Livingston

Oct
13
2008

Media Responsibility in a Time of Crisis

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The media’s sensational coverage of the current financial crisis has exacerbated the situation, creating widespread public fear. As mentioned on Friday’s post about the recession’s impact on our sector, no better story typifies this than CNN’s outlandish interpretation of a poll as depicted in this story, “Poll: 60% say depression ‘likely.’” Capitalizing even further, CNN ran an associated video this weekend about safe jobs in their forecasted nuclear winter.

But as the Washington Post reported on Saturday, the sensational headlines were widespread last week. The word crisis was mentioned in headlines 92 times. Fear was used 21 times, and meltdown 15 times. The Post went so far as to question what doomsday words like Bubble and Crash actually mean.

As the Inquisitr points out, while the media may be calling for the end of the world, this is not 1929. No one is jumping out windows. It was great to see the Washington Post take a step back and question the media’s coverage.

Frankly, this will be a serious correction. But the world will not end. After Wall Street stops its self-flagellation, there will be repercussions, much of which is unclear. If the media was doing a better job reporting this story, the facts would be easier to grasp.

No one really trusts the media anymore, and last week’s hysterics were just another reason not to believe. Rather than running side by side with Wall Street in a panic stricken freak out, the media should act more professionally. Fear-mongering does not represent a professional effort… Unless you write horror movie scripts!

As we move into the layoff phase of the downturn, the media owes it to the public to do more than pour gasoline on everyone’s fears. It’s time for journalists to be responsible and get back to checking facts, and educate the public about the actual economics of the financial crisis and resulting job market. Maybe then the public can intelligently approach the new market conditions, as opposed to simply reacting.

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by Geoff Livingston | Geoff, Internet Marketing, PR |

10 Responses to “Media Responsibility in a Time of Crisis”

  • Justin Thorp Says:

    October 13th, 2008 at 8:25 am

    I agree with you. One of my co-workers said that the best thing that you can do is rip off the front dozen pages of the Washington Post and read the rest. (Yes, I read the paper edition) I’m starting to believe that’s a brilliant tip.

    I was in Indianapolis last week for my sisters wedding. Twice I when out on the town, I was harassed by sales people who wanted to give me credit that I didn’t need. Yesterday, I just got an letter from my credit card company letting me know that they’re raising my credit limit. Plus, I just got a plane ticket to LA for $279.

    Maybe, I’m just unbelievably out of touch, which I’m sure some people would say that I am, but I just don’t see the economic down turn.

    Granted there is still hardship but it seems like there has always been and it’s not anymore now then before.

    It seems like you read more about Web startups that are laying off employees. This seems more to be that execs are all of a sudden realizing that they have to be financially responsible and the 12 employees that aren’t getting the job the done… they need to lay off.

    Maybe as a nation, this decline is great because it’s bringing America back to a certain level of reality but as you said it… it’s not good to talk about all of this in the crazy doomsday language.

  • Geoff Livingston Says:

    October 13th, 2008 at 9:08 am

    I agree, Justin. This correction is needed. We’ve gotten soft as a culture. Even more important, is that we can’t continue to mortgage our future. Fiscal prudence demands having cash on hand.

    Worse, the media fuels the mortgage scenario by putting tons of pressure on the government to “bail us out.” The best thing possible would be for the government to stop, and not engage the financial community with influxes of dollars. Instead, let the chips fall where they will. These banks are Businesses. They will start trading money eventually because they have to…

  • David Mullen Says:

    October 13th, 2008 at 11:07 am

    This has been one of my biggest frustrations about media coverage for a long time now. For example, as Hurricane Ike rolled toward Texas last month, every local TV news station in N.C. began reporting that NC would probably have a gas shortage and that people should get gas. It was the lead story on every newscast and, on many stations, it was the focus of the coverage they shared for the first 7-10 minutes of the newscast.

    On my way home from work that day, there weren’t any abnormal lines at gas stations. After the evening news that night, you couldn’t drive down the street because cars were so backed up trying to get to every gas station. And, within a few days, many stations had run out of gas. Now, was that caused because we had a shortage of gas due to Ike or because of sensationalized journalism that would cause people to pay attention and tune in? At the least, it was both.

    Just tune into your local TV news during “sweeps” months and you’ll see what too many of them focus on at the heart of their coverage - scare tactics that raise ratings and circulation, which lets media outlets raise advertising rates and increase their revenues.

