Informed, Misinformed, Depends on What You Read

Barry Ritholtz in Bloomberg has a great post on the accomplishments of bloggers (excerpt below) which is great reading --

What the Heroes of Blogging Have Accomplished - Bloomberg: "1. Loosened the grip of traditional players on information and news: Go back in time a decade or so, and we all got our financial news from only a handful of sources. The mainstream papers and magazines dutifully reported what companies said, government agencies reported and what markets did. Blogging has added a level of skepticism to the media diet. There is a willingness to call out nonsense that quite bluntly, deserves to be called nonsense. Not that it didn't happen before bloggers were willing to do it -- but it happens much more quickly and with more depth than pre-blogging days. During the run up to the financial crisis, it was not the big press outlets, but rather the blogging community, that most urgently identified housing, sub-prime and derivatives as a huge problem. Much of the MSM -- the blogger acronym for Mainstream Media -- missed it . . ."

In other words, if you want to be informed, you better read the blogs-- MSM will tend to leave you misinformed.

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