Blaming The Messenger

Robin Hanson on the bearing of bad news:

I can't imagine Pearlstein suggesting closing newspapers for a week, or banning them from printing bad finance news for a few weeks. So Pearlstein doesn't get it: financial markets are news institutions, just like newspapers! [...]

It turns out our banking system was in bad shape, and now we are finally learning just how bad. Instead of sticking our head in the sand to block bad news, we should be grateful to those who have finally told us, be eager to learn more quickly, and be angry with those who kept us from learning sooner. But don't ban news, bad or good; we need news now, more than ever.

I also get a shout out from TGGP in the comments, which reminds me that I'm jealous of my 2004 self - that creep can roll, man.

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