Network reporters have been critical of Standard & Poor’s in the aftermath of the firm’s downgrade of the U.S. credit rating, reports Julia Seymour of the Business & Media Institute, despite the fact that they counted heavily on S&P experts when covering other stories.
“Yet that criticism also revealed hypocrisy on the part of the network news media which have interviewed S&P experts for years. More than 60 percent (14 out of 23) stories critical of S&P were since April 2011 when the ratings agency downgraded their outlook for long-term U.S. debt to negative.
“But in the six years between August 2005 when the housing market was in decline and August 2011, the networks interviewed experts from S&P in 70 stories about a range of topics including housing, retail sales, the possibility of recession and other economic issues. That’s more than 3 times as many stories as were critical of the company during the six years since the housing drop.
“CBS was by far the most reliant of the three networks on S&P analysts for economic predictions and information with 53 of those interviews on their morning and evening news programs. CBS criticized S&P one-tenth that often (5 stories).”
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