OLD Media Moves

Biz journalists: We did not talk economy into a recession

October 28, 2008

A group of high-level business journalists, speaking Tuesday at the Future of Business Media conference in New York, downplayed any involvement in pushing the economy into its current crisis, reports Robert Andrews of PaidContent.org, which sponsored the event.

Andrews writes, “‘This is not a press-driven event. These guys are doing a pretty responsible job, all things considered,’ said New York TimesTalking Business columnist Joe Nocera. ‘Things have improved considerably since the days of the internet bubble, when everyone was saying ‘rah-rah-rah’ – there’s a lot less ‘rah-rah-rah’ now.

“Fox Business Network anchor Liz Claman said the blame lays with bank chiefs rather than media: ‘Those guys knew there was a problem, there were absolutely people who were voicing these concerns, (but) everybody loves a bubble until it bursts and it spews toxic waste all over the place. I said ‘it looks a lot like a bubble’, I got hate-mail, email all day and night: ‘You’re un-American, you’re crazy’.’

“The up-side of the downturn, however, has been the emergence in to the mainstream of the financial news outlets that are usually specialist players. As Financial Times US managing editor Chrystia Freeland put it: ‘It’s becoming ordinary dinner party conversation.’ But the greater attention for – and the critical importance of – of the stories they report puts more emphasis than ever on trustworthiness.”

Read more here.

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