The Stock Market Corrects, Why Not the Media?

The Dow dropped again today. Scary.And that's exactly how the mainstream press treated it. What goes down, must go down further. Even with the sour coverage on NBC and CBS on July 26, there were voices of reason that warrant commitment to the markets. "So this is not a crash, if anything, it's a correction," said CNN "American Morning" business correspondent Ali Velshi. "It might not even be a correction; it might just be a stop on the way."Wow, good news, even on CNN. Others experts point at signs our economy is still in tact and still moving in the right direction as evidence not to panic. "Right now, we have the tailwinds of a very good U.S. economy, we have the tailwinds of an incredible global economy ... So that's gonna, I think, mitigate what's going on in the housing market," said Fox News business correspondent Terry Keenan on the July 26 "The O'Reilly Factor."According Lawrence Kudlow of CNBC, with 50 percent of Standard & Poor companies reporting - their profits have increased an incredible 15.3 percent from one year ago. He also pointed out the Dow Jones really only lost 2 percent on July 26.And let's not forget, the gross domestic product numbers released today indicated the economy grew at a 3.4 percent rate.I think I'll go find a ledge and beat the rush.

Dan Gainor
Dan Gainor is The Boone Pickens Free Market Fellow and Vice President for Business and Culture for the Media Research Center