I posted this picture, and we discussed it:
S.B.: it's just the free market, doing it's thing, Rich. You should be embracing it.
Me: Pointing out its bias is not the same as opposing them. However, part of the definition of free market is willing buyer and willing seller, i.e., full disclosure. The media continue to pretend that they are objective and fair, which is deception. That is not part of the free market.
S.B.: lol. so it's the free market until it fails to produce the result you want, right?
Me: No, it fails the test of the criteria free market: willing transactions between parties, an exchange of value, a legal purpose, and full disclosure. This is a major reason the mainstream media is a losing viewership/readership. It provides a faulty product.
S.B.: well what you describe, applies to MOST commercial transactions. When I go to Best Buy to buy a TV, THEY won't tell me what the repair stats are, what their margin is, what the environmental performance of their suppliers is, etc -- I can get that from third parties if I'm lucky, but the same is true in the media -- there are plenty of third party watchdogs.
Maybe we need more regulation to force better disclosure, etc? ;-)
Me: That's part of the self-correcting nature of the free market. Groups and individuals gather statistics and test products, then inform consumers, who then can enter into more informed decisions.
It is not a failure of the free market when one or another party is deceptive, it is a violation of the free market.
It is ironic that private parties like Consumer Reports, which effectively polices violations of the free market as a private entity, advocates policies (more government involvement) that would run them out of business.
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