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

Author: Anya Schiffrin
Publisher: New York : New Press, ©2011.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"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.
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Details

Document Type: Book
All Authors / Contributors: Anya Schiffrin
ISBN: 9781595585493 1595585494
OCLC Number: 505420586
Description: x, 227 pages ; 22 cm
Contents: 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.
Responsibility: edited by Anya Schiffrin.

Abstract:

"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.

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