In “America’s Newest Profession: Bloggers For Hire“, a dubious piece published at the Wall Street Journal “Microtrends” blog, former Hilary Clinton campaign strategist Mark Penn added no victories to his resume but maintained the WSJ’s status as king of business reporting organs. Given the publication’s total failure to report on the realities of the economic downturn until its own desks were on fire, that was nothing to be proud of.
Along with co-author E. Kinney Zalsene, Penn upheld the Journal’s best traditions of junk research and hugely inflated valuations passing as gospel — only instead of credit markets, Penn misreported and grossly overvalued the bottom line of the blogosphere itself, spreading the hilariously wrong idea that the average blogger is making thousands of dollars a year “publishing their opinions”.
Called in by Xeni Hardin at Boing Boing to clean up the mess was the great author and internet analyst Clay Shirky, whose essay is here.