77% of Americans blame the media for making the economic situation worse
It appears I'm not the only one who thinks the media is feeding the economic problems in this country; 77% of my fellow Americans feel this way according to a new poll conducted by Opinion Research Corporation :
I wonder what the economic situation would look like without the media hype?
Seventy-seven percent of Americans believe that the U.S. media is making the economic situation worse by projecting fear into people's minds [emphasis mine].
The majority of those surveyed feel that the financial press, by focusing on and embellishing negative news, is damaging consumer confidence and damping investment, making a difficult situation much worse. The poll was conducted via telephone, December 4 - 7.
The US survey of 1000 adults was conducted by Opinion Research Corporation and is statistically representative of the total U.S. population. The survey question: "Do you think the financial press is making the economic crisis worse by projecting fear into people's minds?" While the overall response indicated that 77% of Americans answered YES, here are highlights of note: Household Incomes: $25k - $35k -- 79% answered YES $35k - $50k -- 88% answered YES $50k - $75k -- 76% answered YES $75k - more -- 78% answered YES Demographics: 85% of young adults (18-24 yrs old) answered YES 77% of males and females alike answered YES 65% of blacks answered YES
I wonder what the economic situation would look like without the media hype?
posted by Helen at 3:17 PM
25 Comments:
@: "I wonder what the economic situation would look like without the media hype?"
Bad but better, probably. I think if it were Gore or Kerry in the White House, or wasn't an election year, the coverage would have been a lot more fair.
If anything, the economic situation is even more dire than what is reported in the media.
Decades of government overspending, unfunded future entitlements up the wazoo, erosion of the dollar. It all adds up to a disaster that must be dealt with some time. We are all living under an economic sword of damocles.
I predict that starting Jan. 21, the media will start reporting a massive comeback in the economy.
The real problem with the media is that they throw gasoline on whatever fire is aready burning. In 2007, you had to look long and hard to find an article or a video segment suggesting that house prices might not grow at 10% per year, forever.
This herd-following and hype-oriented media behavior creates a positive feedback loop (vicious circle) which greatly amplifies the effect of any preexisting instabilities.
Unfortunately now the press knows how strong they are and they will continue until they chew off their own leg (as we know they will) while they think they are mesmerizing the rest of us.
I think Pravda would work better. At least we would be totally aware of their agenda.
The US survey of 1000 adults was conducted by Opinion Research Corporation and is statistically representative of the total U.S. population. The survey question: "Do you think the financial press is making the economic crisis worse by projecting fear into people's minds?" While the overall response indicated that 77% of Americans answered YES, here are highlights of note: Household Incomes: $25k - $35k -- 79% answered YES $35k - $50k -- 88% answered YES $50k - $75k -- 76% answered YES $75k - more -- 78% answered YES Demographics: 85% of young adults (18-24 yrs old) answered YES 77% of males and females alike answered YES 65% of blacks answered YES
Funny how "financial press" turned into "the media". Even funnier is the fact that I don't know of any "financial press" that could honestly be labeled liberal.
Wait, let me guess. That dastardly New York Times is a member of the "financial press" too.
BWAHAHAHAHAHAHAHAHA
sgwhiteinfla,
What exactly is your criticism of Dr. Helen's position?
Even though it says "financial press", no doubt most people interpreted it as "media" as a whole(or maybe just Newspapers). Most people, especially people who earn less then 75K a year, don't read papers like "The Wall Street Journal". Granted, it's an inherently bad question as it doesn't define what "financial press" is and I have no doubt that the people in this survey don't have a clear definition that "financial press" means "The Wall Street Journal" ect.
Certainly media attention is a factor, but in our area where the manufacturing dinosaurus are still king, the steady stream of press releases involving company layoffs and closures have made the country's situation resonate strongly with the locals.
sgwhiteinfla who do you know in the financial press?
When I'd worked in finance, a common complaint was that the reporters who wrote on finance topics had no relevant experience in either finance or economics. They just seemed to rearrange the words we used to fill-in statements that they chose to make about financial matters. I can't say that they were either Liberal or Conservative; they were just stupid.
Actually most reporters are stupid. If you read reporting on any area that you have expertise in, you'll recognize that almost all of it is grossly inaccurate.
Reporters seem to be people who aren't intelligent enough to recognize what it is that they don't know. So they feel perfectly competent to write authoritatively on a variety of subjects in which they have no substantial knowledge.
Not surprisingly the themes of their 'stories' tend to hew to a few common types. Similarly if I were to ask a child for their analysis of the Battle of Trafalgar, after asking me what that was, they'd perhaps frame the event as a sort of fairytale incorporating a stern Lord Nelson and the hapless Spaniards and French who the mean old British sank in the ocean. But children can be forgiven for their ignorance, they're not trying to sell you their objectivity and expertise.
The media is what the media is, incompetent. It's full of parrots, not reporters, capable of only repeating what they've heard or reading what someone else has written for them. Independent thought is out of the question.
That said, most people are stupid and will believe anything. So there's a lot to the notion that negative press or bad reporting makes any situation appear worse than it actually is.
Question: If 77% of people believe the financial press is making the economic crisis seem worse than it really is, then why pay any attention to the financial press? Why not just ignore it and go on about your business?
As to the economic crisis, it is serious. There is a big difference between a recession brought about by a normal business downturn and one brought about by a financial meltdown. The latter is much more severe and lasts much longer.
When I'd worked in finance, a common complaint was that the reporters who wrote on finance topics had no relevant experience in either finance or economics.
