November 5, 2009
Today the Huffington Post ran the headline “Chris Dodd’s New Legislation Would Strip Power From Fed, FDIC” with the accompanying quote taken from the article:
WASHINGTON — A key Senate lawmaker is readying legislation that would dramatically redraw how the financial system is regulated, setting the chamber on a collision course with both the House of Representatives and the Obama administration, which have championed markedly different approaches.
The bill, which is being readied by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), would strip almost all bank-supervision powers from the Federal Reserve and Federal Deposit Insurance Corp., according to people familiar with the matter.
When one follows the link and reads the actual Wall Street Journal article, one becomes privy to an entirely different story. Rather than stripping regulatory oversight from the Government, the Senate Banking Committee’s bill would assign strong oversight powers to a new body.
The bill, which is being readied by Senate Banking Committee Chairman Christopher Dodd (D., Conn.), would strip almost all bank-supervision powers from the Federal Reserve and Federal Deposit Insurance Corp., according to people familiar with the matter. In their place, the bill would create a new agency in charge of supervising all banks and bank-holding companies, even the country’s largest and most complex institutions.
Mr. Dodd’s proposal also would create a powerful council of regulators, overseen by an independent White House appointee, charged with monitoring risks to the financial system.
Notice at what point the Huffington Post editorial team chooses to cut off its quote. Not at the end of a paragraph but instead at a point that paints Senator Dodd in an unfair light to its liberal audience, and audience that largely favors strong regulations.
While it isn’t clear what agenda the Huffington Post is pushing, the Huffington Post is run by media-savvy people who know that many people don’t read whole articles and only have time for headlines. Additionally, the fact that the Huffington Post chooses to quote a particularly misleading section of the article indicates a desire to drive the narrative on their part.
You just can’t get good honest news anymore.