More proof the media is not liberal. The Financial Meltdown & Media Deregulation Connection Much of journalism has a `deer-caught-in-the-headlights quality as it reports on the current fiscal crisis. Why was this issue off the radar screen for so many reporters and producers? Part of it is that the very system that underlies professional reporting is connected (and funded) by the very forces that have helped wreck the economy. Just as the Congress failed to engage in meaningful oversight of the financial marketsand spurred the crisis along through deregulation so too have they largely failed to address the impact of whats called media deregulation (which meant eliminating rules designed to benefit both the public and press with policies that favored their largely giant corporate owners). Former FCC Chairman Michael Powells key congressional patron was Sen. John McCain. Powells enthusiastic and uncritical embrace of a deregulatory philosophy during his recent tenure at the helm of that oversight agency helped spur media mergers, journalism lay-offs and other editorial cutbacks. Powell is currently a technology adviser for the McCain campaign. For those of you who are interested in learning more about Mr. Powell and Senator McCain, its covered in Digital Destiny (New Press, 2007).