No news is good news?

From those blokes over at Free Exchange:

“Consumers demand sensational stories that resonate with their view of the world. Consumer choice is supposed to improve welfare, but should people be able to choose the news they want to hear? As the market grows, it appears that spin and sensationalism will only become more prevalent. But there is a way that the market does ultimately reward accuracy. In such a large market, reputation becomes important; saying things that are flat out wrong incurs a penalty. If you become known as someone who peddles unreliable information, consumers will go elsewhere. Your competitors have an incentive to monitor your analysis and catch your mistakes.  Of course, it then depends on how your viewers define wrong!”