I have a friend who works for Morningstar as an analyst. She writes part of some of those bear/bull analyses of stocks that so many people foolishly depend upon. Her degree is in...journalism.
Count me in that 77%. The media is always looking for a train wreck to shout about plus they wanted the economy to look bad to help the Democrats win the elections.
Some idiots/trolls (sgwhiteinfla) don't realize the every newspaper has a financial section (including the NYT), every TV and radio news includes financials. And, sometimes the financial news becomes the top story.
I predict that starting Jan. 21, the media will start reporting a massive comeback in the economy.
I predict that your prediction will be correct.
Reporters seem to be people who aren't intelligent enough to recognize what it is that they don't know. So they feel perfectly competent to write authoritatively on a variety of subjects in which they have no substantial knowledge.
When choosing a major, my academic adviser warned me against pursuing a journalism degree on just those grounds. If I truly intended to pursue a journalism career, she suggested that I first go to school to learn something about the field of journalism that I wanted to enter so that I might then have an informed opinion about the issue that I wanted to talk about and then go back to school to learn some of the finer points of journalism. It appears to me, as it obviously probably did, does, or at least should, to you, that many journalists went in the opposite direction; learning the finer points of journalism and applying those techniques to their work in a given area though they knew little to nothing about the field that they were writing about.
Dr. Helen asks: "I wonder what the economic situation would look like without the media hype?"
It would be worse than what it is. People, and government, have been spending future dollars rather than current dollars. It's insane the irresponsibility of people to owe an average of $8,000 in credit card debt.
If indeed the press is adding to the problem of the economy, and I say the effect is minor, then they're cutting their own throats as circulation will indeed be down during this time as is evidenced by decline of daily circulation, selling of assets and even the murmurings of their own bailout.
DADvocate, financial press =/= media. The financial press, as typically defined, would include Forbes, The Wall Street Journal, Financial Times.
And in reading the original news blurb this little gem, "Although statements by the media are protected by the First Amendment, the survey results demonstrate that the public believes that the press bears some responsibility for the lack of confidence in the economy. One would hope that the media would act less out of self-interest in these times of national crisis," said Mr. Scheff, vice chairman and partner with Philadelphia-based law firm Montgomery McCracken Walker & Rhoads.
The press should report the facts. There's no contention of that. There should have been massive censures and firings for the biased reporting during this last election cycle. But to allude that the press bears some national duty to prop up a falsely inflated economy is about what I'd expect from a group of lawyers that have the gleaning of the possibility of a future lawsuit.
While not a fan of Reagan, I'll say he was right about "Trust, but verify".
You wonder what the economy would look like without the media hype?
Can you stick around until January 21? I predict that the headlines will be trumpeting the 'fact' that we suddenly have the best economy in the history of the world thanks to the media's lord and savior - Barack 'Jesus II' Obama.
I’d always been told the best reporters/writers were not J-school types but history, poly-sci and English majors. The broad liberal arts core is just as (if not more) important for perspective as is the finer points of J-school writing skills.
Disclaimer: I attended J-school, but studied advertising. (Don’t hate me.)
The press should report the facts. There's no contention of that. There should have been massive censures and firings for the biased reporting during this last election cycle.
Why would you expect the press to present an unbiased view of the facts? They (by which I mean the people who investigate, authorize (by which I mean authorize the reporting of the discovered facts), write, and report the news) face incentives to distort the facts just like any other person does. The major media outlets are almost all owned by some large corporation with deep ties to many other interests (including governments). Not only do they have the incentive to skip over some news in favor of other "more exciting" news so that they can attract and keep more viewers (an incentive created by the fact that they rely on advertising revenues), they also have the incentive to skip over some news so as to A) not bring attention to the misdeeds powerful people who give them both information and support (like Hillary Clinton's shady support of a New York developer's efforts to get huge government contracts which, amazingly (and, according to her and his spokespeople, benevolently) happened soon after that same developer gave plenty of money to her husband's foundation (http://www.nytimes.com/2009/01/04/washington/04clinton.html?_r=2&scp=2&sq=hillary%20clinton&st=cse) (something that I'm sure couldn't have been discovered before her nomination and approval for Sec. of State)) and B) not damage their parent company's business interests (like GE's large government contracts).
The media isn't just a problem on the downside, it was a problem on the upside as well. Without the media pushing the bubble there wouldn't be this problem in the first place. But because the media filters everything according to what the elites want us to know, the populace never gets the news until it is too late.
The media spent years bashing away and manipulating stats to create absurdly pessimistic headers. However, those days are behind us, the economy is just that bad. The first quarter bears watching, the credit freeze is unlocking, with some sizable corporate issues coming to market. If that is a head fake, if the capital and liquid disappear, no stimulus will turn this one around.
The Market seems to run on superstition as much as on money. A butterfly flaps its wings in China, the industrial average drops a point because some idiot out there thinks flapping butterflies are a bad omen.
So yeah, the more bad news the media report, the worse the situation can get.
Can't recall the last time this happened, and I cannot blame the media:
A German sovereign bond auction failed on Wednesday as investors shunned one of the world’s most liquid and safe assets in a warning for governments seeking to raise record amounts of debt to stimulate slowing economies. The fate of the first eurozone bond auction of 2009 signals trouble for plans by governments globally to issue a total estimated $3,000bn in debt this year, three times more than in 2008. The 10-year bonds failed to attract enough bids to reach the €6bn the German government wanted. Bids of €5.24bn, a cover of only 87%, amounted to the second worst auction on record in terms of demand.
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