Maybe subscribers buy the paper for the reporting (although if you ask me, that’s been going downhill since the Murdoch takeover). But as far as I can tell, lots of people still take the editorial page’s pronouncements seriously, even though it seems likely that you could have made a lot of money by betting against whatever that page predicts.
I guess it’s an affinity thing. The WSJ editorial page comes across as the work of people who love the rich (unless they support liberal causes), hate liberals and the poor, and feel personally affronted by lucky duckies too poor to pay income taxes; and a significant number of well-heeled readers see this and say, “those are my kind of people!”
Monday, September 05, 2011
Krugman Gets It
Krugman (a hero of mine) on the "affinities" of the WSJ: