The Grand Old Days of American journalism were characterized first and foremost by severely curtailed competition. There were three television networks, and outside of New York each city had basically one newspaper.Heck, even a couple of backwater burgs like my own Oklahoma City and Tulsa had at least two newspapers apiece. Other cities had morning vs. afternoon papers and some had several at each slot. Slate lists Mr. Yglesias as its "business and economics correspondent." That either 1) explains why he doesn't know anything about history or 2) relieves you of the need to pay any attention to his business and economics coverage, given said ignorance of history.
(H/T Jonathan Last)
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