China syndrome

Sambuddha Mitra Mustafi asks in “Sino the times” (CJR, May/June), “Can China’s billions buy media credibility?” The problem with the China’s government-owned media is that every item of information is ideologically loaded. That there is no objective journalism to them means that there is nothing to be believed. Everything can be fabricated, whether it be information about milk, pharmaceuticals, or virginity. Secondly, their modus operandi is that there is an image war for them to fight. They must fight the Western media, whose messages they believe are negative. It may be worse than the Cold War. Thirdly, they think they will win because they have more money.

Frankie Fook-lun Leung
Los Angeles, CA

Fiscal fitness

I’m glad Mike Hudson is getting the appreciation he is due (“The reporter who saw it coming” by Dean Starkman, CJR, May/June). I purchased several copies of Hudson’s book Merchants of Misery: How corporate America profits from poverty and gave them to Massachusetts Treasurer Steve Grossman, Auditor Suzanne Bump, Rep. Mazie K. Hirono (D-HI), and members of the Boston City Council. There is an outcry about high school students being physically unfit. This is a fact. To be educated, students, and their parents must be fiscally fit to understand these schemes. Does your high school or community college have a course in Consumer Education? If not, why not?

J. David Reno
Boston, MA

And the fraud machine grinds on, doesn’t it? Hudson has long been one of the best in the business, staying on this story even after the “reforms” and settlements of the late ’90s. Hudson’s The Monster is a must-read. Strange how so few national news outlets have covered the story. Odder still that prosecutors have done so very little to collar the perps. One would think that the business practices Hudson has exposed are not some cancer on our economic body, but part and parcel of the capitalist system as it is now understood and practiced in the US.

Edward Ericson Jr.
Joppa, MD

If Mike Hudson stops by Yves Smith’s (author of ECONned) NC (naked capitalism) blog, he’ll see a lot of us who are among the few who understand what happened and how useless the Obama Department of Justice (DOJ) is on this. Despite Hudson’s work and the work of others that make clear how the cycling of money through securitization of the garbage loans with AAA bond ratings created fraudulent credit that destroyed the credit system, wrecked the economy, and ruined investors and banks worldwide, the MSM continue to perpetuate the “move along; nothing to see; this is about a lot of deadbeats” meme, rather than exposing it for what it was: massive fraud.

Unfortunately, Obama and his DOJ were worse than useless, so nobody has been prosecuted, and we are doomed to encounter even worse fallout a bit further down the road, because the rot has not been removed from the financial-services industry, and they own Congress and the president and the courts. I’m sure Hudson will be on this beat for the rest of his life!

Steve Schmandt
Nara, Japan

The Editors