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August 15, 2011

Why Does The Media Minimize The Crisis?

Why Does The Media Minimize The Crisis?

It’s easy to understand why politicians misleadingly claim the financial crisis is over (golly, it’s even making money for the government according to the most misleading & indefensible pronouncements). 

Democrats want to claim they solved the problem and happy days are here again (so elect or re-elect us) and Republicans want to claim there’s no need for any financial regulation and Democrats are to blame for all things (so elect or re-elect us).  And both parties want to claim the crisis is behind us so they can lighten up on regulating Wall Street and their allies whose reckless actions caused the crisis so they can get campaign cash from those super-rich who just happened to become super-rich largely due to their reckless conduct: New York financial firms paid $20.8 billion in bonuses in early 2011 (when there were about 25 million Americans un-or under employed)

But, why would the media so frequently understate or minimize the crisis? 

They do it all the time and the front page of today’s the Washington Post is a perfect example:  “Barely two years after the financial crisis ended, Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke were back at it about a week ago. They were working the weekend phones with their counterparts in Europe, urging them to use overwhelming force to contain the continent’s spreading debt crisis, which was unnerving markets on both sides of the Atlantic.”  

The financial crisis “ended” two years ago?  Gee, where did the ongoing sovereign debt crisis in Europe come from?  Where did the ongoing unemployment crisis and economic calamity in the US come from?  Where did the debt, deficit and debt ceiling crisis in the US come from?

I could go on, but it’s all directly attributable to the Wall Street meltdown, financial crisis and worldwide economic collapse that began in 2007, hit a crescendo in 2008, but continues today and its outcome is far from clear.  Many like to claim they saved the world from a Second Great Depression.  The truth is, they may be right or they may be wrong.  It’s too soon to tell at this point.

Is it too much to ask for the media to get something so important and relatively easy to understand right? 



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