America This Week: "The Informational Fed"

Transcript of "America This Week," in which Walter Kirn lands the best metaphor ever for the news media

Walter Kirn: You spoke a couple of weeks ago, or maybe last week, about the new mission of journalism, which doesn’t seem to be uncovering the truth anymore, but managing the information cycle. They act almost like banks that get money directly from the Federal Reserve. I call it ‘fiat information.’ The government prints information and certain favored institutions are first in line to get it, and then they loan it to others for a profit.