As capitalism struggles, the parasites who feed off its wealth creation are doing pretty well. The political class is growing. Home prices in Washington D.C. are rebounding three times faster than the national average - and job loss in DC has been less severe than in any other major city.
But an op-ed in the WSJ says that "there is at least one bright spot amidst all the gloom: For once your lawyers are suffering right along with you... Last year, for the first time since the Berlin Wall fell, profits dropped for partners at the nation’s top law firms. The declines were particularly steep at some of the most pedigreed shops such as Cravath, Swaine & Moore, where average partner compensation dropped almost 24%, and Davis Polk & Wardwell, where it declined more than 17%, according to The American Lawyer magazine’s annual financial survey. And 2009 is shaping up to be even worse."
However, if one actually looks at the survey, one sees that lawyers, as a group, are earning more. Revenue for the industry as a whole is actually up:
While total gross revenue for [lawyers] grew by 4.1 percent [last year], lawyer head count at all levels grew even faster, increasing by 5.4 percent, to 81,992 lawyers. As a result, both average profits per partner and average revenue per lawyer dropped last year for the first time since 1991...
I fail to see “the bright spot” in news that America has even more lawyers. The parasite class grows.
- Pre-October 2009
This Week's Show -- July 10, 2014
CENSORSHIP AT CBS: Investigative reporter Sharyl Attkisson has a similar story. She explains why she left CBS after it became "harder and harder to get stories on television" that criticized this government and "any powers that be."
IS STOSSEL BIASED?: Years ago, journalist Howard Kurtz criticized me for not being objective. I said it's impossible for any journalist to be completely objective. Now that Howard Kurtz is on Fox, we debate again.
THE OBJECTIVITY MYTH: Andrew Kirell of Mediaite.com says, "every journalist has a point of view and they don't just magically check it the minute they walk in the newsroom door."
NEW MEDIA: Reason TV's Remy Munasifi uses music videos and parodies to complain about things like politicians' spending. One of his latest parodies highlights the scandal surrounding the VA hospitals. Munasifi discusses his videos, which have gone viral on YouTube.
RETRO REPORT: It's great there's a new media organization called Retro Report, which reveals media hype of the past ("crack babies," America's landfill "crisis," the "superpredator," etc.) and corrects stories everyone in the media got wrong. I discuss the new show with its executive producer, Kyra Darnton.
REAL OR FAKE?: Sometimes people in the media say things that are so bizarre, you'd think they were made up. Kennedy of The Independents quizzes FoxBusiness.com's Kate Rogers, Fox Business host Charles Payne and me to see if any of us can tell which quotes are real, and which were made up by my staff.
MY TAKE: I used to report on lots of scares. CBS even ran an ad for me where someone called me a "guardian angel."
That's bunk. The only guardian angel is a free and open society. That's what allows innovation, gives people longer lives, and lifts billions out of poverty. But these gradual improvements aren't newsworthy. Scares and disaster make the news.
News is broken not just because we're biased but because most good and important news happens slowly.
9PM ET on Fox Business Network