Can the MSM really influence the market

...by hiding bad news? In financial terms, that would tantamount to withholding information from buyers of a product/service. Or the case of information asymmetry. But if the 'participants' themselves are the masses, we should not be surprised. They probably really want to hear nothing bad, other than the usual squabbles between liberal and conservatives. But I am digressing here.

There wasn't really any news coverage in the last few days of the mortgage fraud in Calgary that we covered yesterday.
The Mainstream media are covering only the positive stuff:

• jobless rate down

• Trade surplus up

• Analysts shrug off housing starts slowdown

I wonder to what extent can this type of coverage continue to keep people away from reality. Is this really deliberate attempt to not focus on any potential negatives of the housing market?
After all, it's really a very symbiotic relationship between banks, Realtors, builders and mainstream media. Everyone from this group gains if the housing market is strong, except for the poor buyer who gets the opportunity to get enslaved by a 40 year mortgage.
In the US too, things went on like this for quite a while before the MSM finally began reporting stuff more transparently. They had to as things just could not be pused under the carpet.
I wonder what will bring the day of reckoning to Canada. When will the bad news be 'big' or 'bad' enough that it will have to be reported. We'll have to wait and find out.