First newspapers, now banks?

via Andrew Sullivan

Interesting comments ont he demise of traditional media. Especially worth reading the link on democratizing effect of technology

We’re pretty much in a perma-recession, small banks are failing left and right, the biggest ones get bailed out, but the people who are in charge of the financial world–which is now optimized for algorithms, not people–are still burning $100 bills to light their Cohibas.

Isn’t this the kind of primordial soup that spawns an industry’s overhaul? I mean, people in my line of work got our asses handed to us by the democratizing effect of technology. Journalism used to be a few powerful people dictating what information you need to know, and now look at us. Blogs, twitter, well, I don’t need to rehash this old saw. Journalism was gutted by technology, in some cases for better, in some cases for worse.


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