you guess what the most expensive fake news story to the tune of $300 billion (yes “b” for boy, billion) was? Well, here is a quote from the article:
One of the largest losses tied to one fake news incident was estimated at $300 billion. In December 2017, ABC News falsely reported Michael Flynn would testify that President Donald Trump instructed him to contact Russian government officials during the 2016 election campaign. The effect was especially pronounced on the U.S. stock market, and shares plummeted an estimated $341 billion on the S&P that day. However, the news story was corrected after the trading day to say Flynn would say those commands happened after the election, allowing the market to bounce back to a loss of only $51 billion.
Michelle Castillo, Cheddar, November 19, 2019
Yep, that’s right! The MSM is causing serious losses to even liberals in the market for falsely reporting on claims against President Trump. This was ABC, folks – about as MSM, network, ancient news reporting as you get.
Sure they corrected the story, but damage already was done. The market only recovered to the tune 85%, but that 15% loss is huge. Think if you lost 15% of your retirement in 1 day because of a fake news story…And we’re sure many of you, our readers did!
So, next time you hear the left’s claim of fake news – please throw this in their face!
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