The debate about financial journalism's performance

Scott Jagow of National Public Radio’s “Marketplace” show writes Thursday about an appearance he made on a Charlotte, N.C., station to debate the recent performance of business journalism with Bob Garfield of “On the Media” and Patrick Scott, the business editor of the Charlotte Observer.

Jagow writes, “The press could’ve done a better job of crusading on the trouble below the surface, instead of mostly swimming in the good times of private equity and hedge funds and the Dow at 14,000.

“Part of the problem is the black-and-white approach to the economy. ‘We all get caught up in the underlying notion that up is good and down is bad,’ as Garfield says.

“Marketplace is guilty of this. When stocks are up, ‘We’re in the Money.’ When stocks are down, it’s ‘Stormy Weather.’

“While this contributes to the good/bad thinking, it’s also one of the reasons people listen to the show. Listeners think the same way – up is good, down is bad. And they want things simplified, characterized and explained. Mostly, that’s a valuable service. Sometimes, all over the media, things are too simplified.”

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