Media Bias and the Economy...Are You Buying It?

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Comment by Lindsay Manfredi on December 23, 2008 at 9:02am

For Henry:
I do apologize and completely respect the field of journalism. I certainly don't group ALL media together.
Media plays a very important role in our lives everyday. So, no, not everyone in media is big and bad. I do feel that some media sources take things to the extreme. Anyway, the whole point of my blog was not to crucify the media nor point the figure that it's all their fault. I wanted to know how business was doing for you. I wanted to know if the BIG media attitude toward the recession was causing you to look at business differently, if it was affecting your business....just to see where people were as far as attitude.

Comment by Steve Stuck on December 23, 2008 at 12:22am

I study economics all the time and the media is very lax in their writings of economic situations. One example is healthcare and the "skyrocketing" costs of insurance and care. The usual mantra is that greed by providers is the reason why people pay so much. Media usually doesn't turn to the other side of economics and look at government creating false demand through programs like medicare and medicaid. These programs themselves take monies through tax revenues and injects it into the healthcare industry. The money has to be spent no matter what, so the healhcare industry takes on the money and creates a false supply and demand. The situation then causes prices to be more inflated. There are more examples of this situation I could bring up, but just one example.

Could our attitudes toward the economy shape the outcome?
Yes, only if we ask the right questions. Just reading the news and taking it for the absolute truth anymore is not in ones best interest.

Comment by Mark Howard on December 22, 2008 at 11:05pm

Sorry about that Henry, I was just referring to ABC, NBC, CBS, CNN and all their affiliates

Comment by Henry Howard on December 22, 2008 at 10:23pm

As a journalist, I cringe each time I run across one of these items blaming the media. That's a pretty wide swath you may be brushing. All media? If you bought a lemon of a car, would it be fair to criticize all automakers because one company that failed to meet your expectations?

Same thing goes for The Big Bad Media. At the newspapers I've worked for, we've strived to not only report the news but provide context. For example, when the monthly jobless reports are released, we provide context as to what the rates were the month and/or year before in our county (and state) and others.

Does the media you are tuning in to do this? If not, you are right to criticize their lack of objectivity, balance, and more. I would respectfully request that you not group all of us together.

Comment by Laura M. Rodebaugh on December 22, 2008 at 10:12pm

Hi Lindsay,
Good to meet you and thanks for your kind words about my new adventures in blogging. I will definitely support you as well. :)
Regarding this particular post, I absolutely agree! There's no question that this is a tough time for our economy, but we will get through it. Our country has pulled through many bad times and recessions before. Like you indicated, there certainly are businesses (and people) that unfortunately just had too much debt and consequently they are struggling now. However, people tend to overlook the fact that there are a lot of profitable, sound businesses still plugging along. The stronger and healthier businesses are the ones that will lead the way into the future. The media sensationalizes just about everything, because that's what gets the ratings. I fight the media's persuasive powers everyday in my business (I am a financial planner), as I try to encourage people that we'll get through this. Like you, I think that the media is only contributing to the fear and panic, when it may not always be warranted. In addition, I've heard people say that "this time is different" and we won't get through this. I would tend to disagree; I would point to the many different crises throughout history as proof that the economic cycle is composed of ups and downs, some more drastic than others, but we always move forward and come out of the lows. Neither the lows nor the highs will last forever. Also, the "this time is different" mentality is often fueled by the ease of information availability. Fifteen or twenty years ago we didn't have the internet. It's so easy to get online and have a wide array of news at your fingertips within seconds. When you are deluged with constant information everyday, of course it feels more negative since the media sources are usually so negative themselves.
I will not deny the fact that this is a tough time and that some businesses and people are struggling. However, I will also support the argument that the media is overly negative and that we will get through this.

Comment by Mark Howard on December 22, 2008 at 4:59pm

The media is horrible in its exageration of everything. It throws in comments about the bad economy in just about every story, from cute puppies to the weather. There is no recession for people who still have the job they want, so at least 90% of the population is fine. When anything is going fine you don't hear about it, when something is going poorly it get jammed down our throats constantly, and certainly leads to even worse outcomes.

Comment by Greg Hiatt on December 22, 2008 at 3:52pm

Lindsay, no doubt that there is always a real danger of creating a Pygmalion Effect or self-fulfilling prophecy. Our beliefs shape our actions. The fear of losing money in the market (as projected on the nightly news) causes many to go and pull their money out of their accounts. When that happens, the fears are realized. If we could project possibilities rather than fear, I believe we would create an entirely different future.

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