Entrepreneur, Author, International Expertise

Fake News Hurts Business!

Turn on any news broadcast and it seems like all you will hear are cries of fake news or a daily pronouncement that the world is coming to an end. We have become a society of extremes, and the once cherished middle ground has been obliterated. Recently, I heard the perfect description used by a television pundit when he termed the current circus we are watching as an “apocalyptic hamster wheel.” It certainly does not seem far-fetched to believe business is likely to be hurt if we do not get some return to civil order.

Tribal Civil War

Not so long ago in the United States, virtually every city had two major newspapers, several local television stations (plus radio stations) for current event reports and the three major networks (ABC, CBS and NBC) which people relied on for their national and international news. Then in 1980, the 24-hour news network CNN broke ground and established itself as a force. For approximately 20 years, it seemed like everyone somewhat respectfully coexisted. With the advent of the Internet and the eventual development of social media, however, all hell has broken loose. Gone is the illusion of objectivity and news is now commoditized, often existing as little more than cheerleaders and propaganda machines. Essentially, the media – to remain competitive – has sold its objectivity to become foot soldiers for whatever side they advocate. There is no such thing anymore as a neutral broadcasting.

Thus, the social media phenomena changed news, politics and business forever and not for the better. The consumer, of course, is more informed than ever before but are we receiving quality information or just junk food for the mind? Perhaps even more ominous, social media has been weaponized and ridicules behavior from fringe characters has become common. We have become desensitized to this element, and a social media mob mentality now exists, which overreacts with outrage at the slightest incident. This newfound power to establish “crowds” can bring out base and childish behaviors. To be so easily offended is to tip your hand as being simple and narrow minded, nevertheless, it can also be dangerous for all of us. To use an American baseball term, we are left with no one calling balls and strikes – everyone is simply rooting for their team.

Politics and the media have a tremendous effect on business and an objective media would be an extremely stabilizing force for all us. It would hold politicians accountable. For example, the current push towards socialism – a system that has virtually never worked but appeals to the good nature of man – is especially troubling and not being thoroughly examined. Again, not so long ago the policies being proposed would have been appalling to most everyone. The Genie, nevertheless, is out of the proverbial bottle and where this will end is anyone’s guess. One thing is for sure; however, both business and wealth are very portable. If pandering politicians start hiking punitive tax to extreme levels, you will see both quickly exit for more favorable ground leaving little left behind. Perhaps then the level heads will return to having a dominant influence.