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We need a Main Street Journal to supplement or replace the Wall Street Journal

Posted by John Reed on

I get the Wall Street Journal daily. It is one of the few decent papers still in existence. However, it is not what people like I and most of you need. 
It’s editorial, columns, and op-eds are way too much oriented toward telling federal and state politicians what to do in terms of policy.
What on earth is the point of this? Are politicians interested in the Journal’s opinion on what is the best thing for the American people and to a lesser extent for our allies and trading partners?
What are they interested in? Getting elected and re-elected and feathering their own nest. Is that ever congruent with what is best for the American people and our allies? Very rarely. So the Journal publishing a dozen or more articles advice to elected officials a day is like yelling at the tides for coming in or going out.
The reason I and you read the Journal is to become more personally prosperous. We want to know what we should invest our savings in, what the current rules are, and what changes are likely to occur in the near and distant futures.
There are Seven Pillars of Prosperity:

1. free markets (minimal or no restrictions or taxes on transactions)

2. sound money (neither inflates nor deflates)

3. rule of law

4. property rights

5. minimal taxation

6. minimal regulation

7. minimal creation of artificial uncertainty by the government

What we need from the Journal is NEWS we can USE. Tell us where the 7 pillars are today and how we can protect ourselves against their not being as they should be.

Tell us how to evaluate our personal strengths and weaknesses including our current financial situation, age, family members, and match us and our goals and resources and situation up up to the  current laws and government behavior for optimal performance and/or survival.
Don’t tell us what the government ought to do but never will. Tell us we had better do considering the real world situation and likely future situation.
Tell us the current situation regarding the 7 pillars. Tell us when they are likely to change and in what way. And tell us what we need to do to best deal with the United States and the world as it is, not as a bunch of overage grad students think it should be.
Am I going to start such a paper? Nah. I am 76. I used to have monthly deadlines to get my newsletter out. Deadlines are deleterious. I read once that people in deadline industries like daily newspapers seem to have worse heart health and the deadline stress seems to be the cause.
So I have been and will continue to write such stuff, but not under any deadline pressure. If someone else wants to create such a paper or web site, I will welcome of it assuming it is honest and good. If we can agree, I will continue to it.
But enough of all the “What the President, should do is...” on TV and in the Journal. No one cares. No one is helped by this yelling at the tides.

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