    After all, the saying “if it bleeds, it leads” didn’t come out of nowhere…

  • Geoff Livingston Says:

    October 13th, 2008 at 11:15 am

    Thanks, David. Speaking of bleeding leads, here is a BBC story on all of the global news outlets and their coverage of the financial crisis:

    http://news.bbc.co.uk/2/hi/business/7666671.stm

  • David Mullen Says:

    October 13th, 2008 at 11:28 am

    wow…

  • Craig Says:

    October 13th, 2008 at 11:42 am

    I agree Geoff, the media needs to be more responsible with easing our fears, instead of heightening them. Of course we all know that won’t happen, because “crisis” means ratings and increased viewings of their newscasts. They will milk the story as long as they can, and naturally negative stories receive more attention than positive ones. They should be more socially responsible as people are feeling the pains of the times, and others are always going to skeptical. But regardless of what’s going on, even if it was the end of the world, the networks would be dueling it out till the end.

    Craig
    http://www.budgetpulse.com

  • Frank Fortin Says:

    October 13th, 2008 at 11:56 am

    I used to be in the media. Crises got my blood flowing. I loved covering misery, danger and change. I was immune to criticism, and considered media critics to be cretins. That was 15 years ago, but the culture hasn’t changed. One other thing has changed, though - the public isn’t swallowing it. Mainstream media’s problems are partly due to all the new distribution channels. But if the media didn’t treat its audience with contempt, they wouldn’t be fighting for their audiences and for their lives as they are today.
    Paul Krugman’s Nobel price today, by the way, is a travesty. He left economics behind the day he became a shrill partisan.

  • Geoff Livingston Says:

    October 13th, 2008 at 2:37 pm

    Frank:

    Thanks for the insights, which are very much enlightening. Sigh. Oh well. Well, onto the next media driven crisis ;)

    GL

  • Justin Thorp Says:

    October 13th, 2008 at 4:02 pm

    Well, if we’re throwing around blame, I don’t think that the media should be the only kids in line. What about the politicians?

    Politicians get themselves re-elected by playing up problems and that the world wouldn’t be the same unless they’re elected into office. If there is nothing wrong, then how will they be able to come back to their constituents and say “Look at me. I fixed this problem. Re-elect me and I’ll fix more of your problems” ?

    Here’s some examples. Republicans want you to believe that the world is on the brink of being taken over by terrorists and unless you vote for them it will happen. Democrats want you to believe that if you don’t vote for them that every middle class American will be standing in a bread lines. Al Gore wants you to believe that if you don’t give him money then the world will be one big kiddy pool.

    In the presidential election, we have candidates who preach that they’re here to bring hope back to Washington and to the country (if not the world). Well, if a politician is going to give us hope, doesn’t that mean that we’re hopeless? As I sit in this coffee house on Capitol Hill, some people may be slightly bummed about the speed of our internet connection but folks are far from hopeless.

    I guess I just don’t buy the gross political rhetoric that we here today. I can’t listen to one more politician bloviate about how the sun won’t come up again without them in power. I just don’t buy it.

    Plus doesn’t politicians overblowing the role that they can play in solving problems cause us to have an messed of notion of the roll that government can play in our lives. People put to much money on their credit cards… well, let’s make a law about how credit card companies have to post information about the cards more clearly. Kids become more violent in schools… well let’s make a law about the use of violent video games.

    I say… if you can’t pay off your credit card bill, don’t use it! Only use your credit card, when you know you have the capital to pay it off. Parents, play a more active roll in the media consumption of your kids and take a way the violent video games.

    Government may be able to work towards behavior modification but does that really solve the core of the problem. Government can not change my heart. It can’t change my values which some how got out of whack which caused me to get into the stupid situation in the first place.

    Sorry for the rant… I know I know long comments on blog posts are a tragedy and the federal government should make a law against them.

  • Brett Tilford Says:

    October 13th, 2008 at 5:19 pm

    Oh man this was an awesome post and follow up conversation. I live in North Texas and when hurricane Ike came through you would have thought Dallas was 3 miles, instead of 300 miles, from the coast. The news caster’s were FREAKING out and a handful of my friends literally asked me “So are you scared?” I’m like, “Of what?” and they reply “The hurricane!” I say “We live in Dallas!” They say “Haven’t you been watching the news?” I close with “Nope and I won’t be. This is ridiculous.”

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