Krugman suggests Congress hold hearings on Dow Jones

New York Times columnist Paul Krugman writes Friday that Congress should hold hearings on the proposed purchase of Dow Jones & Co., the parent of The Wall Street Journal, by News Corp. CEO Rupert Murdoch.

Krugman wrote, “In any case, do we want to see one of America’s two serious national newspapers in the hands of a man who has done so much to mislead so many? (The Washington Post, for all its influence, is basically a Beltway paper, not a national one. The McClatchy papers, though their Washington bureau’s reporting in the run-up to Iraq put more prestigious news organizations to shame, still don’t have The Journal’s ability to drive national discussion.)

“There doesn’t seem to be any legal obstacle to the News Corporation’s bid for The Journal: F.C.C. rules on media ownership are mainly designed to prevent monopoly in local markets, not to safeguard precious national informational assets. Still, public pressure could help avert a Murdoch takeover. Maybe Congress should hold hearings.

“If Mr. Murdoch does acquire The Journal, it will be a dark day for America’s news media — and American democracy. If there were any justice in the world, Mr. Murdoch, who did more than anyone in the news business to mislead this country into an unjustified, disastrous war, would be a discredited outcast. Instead, he’s expanding his empire.”

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