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Dark Money

A catch-all phrase for political spending by nonprofit groups, which are not required to make public the identities of their donors.

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New York Post front page reads "Injustice." Daily News front page reads "Guilty."

New York's daily newspapers had very different headlines the morning after Donald Trump was convicted in s hush money trial.

Andrew Lichtenstein/Corbis via Getty Images

Why the American media and their critics won’t stop telling the same lie

The American media has a bootleggers-and-Baptists problem.

Bootleggers and Baptists” is one of the most useful concepts in understanding how economic regulation works in the real world. Coined by economist Bruce Yandle, the term describes how groups that are ostensibly opposed to each other have a shared interest in maintaining the status quo. Baptists favored prohibition, and so did bootleggers who profited by selling illegal alcohol. And politicians benefited by playing both sides.

There’s an analogous dynamic with the press today.

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