In the face of constant onslaught from President Trump, the mainstream liberal media — otherwise known as “fake news” — cannot seem to catch a break. In virtually every exchange with the Commander-in-Chief, left-leaning pundits are reminded that they no longer serve the public trust. Yet one area in which the liberal media is winning is ironically the financial markets.
No matter how you look at it, the buck stops at the buck. The almighty dollar is the perfect delineation that separates substance from hogwash. And the financial markets are a great, though not perfect, indicator of true demand. Compliments are cheap; in fact, they’re free. It matters more that people are willing to separate their dollars from their wallets.
Herein lies the conundrum of criticizing the fake news machinery. Although the liberal media knows as much about journalistic ethics and integrity as a politician knows about keeping campaign promises, they are still able to deliver where it matters.
Take CNN, the go-to whipping boy for President Trump. Under the Time Warner umbrella, the parent company’s equity shares are up over 5% year-to-date. Even more impressive is Trump’s other fake news scapegoat, The New York Times. Its stock is up a whopping 38% YTD.
The financial success of fake news are not exceptions, but rather, the rule. Comcast Corporation, which operates a number of liberal media outlets such as NBC and its cable derivatives, has gained nearly 18% for the year. CBS stock is in the black on a YTD basis.
In sharp contrast is the “real news” of Fox News. Unfortunately, the truth doesn’t pay. Twenty-First Century Fox Inc is the big loser of media stocks, which is down 3% YTD. And against the high for this year, FOXA shares have lost an eye-popping 17% in the markets.
Why the big discrepancy? While I don’t want to play into the controlled left-right paradigm — I tend to take anything from the mainstream with a grain of salt — it’s clear that the American consumer cares more about entertainment than they do about the truth. The powerful elites that control the liberal media, and which stories are distributed to the masses, are gaining a tremendous foothold on society, irrespective of President Trump.
If Republicans are not careful, this present age could be the last hurrah of political conservatism. Winning doesn’t just involve beating out opponents at the ballot. Rather, it cuts down to the heart and soul of the American citizenry.
Tragically, fake news is making real headway.