Those Who Control the Past, Control the Future

Thomas Sowell has an excellent article about the roots of the housing crisis that sparked our present economic downturn:

From television specials to newspaper editorials, the media are pushing the idea that current economic problems were caused by the market and that only the government can rescue us.  What was lacking in the housing market, they say, was government regulation of the market’s “greed.” That makes great moral melodrama, but it turns the facts upside down. It was precisely government intervention which turned a thriving industry into a basket case.

It’s a great article, but it reveals a larger problem as well:  The media has the authority to shape an issue so that its interpretation becomes fact, regardless of the actual history.  In this instance, the cause of the housing crisis is blamed entirely on “greed” rather than misguided politicians who wanted everyone to own homes, including those who couldn’t afford it.  However, as the “first historians” (a title I despise as an actual student of history) journalist’s can shape an issue however they please.  As the ones with the megaphone, they are able to control the dialogue of the debate.  As they have a vested interest in promoting Leftist ideals - as they are overwhelmingly liberal - this is a problem for conservativism.  In this case, as the Left wants socialism, the market must be blamed in order to convince the American people to seek deliverance from the government.  Thus far, the media appears to be playing their part to perfection.