Well the Doc opened up the old mailbag today and here’s what poured out.
Dear Dr. Ads,
There I was, minding my own business and checking out MediaPost’s Marketing Politics Weekly, when I came across this Joe Mandese piece about the industries Americans trust most.
Americans Deem Ad Biz More Trustworthy Than Media, Both Trail All Other Industries
The good news is that as far as brands go, the ad industry is deemed more trustworthy than much of the media it buys to reach consumers. The bad news is that the ad business, “news media,” and “social media” all rank at the bottom of all brand categories American consumers were asked to rate as trusting “a great deal” recently.
The findings, which were announced Tuesday via a press release from brand researcher Brand Keys noting that “media brand trust took a nosedive” in its most recent tracking study, which surveyed 6,850 U.S. adults in July.
What the hell, Doc – hucksters get more respect than government officials and journalists? That’s messed up, yo.
– Trust Busted
Wait – so this survey is saying that a buck hustler like Spike Lee is more trustworthy than, say, NBC Nightly News anchor Lester Holt? That would be the same Spike Lee whose ad last year for Coin Cloud conned untold numbers of Black people into investing in cryptocurrencies.
Lee brazenly played the race card in touting crypto’s currency: “Old money, as rich as it looks, is flat out broke,” he says in the video, which has garnered about 1.5 million views on YouTube. “They call it green, but it’s only white. Where’s the women? The Black folks? And the people of color?”
Where the Black folks and people of color are, according to Madeline Garfinkle’s Entrepreneur piece last month, is in the red.
As digital currencies continue to fall, a new report found Black investors to be disproportionately vulnerable.
Digital currencies have dropped drastically, with bitcoin alone losing more than 50% of its value this year.
With consistent reports of plunging value, the question looms: Who’s really getting hit?
A study by Ariel Investments found that, on average, Black Americans own significantly more cryptocurrency than their white counterparts. About one quarter (25%) of Black Americans own crypto, and when examining investors under the age of 40, that number jumps to 38%.
The Black community, Garfinkle adds, has a longstanding distrust of the establishment financial system. Crypto offers “[the] draw of gaining financial independence with a low barrier to entry . . . further enhanced by celeb endorsements.”
So, to recap: Americans apparently believe that Mr. Do The Wrong Thing, who has leeched off widespread losses by Black investors in cryptocurrencies, is more credible than, say, CNN’s Don Lemon?
That’s gotta leave a sour taste, no?