Mark Gay of the Moscow News writes Friday about how financial journalism needs to be covered more widely and by more journalists.
“For a brief moment, television was staring at the beating heart of the financial system.
“Soon CNBC was back to touting shares, with one part criticism, four parts cheerleading.
“As the dot-com bubble inflated in the late 1990s, the banks grew rich on IPOs. Insiders got free shares in companies sold to a misinformed public.
“TMT was the buzzword: tech, media and telecoms. I told my Reuters editor we should avoid this salesman’s talk and choose our own language.
“I lost another argument. Within a year, many TMTs joined the 90 percent club: companies that shed nine-tenths of their stock market value.”
Read more here.
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