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US Media Hits Record High, As CNBC Viewership Drops To Multi-Year Low

In today’s “less than surprising data point” category, the clear winner is Gallup’s analysis of people’s ever increasing distrust in the mass media. From 46% in 1998, the percentage of people who indicate they have “not very much/none at all” trust in mass media has grown to a stunning 57% currently. This is an all time record, as the general public perception toward the MSM has flipped over the past decade. Is it becoming increasingly more difficult to lie to the average American? In this time of unprecedented economic upheaval, where the political regime depends on just how far any given administration’s lies can penetrate amongst the broader population, this may well become the most critical factor in determining policy for the future. And with ever increasing alternatives of non-traditional media, could the legacy ad-supported media model, which by definition is one which espouses the status quo, be doomed precisely by the slow but steady education of the average American, who intuitively realizes that nearly every “fact” appearing in the media, especially that supported by any given political party, is a lie?

From Gallup’s study on media distrust:

 
 

For the fourth straight year, the majority of Americans say they have little or no trust in the mass media to report the news fully, accurately, and fairly. The 57% who now say this is a record high by one percentage point.

The 43% of Americans who, in Gallup’s annual Governance poll, conducted Sept. 13-16, 2010, express a great deal or fair amount of trust ties the record low, and is far worse than three prior Gallup readings on this measure from the 1970s. (more…)

Portuguese Bank Borrowings From ECB More Than Double In May, Hit All Time Record of €35.8 Billion

Alas, the deteriorating funding environment in Portugal is not a fluke – according to the Bank of Portugal, bank borrowings from the ECB surged in the past month, and doubled from €17.7 billion to €35.8 billion in May. As Steven Major from HSBC said, quoted by the FT: “These yields are approaching that magic number of 5 per cent that is likely to be charged by the European stability fund. If the yields keep going up at this rate, then they will be paying much more than 5 per cent next month, which is arguably unsustainable.” And confirming the non rose-colored glasses reality was another banker who said: “These yields are not sustainable. Portugal will have to access the emergency stability fund if they continue to rise at this rate.” Elsewhere, Greece continue to be bankrupt.

The chart below shows total borrowings from the ECB by Portuguese banks…

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