This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Overall, the media "politicized the problem....rarely acknowledging their laziness and superficial coverage." When it was too late to matter, they admitted irresponsibility but only asked questions like why didn't we see this coming. They did but failed to report it. As long as the economy appeared prosperous and big profits continued, why rock the boat? Why ask tough questions when it's easier saying nothing? Why risk offending bosses and jeopardizing careers? Why practice real journalism when the fake kind is demanded and rewards for it much greater?
Warnings Ignored
According to Washington Post columnist Robert Samuelson and others, most economists as well as journalists got it wrong, or more accurately didn't try to get it right.
Law Professor Linda Beale was unsympathetic in saying professional economists helped cause the crisis, didn't see it coming, and don't know how to fix it. Too few even try because they're paid by the industry, (or related ones), that engineered the fraud, profited hugely from it, and need professionals to trumpet successes and hide scams.
As a result, dissenting voices were silenced. Denial was the order of the day, and as long an emerging crisis wasn't evident, why sound the alarm when it's much easier and safer playing along.
Yet "One didn't have to be an expert to see the warning signs (that) led to a massive market meltdown, a collapse of the subprime mortgage market, bankruptcies by the leading financial lenders, billions of dollars in losses by top banks and financial lenders, and prediction of more pain to come for millions of Americans facing foreclosures" plus more job losses than at any time since the 1930s.
But you'd never know it from the public media discourse that cheerlead the scam until it imploded. Or as former activist and academic Alex Carey might have said - corporate propaganda protected Wall Street predators from the truth.
The Bear Stearns "Bleed Out"
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
1
