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.