Tuesday, April 28, 2009

Extra! Finance journalists confess some of their sins

Eventually business journalists are beginning to confess
in larger numbers their sins. In the USA. Lets hope
this serves as a good example for European journalists
and gets them to do likewise. The newspaper crisis has positive
side - effects after all.

The financial crisis, all those tremendous losses in the
banking sector would not have been possible without
the media acting as cheerleaders, hyping up all nonsense,
acting as gatekeepers - those that select and decide what
the general public needs to know and what not. An activity
which seems harmless, almost unnoticeable, it's just omissions
and seeming desinterest in certain matters and stories, but
which has disastrous consequences later on. When an
investor in the worst case finds the office of an investment
firm simply closed because it folded.

The Colorado Independent broke the story (it was also
on the Huffington Post):
Business Journalists Confess ...

For visistors interested in looking back: a pretty popular
video that is posted on this blog under "Crisis bunch". It
consists of three news shows on TV in the US in 06 / 07
and provides a convenient flashback of what the pundits
said and recommended on TV.
(And is reposted here again):
Peter Schiff ...

Readers for whom the media crisis is not the end of the
world or even expect something good out of that might
be pleased with Jack Shafer's:
Life After Newspapers
an article in which he describes the newspaper strike in
New York in 1962 / 63. It quite funny to read.

And as good news can also this opinion poll / survey be
regarded according to which lots of Americans blame
ad agencies and the media as complicit in the financial
crisis. That's obviously the rather prudent folks who seem
to be in mood to change their media consumption, what
they have money for according to their experience and
Americans blame ad agencies ...

It would be interesting what results a similarly sensitiv
and rather intelligent poll conducted here in Europe come
up with.

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