Herera: Media blame is ridiculous

Nancy Crawley of the Grand Rapids Press in Michigan talked to CNBC anchor Sue Herera, who downplayed any media effect on the economic crisis.

Crawley writes, “The financial cable network was accused by some, including political satirist Jon Stewart, of being a Wall Street booster that failed to warn Americans they were about to lose their savings.

“She brushes off the criticism, saying the idea a network caused the global debacle is ridiculous. ‘If it was just the media, it would not have happened this way. This was a global event — Iceland went bankrupt. Europe is underwater. It was a fundamental global collapse.’

“In fact, she remembers warning network executives something bad was brewing two years ago. Part of her beat is covering the esoteric investments called derivatives, which are at the heart of the collapse. Her sources told her something was going seriously wrong.

“Co-host of Power Lunch, broadcast from noon to 2 p.m. daily, she has kept tabs on Wall Street since the 1980s. The meltdown ‘is the worst I’ve ever seen,’ she said.”

Read more here.