The Economist is an old magazine, founded in 1843. This magazine is very stubborn and awkward to call itself "newspaper", every article in it, it seems to be straightforward, but many simply can not stand the scrutiny of time. The magazine has also been criticized by many people in the industry, including when, in 1991, American journalist James Farrow wrote in the Washington Post that the editorial used by the Economist to cover some news events contradicted the event itself. In 1999, author Andrew Sullivan criticized The Economist for using "genius marketing" to cover the lack of analysis and reporting, and it became the author's claim that while the Economist predicted the long term (the bubble actually burst two years later), the paper when the Dow fell to 7,400 during the Labor Day holiday in 1998. He also believes that since many of the newspaper's journalists and editors have graduated from Magdalen College at Oxford University, its editorial philosophy is limited by this homogeneous thinking. The Guardian once referred to The Economist as "writers almost never believe that there are any political or economic problems that cannot be solved through privatization, deregulation and liberalization". Jon Micham, the former editor-in-chief of Newsweek, who claims to be a loyal reader of The Economist, criticized the paper for relying heavily on analysis and neglecting original reporting.