Results 1 to 10 of 10

Thread: Reporters admit drinking the kool-aid, softballing government, wall street..

  1. #1
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Thumbs down Reporters admit drinking the kool-aid, softballing government, wall street..

    In a windowless room at the Westin Hotel in downtown Denver, leading business journalists and editors explained how the media “blew it” in covering the economic meltdown. They admitted, on one hand, to falling under the sway of free-market ideology and celebrating risk-taking financial leaders and, on the other, to missing the complex story of the rupturing system by only reporting it in parts and to almost no effect for the past decade.


    Although not planned as confession, the discussion, which kicked off the annual conference of the Society of American Business Editors and Writers (SABEW), quickly descended into an unburdening, with the panelists taking turns voicing their own explanations and excuses for the failure. Former Wall Street Journal managing editor and current ProPublica.org chief Paul Steiger moderated the impromptu journalistic penitence.

    “We drank the Kool-Aid,” said Jane Bryant Quinn, personal finance columnist for Bloomberg and Newsweek. “We believed that free markets were the best kind [of markets].” She said it had become “unfashionable” over the last three decades to write about regulation, so they didn’t.

    “We could say things were risky … but we never said ‘Where’s the Fed?’”

    University of Michigan business professor Greg Miller said that the finance beat had simply grown too complex and compartmentalized for journalists to cover well in the traditional way.

    “No one banker could walk me through securitization in 2006,” he said. “They’re all specialists.” He said bankers rely on other specialists to take up the slack. “They don’t know even know each other’s names,” he said.

    Miller suggested journalists should specialize and then work together to create more comprehensive coverage.

    But veteran TV journalist Allan Dodds Frank, who now writes for the DailyBeast.com after a career with CNN, Bloomberg and ABC News covering white collar crime, said that complex economic stories were virtually impossible to sell to his editors.

    “Fannie and Freddie were not covered on TV because there’s no visual,” he said, referring to the country’s major lenders, Fannie Mae and Freddie Mac, which made billions in the run up to the collapse by doling out increasingly high-risk loans.

    He said journalists couldn’t figure out what “Wall Street was doing” and that high-rolling CEOs and fund managers were never compelled to answer tough questions.

    “We soft-balled them because we wanted them to come on [our shows] … we let them hide the ball on us.”

    Frank pointed out that there were no representatives at the conference from CNBC — the business channel ridiculed recently for its celebratory coverage of Wall Street — and said it was no secret that “in broadcast financial journalism, corporations are sexy.” Coveted interviews with CEO celebrities had moved investigative pieces off of edit calendars.

    “The glamorization of business news [led us] to adopt a posture of reverence [toward our subjects] … We knew it was nonsense,” he said.

    Of the journalists on the panel, New York Times Business Editor Larry Ingrassia was the least bowed. He read out a list of stories The Times had run over the last decade that treated the escalating loan crisis and executive compensation, for example.

    “The regulators were asleep but we reporters were not,” he said.

    He later explained that the stories were there even if readers didn’t heed them. He explained that his writers are looking to explain problems and maintained it was unfair to judge coverage based on whether people act on the information reported.

    In the end he seemed to undermine his argument, though, agreeing that they missed an important story that would have targeted a group that could have made a difference. The laxity of federal finance regulators went unreported in The New York Times and in other publications, he admitted.

    “The [finance industry] lobbyists had more impact on the regulators than we did,” he said, pointing indirectly to the expanded influence the financial sector came to wield in Washington over the past three decades — the story many now argue is at the heart of the collapse.

    SABEW conference organizers said that, even though other journalism organizations canceled events this year, they decided to go forward despite the ongoing crisis in the newspaper industry.

    “There is a huge need for business journalists to become more knowledgeable and versatile — for the sake of readers and viewers and for their [own] personal livelihoods,” SABEW President Bernie Kohn wrote in the conference program.

    Colorado Independent » Business reporters confess news sins while U.S. economy collapsed
    pathetic. abdicating your responsibilities as journalists. no wonder people are fucking uninformed these days.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  2. #2
    Elite Member McJag's Avatar
    Join Date
    Feb 2007
    Location
    Texas
    Posts
    42,527

    Default

    They didn't just drink the kool-aid, they wallowed in it.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  3. #3
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    So, basically, the media dropped the ball with the economy the same way they did with the lead-up to the war in Iraq. And then they wonder why bloggers are gaining more credibility than the 'real' journalists.

  4. #4
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Default

    they didn't drop the ball, they didn't even pick up the ball. They left the ball on the ground where they found it.

    In fact, they didn't even order a ball to be delivered so they could pick it up.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  5. #5
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default


  6. #6
    Elite Member lurkur's Avatar
    Join Date
    Dec 2005
    Posts
    5,351

    Default

    How dare they portray themselves as victims, clearly they haven't given up lying. They hadn't drank the kool-aid, if they had, they'd be the ones destroyed.

    The media were enjoying the fame, glitz, and glamor they get for dishing out the kool-aid for American viewers to swallow. The cults are very much like pyramid schemes, the people at the top go along with it as long as they benefit, but when their crimes are discovered and people want justice, they "finally see the light" and repent their sins. And boy do they love the cameras.

    No ball was dropped. They had the ball in their hands, but instead of playing for their own team (journalistic integrity), they scored for Bu$h, corporation$, and their own egoti$m.

  7. #7
    Elite Member qwerty's Avatar
    Join Date
    Nov 2007
    Posts
    6,671

    Default

    Did it occur to anybody that the government controls the media to a certain extent (Katrina coverage anyone?) and thought that keeping a shine on free market ideology was in the best interest of the corp...er people?

  8. #8
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    Quote Originally Posted by qwerty View Post
    Did it occur to anybody that the government controls the media to a certain extent (Katrina coverage anyone?) and thought that keeping a shine on free market ideology was in the best interest of the corp...er people?
    Whatever real control the government once had over the media is gone. The corporations control the media & to extent the government. Which explains why the media didn't do their jobs when it came to Iraq or Wall Street.

  9. #9
    Elite Member
    Join Date
    May 2008
    Posts
    4,250

    Default

    Quinn gets it. This is what Jon Stewart was blasting CNBC for.

  10. #10
    Silver Member chattykathy's Avatar
    Join Date
    Feb 2009
    Posts
    477

    Default

    The journalist are supposed to get the story, period. If the corporations don't want to get bad press, then they should follow the Law.
    ""Somebody needs to talk to Alex Castellanos: he may not be doing sex right if he thinks an Obama speech is 'like sex'."~ Rush Limbaugh

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Larry Summers, Tim Geithner and Wall Street's ownership of government
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 0
    Last Post: April 6th, 2009, 01:30 PM
  2. Freak out on Wall Street
    By WhoAmI in forum U.S. Politics and Issues
    Replies: 8
    Last Post: February 7th, 2009, 08:20 PM
  3. Wall Street to GOP: Drop dead
    By Fluffy in forum U.S. Politics and Issues
    Replies: 7
    Last Post: September 27th, 2008, 12:29 PM
  4. Wall Street turns to religion
    By sluce in forum U.S. Politics and Issues
    Replies: 2
    Last Post: September 22nd, 2008, 10:26 PM
  5. Will Smith is drinking the $cientology Kool-Aid
    By greysfang in forum Latest Gossip
    Replies: 54
    Last Post: November 22nd, 2007, 02:41 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •