Media Coverage of the Global Economic Crisis How did stack up?

How effective was their coverage throughout the last two years?
Were their reports clear/helpful for the average citizen? Were their reports up-to-date?
-Effective overall -The Cable News Network gave information from reliable sources and was accurate in what they reported -But only after the situation had been rectified -News coverage presented facts, relayed valuable information, synthesized facts, and made it real for the country -CNN struggled during the crisis itself to provide effective coverage

Examples
 Zakaria called it a ‘Perfect Storm’ in the economy - July 2008  ‘Toxic debt’ rescue plan - September 2008  "Sobering Moment" - September 2008  "Bankruptcy, not bailout" - September 2008  "Recession Official Since December 2007" - December 2008  "Worst Recession Since Great Depression" - March 2009  "Economic Survivors" - April 2009  Financial News Crisis Newscenter

Were they on the ball during the early stages of the housing  First mention of financial crisis bubble?
 Segments on foreclosures of homes that were given

mortgages for more than they were worth.  Proposed legislation to save homeowners from foreclosure  Advice on how to handle a foreclosure
 Glen Beck  Warnings of problems to come based on increasing

unemployment, increased credit spending, increased inflations, and declining stocks.
 Foreshadowing Financial Stories  People can buy better credit scores in order to receive

loans

So, were they on the ball?
-Nothing about subprime mortgages, or about big banks making risky business deals -Only stories about the already declining economy and how it has begun to affect the national and world economy -It is no wonder the bailouts came as such a surprise when months before the first failure happened, CNN had never mentioned a problem with the mortgage systems.

In what ways could it be Could have brought in economic professionals and financial better?
clearly

analysts to comment and explain the economic & mortgage crisis (essentially no insider information)
 Could have organized/presented issues, terms, and updates more

 Could have given more information about the major banks that

went under/took the hardest hit (Lehman Brothers, Bear Stearns, AIG, etc)
 Could have put a lot more emphasis on the crisis overall and made

it the central story EVERYDAY
 Needs as much coverage as a war/natural disaster (if not more) since

it effects so many people

How would you describe their approach to financial and economics reporting?
*Before the Financial Crisis Struck human interest focus and - More
relatable stories - More cogent information - Projections into the future – what happens next? - “What to do now” and “how to” - Unafraid to criticize - Advice on how to "cut cash" - Foreshadowing a mortgage crisis

How would you describe their approach to financial and economics reporting?
*During the Financial Crisis
- Scramble to get all the facts - No rhyme or reason to any one article - Distracting quotes that take away from importance of topic - “I wouldn’t put my money on it” quote from Greenspan in the face of declining oil prices potentially averting a recession - No reliance on financial pundits and analysts - No information on how the crisis effects the individual - No projections into the future – lack of reporting on what to expect - No criticism in the face of financial institutions - Did not adequately inform the public about the

Savior of The Blog
 MoneyHelps is the only outlet

during the crisis that provided “solutions to your financial nightmares”
 Answering questions  Most helpful and useful

information

How are they approaching the ongoing coverage of the crisis and the economy in general?

"How a 'perfect storm' led to the economic crisis" - January 2009

Similar to the “Global Pool of Money” broadcast stimulated the Financial Crisis

 Comprehensive, understandable explanation of the events and actions that  Good general overview

 ‘CNN MONEY SUMMIT: MONEY AND MAIN STREET’ – September 2009
 Financial experts and economists

 Consistent updates  Regularly donate part of their news coverage to the Financial Crisis  Keep the public up-to-date and inform them of what actions may be taken

in the future

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