Jason Linkins of The Huffington Post was one of the journalists in attendance at the “Facing the Fracture” conference at Columbia University that discussed the media’s coverage of the economic meltdown of the past two years, and he reached his own conclusions about what happened.
“(Also, we needn’t be so esoteric here. Are the price to earnings ratios ridiculously out of whack? Are the best selling books on the subject crazy in their triumphalism? Is every single MBA student attempting to mine the same crowded field? If the answers here are ‘yes,’ then something terrible may lurk just around the corner.)
“Not every glitch leads to a larger disorder, but just about every disorder starts with one. I think the rational response to the media’s larger failure to cover the 2008 economic crisis is to commit more on-the-ground resources to those glitches. Once you are going door-to-door on that block of overpriced hovels in Washington, DC, it’s easier to disconnect from cognitive capture and the tyranny of expertise. Unfortunately, resources are very scant to support this kind of reporting, and even if they were, it’s not clear that anyone would be very interested in doing this.”
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