Hit Piece Journalism

By:  Thomas Sowell
01/02/2014
       
Hit Piece Journalism

Front-page editorials, disguised as news stories, have become such familiar features of the New York Times that it should have been no surprise to discover in the December 28th issue a front-page story about a professor of finance at the University of Houston who has been a paid consultant to financial enterprises.

Since professors of all sorts have been paid consultants to organizations of all sorts, it is questionable why this was a story at all, much less one that covered an entire inside page, in addition to a central front-page opening, under the headline "Academics Who Defend Wall St. Reap Reward."

Do academics who attack Wall Street, as consultants to government agencies or other organizations, not get paid?

Like the corrupt French official in the movie classic Casablanca, the New York Times is "shocked, shocked" to discover that consultants get paid defending the kinds of people that the New York Times attacks.

Where has the New York Times been all these years, as government agencies of all sorts spend the taxpayers' money not only to hire consultants but also to hand out research grants to professors, institutions and programs that promote the kinds of policies that serve the institutional interests of these agencies?

Back when I was an economist at the U.S. Department of Labor, many years ago, officials there spoke in reverential tones about Professor Richard A. Lester, an economist at Princeton University who sometimes came down to Washington to advise the Department.

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