Power to Truth: Anat Admati & Jesse Eisinger on Journalism, Corporate Capture, & the Fight for Truth

Key Concepts

Investigative journalism, accountability reporting, power vs. truth, erosion of truth, academic corruption, conflicts of interest, antitrust economics, media fragility, hostile administration, First Amendment, state media, social media moderation, algorithmic bias, elite audience, political gravity, corporate selfishness.

ProPublica's Role and the Erosion of Truth

ProPublica focuses on investigative and accountability reporting, exposing issues that powerful entities want to keep hidden. The core principle is to ask "why" and "who's responsible" when something is broken in society, without advocating for specific policies. A significant challenge is the declining power of truth and accountability mechanisms. Powerful individuals exhibit "utter shamelessness," and their supporters reject facts, making them unaccountable. Truth is becoming a "luxury good" that requires effort and resources to acquire, and many people are not interested in seeking it out, especially when they live in echo chambers that reinforce their existing beliefs.

The Role and Corruption of Academics

Academics can be both helpful and harmful. The increasing influence of money in academia, through research funding, consulting, and startups, has led to corruption. It's becoming harder to find unbiased academic research. Examples include antitrust economists with conflicts of interest, working as consultants for corporations and subverting economic analysis. The sugar industry's corruption of nutrition research and similar issues in the tech sector are also mentioned. Academics should be called out for conflicts of interest.

Example: Greg Polski, an expert in taxation, helped ProPublica understand complex tax issues.

Current Events and Media Crisis

Mainstream journalism faces a crisis due to the internet's erosion of its business model, making it vulnerable to attacks. The current administration is openly hostile to the press, echoing authoritarian rhetoric. This includes banning mainstream news organizations like the AP for trivial reasons, signaling a move towards state media. Lawsuits against news organizations, even based on ridiculous claims, are causing media outlets to "bend the knee" due to corporate interests and fear of government retaliation.

Example: Jeff Bezos's "shameful decision" to pull the Washington Post's editorial endorsing Kla Harris was seen as a capitulation to the possibility of a Trump victory.

Social Media and the Lack of Moderation

Social media platforms, under the guise of defending the First Amendment, have allowed "no moderation," resulting in the proliferation of hate speech and misinformation. True information is not promoted algorithmically, while false information is. This creates a situation where facts struggle to emerge and win.

Example: The presence of "open Nazis" on platforms like X (formerly Twitter), some of whom are followed by prominent political figures, illustrates the problem.

The Power of Visceral Truth and the Future

Despite the challenges, there are instances where truth can break through, such as the publication of a recording of a child being separated from his mother at the border, which led to a change in policy. However, it requires an "extraordinary moment" and a "visceral" impact. There is uncertainty about whether economic realities, like high egg prices or a stock market crash, will influence political outcomes, or whether the relationship between reality and political gravity has been severed.

Corporate Selfishness and the Role of Institutions

There are concerns that institutions like Stanford and business schools have become "licensed to just be selfish," prioritizing profit over principles like climate change, diversity, and unionization. However, there is still an audience for discussions about important issues, as demonstrated by events at the Corporation and Society Initiative.

Conclusion

The conversation highlights a deep concern about the state of truth and accountability in media, academia, and politics. While the challenges are significant, there is a call to persevere in seeking and reporting the truth, hoping that it will eventually resonate and lead to positive change. The importance of visceral, impactful stories and the need for institutions to uphold ethical principles are emphasized.