For reporting that is an embarrassment to the profession
of journalism, and for being beholden to corporate paymasters rather than
the citizens of America.
The financial collapse that encompassed Wall Street and extended worldwide
was one of the major stories of the year. Good thing we have a business media
niche that covers these trends to give us clear and concise insight into
this often mysterious world.
What, you mean the business media didn't cover the events leading to the
worldwide collapse?
The collapse had multiple parts over a period of time. The perspective at
any point never showed up. It's truly bad enough that the business media
totally fell down on the events leading up to the worldwide collapse, but
we still don't have a good explanation for what is going on now.
There are plenty of opportunities to convey such information. CNBC and Fox
Business are cable channels devoted to covering the business world. And even
the failing newspapers still have business sections.
There is an old adage about
having a business section in the newspaper but not a labor section. But in exchange for having that business section, that
business coverage, shouldn't we know what is happening in the business community.
Instead, we get devotees to every syllable coming from the top business
people with no serious follow-up or analysis of the business world around
them. There is no significant criticism of anything Wall Street ever does.
From Enron to Iceland to Bernie Madoff, each story is one big surprise after
another. They present big stories as if they come out of nowhere when in
fact there were elements building up to the sharp climax.
And for the most part, there haven't be too many questions on why the business
media didn't see this coming or didn't choose to tell us, the consumers of
information. One exception was the IFC
Media Project TV show on the Independent
Film Channel.
But the major criticism is that they do have some idea of what was coming
and what was going on, but kept feeding us commentators and interviews telling
us things were in good shape -- when they weren't.
They are more worried about losing access to top business people, of losing
the opportunity to kiss up to these top business people, and heartily endorse
whatever the business people tell them.
For the ongoing neglect to inform us on the worst financial crisis in 70
years, we heartily award the business media as a whole the Media PUTZ of
the Week.
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