Wikinvest Wire

Bad economy is media's fault?

Tuesday, November 04, 2008

An acquaintance with a thriving custom manufacturing business offered his views on the recent economic downturn the other day noting bluntly, "It's the media's fault". Given what's on the front page of the business section of USA Today on election day, there may be some truth to that argument.
IMAGEOf course, the gist of the article is that the Great Depression will never happen again, but there must be some long-term impact from readers seeing these images over and over.

Failed banks. Panicked markets. Rising unemployment. For students of history, or people of a certain age, it all has an all-too-familiar ring. Is this another Great Depression? Not yet.

By any measure, our current economic suffering pales in comparison with what the nation endured from 1929 through 1939. Still, most economists are predicting a long, difficult period ahead. Could it eventually become a depression? It's possible — but not likely.
The article is well worth reading in its entirety with lots of history from the 1930s and such, but you do have to wonder about the impact of reports like this.

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5 comments:

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Mathlete said...

The media are running their businesses into te ground, so in one sense he's right.

daveK said...

The medias "if it bleeds it leads" mentality plundered consumer confidence. They overdramatize for a living. But it takes two to tango. Even those with no correlation to wall street felt anxiety. When did people start believing everything they read/heard and stop qualifying the assertions? What happened to the idea of "thinking for yourself"?

Anonymous said...

This is big crap for stupid people. It is like somebody is telling you that you are the cause of a big rain when you tape the rain with a camera.

tech98 said...

"It's the media's fault".

Funny how we never hear the media blamed for unsustainable economic booms when they are constantly hyping consumption, debt and buying ever bigger and more expensive houses with ever bigger mortgages, because 'prices always go up'.

It's as lazy and intellectually dishonest as crediting 'free markets' when economic good times are rolling, but the same pundits are suddenly blaming 'government intervention' when the tide turns. Call it the 'Full Kudlow'.

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