Categories: OLD Media Moves

Business journalism and the economic crisis: Some good and some bad

The financial press did a an excellent job of covering the growing problems in the housing market, but didn’t do a good job of explaining what that would mean to the economy, said two prominent business journalists on Friday.

“The press did not do a good job of connecting what was going on with Main Street with what was going on on Wall Street,” said Joe Nocera, a Saturday business columnist with the New York Times. “I am embarrassed to say I didn’t know what a collateralized debt obligation was until the crisis was gaining steam. That was a mistake on my part.”

Added Jonathan Weil, a columnist for Bloomberg: “What we didn’t understand was being able to look past those rising housing prices” to see what the impact would be.

Weil and Nocera spoke at the fall Society of American Business Editors and Writers conference, which is being held at the CUNY Graduate School of Journalism in New York.

In terms of how business journalism has adjusted to the economy, Nocera noted that the Times now has a full-time reporter whose job now is to cover foreclosures.

“There are very few people in structured finance, let alone journalists, who understand structured finance,” said Weil. Earlier, he said, “Covering regulation — when was the last time you saw IRS rules and regulations get a lot of attention in the mainstream press?”

Nocera, however, thought the problems in the real estate market were covered well.

“When I think back on it, not necessarily my coverage per se, I think the press, if you look, back, did a good job of exposing the growing problem of subprime mortgages on Main Street,” he said. “Fortune did a ton of stuff on this. The Wall Street Journal did a ton on this.”

The next big financial story that business journalists should be looking at, said Weil, is credit unions. “They’re not getting covered by anybody,” he said.

He also noted that Bloomberg has hired a number of reporters to cover municipal debt across the country.

Recent Posts

PCWorld executive editor Ung dies at 58

PCWorld executive editor Gordon Mah Ung, a tireless journalist we once described as a founding father…

1 day ago

CNBC taps Sullivan as “Power Lunch” co-anchor

CNBC senior vice president Dan Colarusso sent out the following on Monday: Before this year comes to…

2 days ago

Business Insider hires Brooks as standards editor

Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm excited to share…

2 days ago

Is this the end of CoinDesk as we know it?

Former CoinDesk editorial staffer Michael McSweeney writes about the recent happenings at the cryptocurrency news site, where…

3 days ago

LinkedIn finance editor Singh departs

Manas Pratap Singh, finance editor for LinkedIn News Europe, has left for a new opportunity…

4 days ago

Washington Post announces start of third newsroom

Washington Post executive editor Matt Murray sent out the following on Friday: Dear All, Over the last…

5 days ago