Defending a broken system

By Ben Cohen

With the recent collapse of the financial industry and the tailspin into recession, it seems amazing that some people are still defending the system that got us there in the first place. While idealogues are beating the drums for less regulation and increased globalization, the tax payer is busy bailing out the companies that insisted on less government intervention. The truth is, financial globalization has failed to deliver the goods, and working people are paying for the mistakes of the rich.

The corporate media have of course, failed to do their jobs properly and report on the contributing factors to the economic meltdown. Again, the independent media is taking over where CNN and Fox have failed, providing real analysis of a crisis that looks set to worsen.

The fact is, the corporate conglomerates that feed us news have stood to gain from deregulation and globalization, so have no interest highlighting issues that work against their interest.

It took live car bombs, anarchy and destruction for the media to wake up to the realities of war in Iraq. What will it take for the media to understand the massive financial crisis they once again failed to spot? Unfortunately, we are just about to find out.