Ever heard of the old saying, “No news is good news”? Well, the Biden-friendly media seems to have a different take: “Only good news is news.” They’re typically quick to broadcast any inkling of economic improvement. But when Wall Street had a real bad hair day, they suddenly fell silent.
The big boys of national news barely gave a nod to the Dow’s grim day. Only ABC World News Tonight threw it a crumb, allotting precisely 14 seconds to the massive 605-point hit the stock market took on May 23rd, 2024. That’s the equivalent of a cinematic blink-and-you’ll-miss-it moment.
The cause behind this sharp drop is multi-faceted. While tech giant Nvidia came up ahead, heavyweight Boeing sputtered. Yet, these industry oscillations weren’t the only demons lurking in the shadow.
Surprise, surprise, May’s Purchasing Managers Index surged beyond expectations by registering its highest level since last June. It indicates our economic engine isn’t being tied down by inflation. Yet, the recent softening of price hikes hasn’t given it a caffeine kick either.
So, what’s hitting the brakes on our national prosperity? One answer lies in the dwindling consumer faith reflected by the drop in the number of new homes being built. Builders are getting cautious when it comes to borrowing, holding back from initiating new projects. Sounds like they’re losing faith in Biden’s economic prowess.
But the real terror that sent Wall Street into a trembling fit was evident in the minutes of the Fed’s last policy meet. Guess what? They’ve not only discussed how to ward off a potential inflation surge, but also considered hiking up the interest rates. That’s the very “interest rate” concern ABC hinted at in their all-too-brief coverage.
Despite ABC’s half-hearted effort, CBS and NBC buried their heads in the sand, completely side-stepping the stock market story. It’s a bitter reminder that without media gatekeepers setting the tone, we’d be left in the dark. Many are wondering: if they decide what’s news, are we really getting the whole story?
The next time you sit down to get your daily dose of news, remember this truth. Not all that is essential is covered, and what’s covered may not all be essential. Because when the media picks and chooses their stories, we may miss the true picture of what’s going on. We deserve the whole story, even if it’s not lined with gold.
