Fake or distorted news is an "epidemic" affecting the news media, Bridgewater Associates Chairman and Chief Investment Officer Ray Dalio said Tuesday following a report that was critical of his firm.
While fake news is being recognized as a problem, there are no talks on how to fix problems of trustworthiness with the mainstream media, the hedge fund executive asserted in a LinkedIn post. More importantly, the issue is not limited to smaller news outlets but includes papers of record, he added.
"The failure to rectify this problem is due to there not being any systemic checks on the news media's quality," he said. "The news media is unique in being the only industry that operates without quality controls or checks on its power. It has so much unchecked power that even the most powerful people and companies are afraid to speak out against it for fear of recrimination. In fact, I presume that I will be widely attacked in the media for what I am saying here."
Dalio didn't take all journalists to task but instead cited negative trends in the industry overall. In pointing out the inadequacies he perceives in the media, Dalio cited two reports delivered by those same media.
He mentioned an Associated Press report on declining American trust in the media, as well as comments from The Washington Post's executive editor on the fake news problem. Dalio said that misinformation prevents the public from comprehending the truth, "which will threaten our society's well-being."