Yve Smith’s naked capitalism is not a part of Massing’s piece.
I’ve made my own conclusions about blogs and their appeal based on Yves Smith’s naked capitalism. In my original post, I’ve listed some of the subjects covered by Yve Smith, subjects that include the banking industry and the Federal Reserve. Not all people are interesting in the subject and neither are people required to understand them. Yves Smith’s blog specializes in banking industries and does not try to cover all news according to region as legacy news does. Because the audience is more concentrated, Smith has some freedom in what she writes, and she expects her readers to be able to follow without too much trouble.
From what I have seen, Smith does not have any original content, but the point of her blog was never to offer news content. Naked capitalism is a site that provides analysis to what has been going on. For example, Yves Smith would criticize the New York Times and then point out the contradictions that come from their coverage. The point of Smith’s blog was to provide analysis of the goings on and hopefully bring people closer to the truth by doing so. This is, of course, similar to editorials and is completely biased.
I almost feel as if Yves Smith’s blog is a check on legacy media. People can take in all of the news content from legacy media, and there are little for people to differentiate what is false and what is true. By analyzing news content, and hopefully revealing certain inconsistencies, this may effectively put pressure on legacy media to do quality coverage if their quality did somehow fall.
In this sense, I think blogs deserve praise. I don’t see blogs and citizen journalism to replace legacy media, but I think they can co-exist to keep the quality of news coverage high on both citizen journalism and legacy media.