Bad News : How America's Business Press Missed the Story of the Century

Leading scholars and journalists assess the media's failure to see the financial crisis coming. "A sort of All the President's Men for our time" ( Kirkus Reviews ). Where was the business press in the weeks and months leading up to the deepest financial crisis since the Great Depression? As our economy unraveled, journalists struggled to keep up with the story of the century, grappling with an alphabet soup of derivatives, backroom deals, and toxic financial instruments. But many fault the media itself for having helped to create the bubble in the first place. Did the press fail its mandate as an engine of truth by buying into the hubris and exuberance of the preceding decades? Bad News is a foundational text for navigating a controversy that will be studied for years to come. With contributions from leading journalists and academics—including Nobel Laureate Joseph Stiglitz, International Consortium of Investigative Journalists' senior editor Dean Starkman, and the New York Times' European economics correspondent Peter S. Goodman—this collection presents a complex debate in a highly accessible format for anyone from curious readers and scholars to journalists themselves. And ultimately, the questions it raises illuminate the heated debate about the media's role as guardians of our democracy. "There are three 24-hour financial networks. All their slogans are like, 'We know what's going on on Wall Street.' But then you turn it on during the crisis, and they're like, 'We don't know what's going on.' It'd be like turning on the Weather Channel in a hurricane and they're just doing this: [shuddering] 'Why am I wet?! What's happening to me? And it's so windy!'" —Jon Stewart "Thorough, hard-hitting, and admirably balanced." —James Ledbetter, editor in charge, Reuters There Are Three Twenty-four-hour Financial Networks. All Their Slogans Are Like, Ẁe Know What's Going On On Wall Street.' But Then You Turn It On During The Crisis, And They're Like, Ẁe Don't Know What's Going On.' It'd Be Like Turning On The Weather Channel In A Hurricane And They're Just Doing This: [shuddering] Ẁhy Am I Wet?! What's Happening To Me? And It's So Windy!'--jon Stewart. Bad News Is The First Book To Probe The Role Of The Business Press Before And During The Financial Crisis. When The Markets Unraveled And The U.s. Economy Began Spiraling Downward, Reporters Raced To Cover An Unfamiliar Cast Of Characters And An Alphabet Soup Of Derivatives And Toxic Financial Instruments. Ironically, The Business Of Journalism Itself Began To Cave In Simultaneously, Leaving The Mainstream Media Faced With Collapsing Ad Revenues And Decreased Circulation. As The Business Press Began To Receive Criticism From Across The Political Spectrum For The Cheerleading Coverage That Helped Create The Financial Bubble In The First Place--epitomized By Jon Stewart's Now-famous Attack On James Cramer For His Uncritical Treatment Of Bear Stearns And Other Financial Giants--the Media Was Confronted Head-on With Several Tough Questions. Did The Press Fail In Its Critical Role As It Gave In To The Irrational Exuberance That Fed The Bubble Itself? How Do We Explain These Failures? And Could They Happen Again? With Contributions From Leading Journalists And Academics At The Forefront Of This Issue--from Nobel Laureate Joseph E. Stiglitz And The Columbia Journalism Review's Dean Starkman To Huffington Post Business Editor Peter S. Goodman And Former Wall Street Journal Reporter Maureen Tkacik--bad News Helps Us Navigate A Controversy That Will Be Studied For Decades To Come And Strikes At The Heart Of The Heated Debate About The Media's Role As Guardians Of Our Democratic Society --book Jacket. The U.s. Press And The Financial Crisis / Anya Schiffrin -- The Media And The Crisis : An Information Theoretic Approach / Joseph E. Stiglitz -- Power Problem / Dean Starkman -- The Financial Press : It's Not As Bas As Its Reputation / Chris Roush -- Missing The Moment / Ryan Chittum -- The Quiet Crisis / Peter S. Goodman -- The Real Housing Crisis Of Orange County / Moe Tkacik -- The Financial Crisis And The Uk Media / Steve Schifferes -- What Would Good Reporting Look Like? / Robert H. Giles, Barry Sussman. Edited By Anya Schiffrin. Includes Bibliographical References (p. [206]-227).

Leading scholars and journalists assess the media's failure to see the financial crisis coming. "A sort of All the President's Men for our time" ( Kirkus Reviews ). Where was the business press in the weeks and months leading up to the deepest financial crisis since the Great Depression? As our economy unraveled, journalists struggled to keep up with the story of the century, grappling with an alphabet soup of derivatives, backroom deals, and toxic financial instruments. But many fault the media itself for having helped to create the bubble in the first place. Did the press fail its mandate as an engine of truth by buying into the hubris and exuberance of the preceding decades? Bad News is a foundational text for navigating a controversy that will be studied for years to come. With contributions from leading journalists and academics—including Nobel Laureate Joseph Stiglitz, International Consortium of Investigative Journalists' senior editor Dean Starkman, and the New York Times' European economics correspondent Peter S. Goodman—this collection presents a complex debate in a highly accessible format for anyone from curious readers and scholars to journalists themselves. And ultimately, the questions it raises illuminate the heated debate about the media's role as guardians of our democracy. "There are three 24-hour financial networks. All their slogans are like, 'We know what's going on on Wall Street.' But then you turn it on during the crisis, and they're like, 'We don't know what's going on.' It'd be like turning on the Weather Channel in a hurricane and they're just doing this: [shuddering] 'Why am I wet?! What's happening to me? And it's so windy!'" —Jon Stewart "Thorough, hard-hitting, and admirably balanced." —James Ledbetter, editor in charge, Reuters

The role of the business press in the current financial crisis strikes at the heart of the heated debate about the media's role as guardians of our democratic society. With contributions from leading journalists and academics at the forefront of this issue, Bad News is the first attempt to navigate through a controversy that will be studied for decades to come