Jim Impoco, a former editor of the New York Times Sunday business section, writes about how financial news has inreasing importance given the current economic crisis.
“Forget about television. Viewers tend to find business chatter more boring than a test pattern or a Charlie Rose interview. It has never delivered ratings — even CNBC considers an audience of 600,000 a pretty good day, and the network’s unaccountable loudmouth, Jim Cramer, is lucky to get a quarter of that.
“Now that the global financial system’s belly-flop has become Topic A, the mainstream media has stifled its yawns and is digging in ferociously. In this news cycle, the press has become so obsessed with Treasury Secretary Timothy F. Geithner and Edward M. Liddy, A.I.G.’s dollar-a-year C.E.O., that even Octomom and Rihanna have trouble grabbing air time and column inches.
“Suddenly, everyone has an opinion about how to retrofit financial markets for the next economic earthquake. The same talking heads who once prided themselves on their inability to balance their own checkbooks are now engaged in ‘Crossfire’-esque shouting matches over newly proposed hedge fund regulations or debt-to-capital ratios for banks. Television, predictably, is discovering that sexy extra little something that had always been missing from the financial story: lynch mobs.”
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