People got out of their porch swings, grabbed their weapons and their loved ones, and headed for shelter.
The news reported that aliens were overrunning Earth.
And everyone believed it.
Following the 1938 broadcast of Orson Welles’ War of the Worlds, the government imposed restrictions on dramatic productions, forcing pauses and disclosures that the material is fictional.
Real people got hurt by that production.
Of course, that didn’t prevent propaganda, Nazi Germany was in full swing as the real World War, 2nd edition, kicked into gear.
Millions of people got killed in that debacle.
Between the era of Welles’ event and the dawning of CBS’ 60 Minutes, Americans could trust broadcast news. It was required to be fair, supportable by evidence, and presented evenly.
It lasted 15 minutes, and on CBS, the most watched channel, always ended with Walter Cronkite’s signature line, “and that’s the way it is.”
Ralph Bender here for Enduring Wealth Advisors®.
That’s not the way it is, anymore.
In the late seventies, 60 Minutes turned a profit. By 1979, Nielsen rated it the #1 show on television.
Two years later, “the most trusted man in America,” Walter Cronkite, retired.
Today, news outlets follow aggressive marketing principles, driving deep into markets, establishing brand loyalty. Social media algorithms take it a step further, by personalizing what we can and cannot see.
The truth is that we invest in businesses, not political ideologies, and while politicians constantly change the rules, businesses adapt and generate profits to survive.
And profits go to owners of businesses. And when businesses borrow money, they pay interest to their bond holders. In either case, ownership or loans, investors can benefit.
And that’s the way it is.
Give us a call to discuss how your portfolio aligns with current conditions.