I feel like you’re one of the few journalists digging deep into this issue right now.
Well I think a lot of business journalists either worked for investment banks or hedge funds, or they want to be working for them.
They don’t necessarily want to be writing about people whose job is to make money.
Right, they want the actual job. And you know, it’s sort of like political journalism. If you’re going to go down the path of being a bomb tosser you’re not going to get invited to the party. So the difficulty in obtaining good sources is a factor. The other thing is that it’s a really, really complicated subject that’s very hard to make interesting. I think producers and editors are really reluctant—I mean how many magazines are really going to do an 8,000 word piece on CDOs [collateralized debt obligation]? Also, a lot of news organizations have this fear of rocking the boat. It’s just as easy to sell ads when you’re publishing pictures of cute puppies.
A neat summary of the systemic failure of journalism, and basic capitalism- minimum effort, maximum reward. Taibbi gives me hope that the entire enterprise isn't rotten to the core, just most of it.
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