Rich Karlgaard, the publisher of Forbes magazine, writes in the latest issue that business media incompetence and fear is one of the reasons behind all of the talk about the grim outlook on the economy.
“Now, if one possesses all of these talents, what are the chances one goes into the low-paying field of journalism? Not great. One instead becomes a Wall Street analyst, a Booz Allen consultant or just goes into business, perhaps to raise money and start a company. Low-paying journalism can’t compete for pick of the litter. (Unless it’s Forbes, where journalists flock to a higher moral purpose!)
“The thin talent pool in business journalism combines with two other forces: Journalism is populated by left-of-center people, many of whom are hostile to business; and traditional journalism itself faces threats of disruption from the Internet, leaving business journalists in a fearful mood, which gets projected into their stories.”
Read more here.
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So why isn't Rick working on Wall Street or running his own business instead of heading a magazine of failed sports writers?
Perhaps because he appears to have the leadership skills of a chipmunk? Way to rally the troops, pal.
Hope the writers and editors at Forbes are questioning their leader about why would slam business journalists, which, despite Rick's protests to the contrary, does include the folks who work for him.
Rich Karlgaard, who wrote the excellent "Life 2.0" as well as this gig at Forbes, might be in a good position to suggest solutions. A third of the job postings on Poynter's front page teaser to its employment site are biz journalism related. At my most recent paper, I worked with an excellent intern thru the Dow Jones program who said that none of the other interns in her summer group professed interest in biz. They simply wanted internships. If the Dow Jones cohort, at least the one she was a part of, aren't especially interested in biz then I am not sure what to think. I think journalism overall has lots of people who could have - maybe should have - done other things. Back in the day, my parents lobbied hard for law school, not the sports desk. In any event, the enticements of Wall St. did little to catch my interest and I am happy to have both feet planted firmly in the world of business journalism. If Karlgaard find the talent pool thin, he's welcome to look me up.