For the most part McCarthy was right. But he should have stuck to the commies in government.
The Old Media is today's McCarthy. Their accusations and lies define their 'McCarthite' tactics. Actually the realy McCarthy was correct most of the time until the OM destroyed him as they're trying to destroy anything that doesn't cowtow to them, a la the GOP today. There were commies in high positions in the Fed, which McCarthy was trying to week out as there were commies in the NYTimes which the paper supported. Communism and its ideals remain in the latter today.