Is Truth Diminishing Along with News Sites? How to Check Your Financial Affairs
Anderson Cooper is leaving 60 Minutes after nearly 20 years.
If you’re a news junkie like me, that article hits home. It’s not just that one anchor wants to spend more time with her kids—but, frankly, who can blame her? It is a turning tide sign.
We are watching the gradual elimination of “office television” and the erosion of the big, well-funded media houses that used to be the gatekeepers of our information.
Cooper’s departure comes amid major upheaval at CBS News, including reports of impending layoffs affecting up to 15 percent of the workforce. And they are not alone. The Washington Post announced recently that it will cut a third of its staff. The LA Times has been downsizing for years.
Across the board, the death press is tightening its belts, cutting investigative departments, and asking fewer reporters to do more work.
Why should you care? Because when newsrooms shrink, fact-checking can often be the first victim.
In a world where financial “advice” is now dispensed via 60-second TikTok clips by 22-year-olds with no credentials, the barrier between you and a bad investment has never been thinner.
The lack of trust is real
We all feel it. The days of trusting a single anchor to tell us “this is the way” are long gone.
According to the 2024 Edelman Trust Barometer, the media is now “less trusted” by a large portion of the world’s population. In fact, business is now seen as more competent and ethical than the media. That is an amazing change. We probably trust our employer more than the evening news.
But here’s the problem: You still need information. You need to know if the Fed is cutting rates, if that new tax law affects the 401(k), or if that high-yield savings account is legal.
If you can’t blindly trust the screen, you should be your editor. Here is my personal checklist for checking financial matters before I make a move with my money.
1. Check for a “lazy citation”
If you read some alarming financial statistics—like “Social Security will be bankrupt in three years”—check the link.
Reliable financial news cites their sources. And I don’t mean a link to another blog that links to a tweet. I mean a direct link to the main source.
The gold standard is data from .gov sites (such as the Bureau of Labor Statistics), major academic institutions, or official agency reports. Checking official records is important because even government agencies make costly mistakes.
If an article makes a bold claim but forces you to look for evidence, close the tab.
Related: See Public Safety Never Warns Workers About This Deadline
2. Beware of the “rush” trap
Scammers and clickbait artists like to rush. They want you to feel like you’re missing out right now.
Real financial journalism rarely shouts. It is analytical. If the article uses all caps, promises “confidential” information, or tells you that you have “limited time” to act, your skepticism radar should be pinging.
We’ve said this before: urgency is a sign of fraud. Whether it’s a “limited time” investment opportunity or a tax scam, the goal is to get past your critical thinking.
Related: See Tax Scams Catch 1 in 4 Americans Off Guard
3. AI and the deepfake factor
With staff cutting newsrooms, cheap content fills the void. And much of that content is generated by AI.
We’re seeing the rise of “pink slime” journalism—websites that look like local news outlets but are actually churning out crowdsourced AI content or clickbait. Even worse are deepfakes. We see videos of trusted people (like Elon Musk or Warren Buffett) who seem to promote crypto scams.
If the video looks a little “off”—perhaps the lip sync is a millisecond off, or the voice tone is incredibly low—don’t click the link in the bio.
Related: Check Out These 6 Most Common AI Scams
4. Check the author, not just the outlet
In the old days, the masthead of the New York Times or the Wall Street Journal was enough. Today, even reputable sites host “donor” networks or sponsored content that looks like news.
The source is still important, of course. It’s the first thing I always look for when I’m doing research. If I don’t know the source, I usually won’t click. We live in a world where anyone will write or say anything about web traffic. It has never been more important to get information from a source you know and trust.
And before you take advice, always check with the author.
Do they have a bio? Are They a Certified Financial Planner (CFP) or a CPA? Or are they a “content creator” with a history of writing about everything from cat food to crypto?
(This seems like a good time to give my personal references. I have been giving financial advice in a variety of ways since 1981. I have obtained licenses as a CPA and stocks, commodities, options, life insurance, real estate and securities management. I have been awarded two Emmys, written thousands of articles and published three major books by publishers).
If you can’t verify the source and author, don’t trust the statistics. And if you want personal advice, it’s often worth paying for a vetted expert rather than relying on a free article.
Related: See “7 Signs Your Accountant Is Costing You Money—And How to Choose a Better One” in Money Talks News).
5. Follow the money
Finally, always ask: Cui bono? (Who benefits?)
Financial resources are a business. If the article talks a lot about a specific life insurance or gold IRA, check the disclosure at the top or bottom of the page. Is it sponsored content? Does the site get a kickback when you click?
There’s nothing inherently wrong with affiliate links—we use them to keep the lights on—but reputable publications will always disclose clearly. If they hide their financial motive, they hide other things as well.
An important point
Anderson Cooper leaving 60 Minutes is a reminder that the media landscape is changing. The institutions we grew up with are improving, not always better.
You will no longer be able to provide your due diligence. Read more, verify everything, and when in doubt, stay on your hands. In finance, the boring, double-checked answer is often the right one.
