Can the media harm the economy?

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Consider this/KPK

Clearly, reporting in the media tends to amplify consumer and
business psychology. Much of media, especially in my opinion cable
news, has devolved into drama commentary rather than factual,
impassioned reporting.

Those who develop and deliver the "news" are chosen less for
journalistic brilliance and competency, than their delivery. Look at
what CNN did for instance in bringing in Anderson Cooper and
moving out long time reporters whom he replaced.

Which leads to the real issue - competency. The financial meltdown,
like many news issues today, is very complex. The causes and effects
do not lend themselves to 15 second sound bites or 500 words or
less. They are often highly nuanced and draw from understandings of
arcane sciences - social and physical. We all probably know more
about banking and global warming than we ever imagined we would.

Perceived success in media today is based on brevity in delivery and
production, not well researched, fully developed analysis of years past.
Few traditional media companies reward, nor have the finances to
incentivize thorough, thoughtful journalism. Look no farther again,
then the fact that CNN is running Lou Dobbs and Nancy Grace side by
side in their prime news hour.

So yes, the media is part of - not the cause of - the problem. What if
media had more fully reported the securitization of mortgages as it
was happening? Or what if media in technology had been more critical
of some of the funding and business models taking place in tech back
in dot com and subsequently? Iraq War? Other?

Today, media is not responsible for events - but it does by today's
measures - greatly amplify the emotion and psychological swings.
And that tends to make getting into negative and positive positions
easier, and getting out harder. Media creates contagion in its audience
based on the emotion that is often the currency of its success/failure.

Posted by: kpkobza   Posted on: 02/06/09 You are currently: a Guest | Members login | Terms of Use

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