Wednesday, May 18, 2016

- Things Journalists Hate (But they're the only ones)

Interesting little blurb from NY Magazine:

Trump’s longtime ally Roger Stone gave this weekend with Breitbart News Saturday. In the interview, Stone denounced CNN and warned, “When Donald Trump is president, he should turn off their FCC license.”

"The people" hate Congress, the Republican party, and the Democrat party. All of them having approval ratings in the basement. But compared to the way 'the people' view journalists, they are walking on sunshine. According to a poll from Gallup, the media continues to set new lows in trust and approval:

Journalists famously hold themselves in extremely high regard. But my experience is that they are the single most homogeneously awful human beings on the planet. They slant EVERYTHING, and are functionally illiterate in most of the disciplines they hold themselves up as experts on. But it isn't their arrogance or their ignorance that galls me the most. It's their massive disregard for the opinions of others - even experts.

When I was designing my trading system (which was a natural language AI that successfully read and traded by 'reading the news'), I had been working on Wall Street and in Hedge Funds for 12 years. At the time, I was a senior research staffer at one of the most successful Hedge funds in history, and was already an 'expert' in derivatives. In the process of an interview (I was interviewing him), I had a reporter from Reuters who was 6 years out of journalism school say to me "Well you Hedge Funds are all just out to break the market. It would work much better if people who are as knowledgeable as journalists were running things." It was his belief that generating a profit from Trading 'broke' things in the market, and the real purpose of the financial markets was to have everyone come out equal.

If you think this was an isolated incident that left me with some personal resentment, you're wrong. I can't even remember the little dirtbag's name. And his only real sin was revealing to me the opinion that was more discreetly held by every single one of the journalists I spoke to in the process of building that system, many of whom eventually validated his view, albeit more discreetly. It isn't that they believe they know better than some people, they believe they know better than everyone, and are the only people who do.

Meanwhile, like many insular and devotedly liberal institutions, they scream into an echo chamber and what comes out is this horribly distorted world view. If we took every journalist in America and threw them all in prison, the quality of news would instantly rise.

Beyond that, they are reprehensible people. I have on occasion ranted a little about what a back stabbing political culture the big banks are when compared to the relatively honest world of Hedge Funds. Reuters, Bloomberg, and the other news generators I spoke to make the big banks look like a bunch of altar boys. They are conniving, back stabbing, deceitful, reprobate bastards. Especially the women. I believe you cannot survive in Journalism unless you are.

They are people who chose a career with no consequences to being wrong. So they are wrong all the time, and when they are they call the system 'broken'. If Donald Trump decides to pull their licenses, I'll complain about the practice, but celebrate the result.

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