If people are getting fed up with the financial reporting and opinions,
their stomachs churning as a result of this perpetual crisis, sensationalism
and getting indeed deeper into problems then it is a logical reaction. As
a result, a storm is brewing over both investment bankers and financial
One bothering aspect are the opinions, substituting proper reporting.
Rare and few are proper reports, real news. It is relentless barrage
of news trash and opinions which is followed by ideological debates and
politically biased dog fights. All in all the perfect recipe for people to get
really in economic and financial problems, to end up as fool.
What is already getting clear as the stock markets dive, remain low,
investment advisors are becoming obsolete because of the bad
experience people are making, seeing their investments lose value.
Banks are already starting to lay off investment and other stuff.
And it won't be long before the media have to lay off stuff, inlcuding
those of the financial sections. Because, as it turns out, the consumption
of news and opinions just cost time and money.
The Guardian ran an article some time ago in which newspapers from
2009 were compared to those of 1984, 25 years ago. The article
was pretty straight forward from the beginning:
How did readers know what to think in 1984? Once you get over the
minuscule, blurred pictures and the lack of colour, the first thing that strikes
you about the newspapers of that year is the paucity of opinionated columnists.
The finger-jabbing, red-faced anger of today's commentariat, the passionate,
omniscient certainty with which they declare opinions, scarcely existed 25
years ago. Incredibly, the Sunday Times – under that most opinionated of
editors, Andrew Neil – did not then have a single serious regular weekly
The article, So much news, but so little comment, does not deal with financial
and economic reporting and opinonizing. But the same could be written about
the financial "journalism".
Life is likely to continue to be full of surprises and experiences. What is
supposed to be final word and wisdom at a given moment is usually
rendered obsolete, if not turning as outright nonsense, soon after. Either
by what is going on in the financial markets or elsewhere.
The failure of the media in financial and economic matters is to some extent
well known. The failure of the financial media is actually well known.
It should also not to be forgotten that the media, pundits and journalists,
never pay any damage for wrong and stupid investment advice for instance.
The could practically never be hold responsible for instance for their
often very patronizing advice which by coincidence turns out to be
disastrous time and again.
The media crisis is likely to take accelarate for many reasons. Newspapers
and their self made decline is also known to be of interest for (that's just an
example) short sellers.
This is pointed out here just to have a really different perspective of that