Scott Reeves of Minyanville writes about the fine line that financial journalists must practice their trade on while covering economic turmoil such as Wall Street banks struggling financially.
“The downside: This go-along-to-get-along attitude can lead to caution, conformity and a follow-the-pack mentality among reporters.
“News is a fast-paced business, and speed counts. The need to be first with a story can lead to mistakes — though you can never discount the possibility of run-of-the-mill incompetence. However, even top-notch reporters aren’t immune: In July, The New York Times dismissed as ‘absurd’ chatter that Barclays would buy Lehman Brothers. Well, behold: Last week, Barclays agreed to buy Lehman’s core US broker-dealer business for about $2 billion.
“But that raises another question: Does speculation, especially from a reporter, serve the reader? Does anyone have a handy distinction between informed analysis and speculation in the current market?”
Read more here.
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