I was one of America's first TV consumer reporters. I approached the job with an attitude. If companies ripped people off, I would embarrass them on TV—and demand that government do something. (I now regret the latter—the former was a good thing.)
I clearly had a point of view: I was a crusader out to punish corporate bullies. My colleagues liked it. I got job offers. I won 19 Emmys. I was invited to speak at journalism conferences.
Then, gradually, I figured out that business, for the most part, treats consumers pretty well. The way to get rich in business is to create something good, sell it for a reasonable price, acquire a reputation for honesty, and keep pleasing customers so they come back for more.
As a local TV reporter, I could find plenty of crooks. But once I got to the national stage—20/20 and Good Morning America—it was hard to find comparable national scams. There were some: Enron, Bernie Madoff, etc. But they are rare. In a $14 trillion economy, you'd think there'd be more. But there aren't.
I figured out why: Market forces, even when hampered by government, keep scammers in check. Reputation matters. Word gets out. Good companies thrive, and bad ones atrophy. Regulation barely deters the cheaters, but competition does.
It made me want to learn more about free markets. I subscribed to Reason magazine and read Cato Institute research papers. Then Milton Friedman, Friedrich Hayek, and Aaron Wildavsky.
My reporting changed. I started taking skeptical looks at government—especially regulation. I did an ABC TV special, "Are We Scaring You to Death?" that said we TV reporters often make hysterical claims about chemicals, pollution, and other relatively minor risks. Its good ratings—16 million viewers—surprised my colleagues.
Suddenly, I wasn't so popular with them.
I stopped winning Emmys.
http://reason.com/archives/2009/11/0...ard-about-jour
Why I stopped winning Emmys - John Stossel
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