Categories: OLD Media Moves

Where was the biz media in uncovering Wall Street's problems?

Hal Boedeker of the Orlando Sentinel watched on Sunday CNN’s “Reliable Sources,” which discussed the media’s coverage of the Wall Street crisis.

Boedeker writes, “The Wall Street crisis hasn’t just shaken the country; it has revealed that a lot of our press coverage is bankrupt, too.

“What has happened? A cogent explanation came on CNN’s ‘Reliable Sources’ Sunday morning from Steve Pearlstein of Time magazine.

“‘The business press tends to get in with the people that they cover,’ Pearlstein said. ‘They get in the bubble that is Wall Street just like political reporters get in the bubble that is the White House or the traveling press of the campaign. And they get in the bubble and they don’t see the obvious things.’

“Will the Wall Street story push the press to do better and deliver serious, informative coverage in coming weeks? A worried public seems to want answers and news rather than just the speculation and theater that pass for a lot of coverage these days. CNN and CNBC have certainly stepped up their efforts to educate the public on business.”

Read more here. Pearlstein is the Pulitzer Prize-winning business columnist of the Washington Post, not Time.

View Comments

  • Gee, Good questions. Maybe SABEW ought to question those business writers who ridiculed Patrick Byrne near daily for what now appears to be an accurate assessment of where we stand today.

    Byrne predicted this financial collapse and teh SABEW members failed to properly investigate his allegations; instead hanging tight with who else, the short sellers.

    Now come on Chris, why not provide a little coverage on Byrne outreporting the business writers? Why not force SABEW to look deeply within itself to understand what went wrong and why? Failing is sometimes the best lesson but only if you are willing to learn from your mistakes.

    http://www.deepcapture.com

    (I am sure this will not be posted since it is critical of SABEW but at least my message will get through)

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