<
https://theconversation.com/during-the-great-depression-many-newspapers-betrayed-their-readers-some-are-doing-it-again-now-135426>
"Many newspapers betrayed their readers during the Great Depression and
now some are doing so again during the coronavirus pandemic.
During the Depression, Australia’s major daily newspapers loudly
resisted calls for economic stimulus to revive the economy. Even the
tabloids - whose working class audiences were feeling the full brunt of
unemployment - campaigned instead for government spending cuts that hit
their readers hard.
Self-interest was behind this. The companies and individuals behind
Australia’s most popular daily newspapers in the early 1930s were
bondholders who had lent enormous sums of money to Australian
governments before the Depression. So had banks, trustee and life
insurance companies that were allied with newspaper owners, and also
major newspaper advertisers. If Australian governments had not made
severe cuts to spending and instead injected money into the economy
through welfare and job creation projects, they would not have been able
to pay back their debts. Domestic bondholders would have lost millions
in interest payments.
Now, we see some news outlets again betraying their readers by
prioritising business over public health."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://www.xanadu.com.au/ Chief Scientist, Xanadu
http://www.glasswings.com.au/ Partner, Glass Wings
http://www.sericyb.com.au/ Manager, Serious Cybernetics
