Media Let Down Investors
Submitted by Sheldon Rampton on
Journalists were watchdogs who didn't bark until after the stock market bubble burst, Jim Michaels told about 70 journalists Tuesday at a conference sponsored by Strong Funds in Menomonee Falls, Wis. "We've just come off the worst investment bubble in history that cost investors something like $3 trillion," said Michaels, who served as editor of Forbes magazine for 38 years and is still a vice president there. "The whole thing was a Ponzi scheme, yet during much of it, business journalists were cheerleaders for it.