OLD Media Moves

Business journalism and its influence on the markets

November 17, 2008

Kerry Smith of the Illinois Business Journal writes Monday about how business journalism influences what happens in the markets on a daily basis.

Smith writes, “While other factors were at play during that same time — such as recent passage of Congress’ $700 billion bailout and a dour speech Oct. 7 by Fed Chairman Ben Bernanke — veteran journalists such as Bloomberg News editor Steve Geimann say perception is everything.

“‘Events such as Jim Cramer’s appearances on the Today Show must have an effect on the markets,’ said Geimann. ‘In an interconnected society, when you’re reading the paper, listening to the radio, watching TV and surfing the Web, an issue as personal as your own money is already on your mind. As you’re already aware of the uncertainty of the situation, you turn to the media to get information. And when you have opinion givers, either touting stocks or fueling fears, it decidedly does have an effect.’

“A former broadcaster and former chairman of the Society of Professional Journalists’ ethics committee, Geimann now edits content for Bloomberg News. The online financial news wire boasts 2,000 contributing journalists from around the world, uploading more than a thousand breaking news stories daily. He says it’s incumbent upon news gatherers and presenters, now more than ever, to be as ‘transparent’ as they can be in providing accurate information to the public.”

Read more here

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