Dean Starkman of Columbia Journalism Review argues that the business media failed in providing the consumer the information needed to be warned about the current economic turmoil, particularly between 2004 and 2006.
“To the contrary, the record is clogged with feature stories about banks (‘Countrywide Writes Mortgages for the Masses,’ WSJ, 12/21/04) and Wall Street firms (‘Distinct Culture at Bear Stearns Helps It Surmount a Grim Market,’ The New York Times, 3/28/03) that covered the central players in this drama but wrote about anything but abusive lending and how it was funded. Far from warnings, the message here was: ‘All clear.’
“Finally, the press scrambled in late 2006 and especially early 2007 as the consequences of the institutionalized corruption of the financial system became apparent to one and all.
“So the idea that the press did all it could, and the public just missed it, is not just untenable. It is also untrue.”
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