"These are the best of times and the worst of times to be a financial journalist. The best, because we have a once-in-a-lifetime opportunity to report and analyse the most serious financial crisis since the Great Crash of 1929. The worst, because the newspaper and television industries are suffering, not only from the shock of a recession but also from the structural shock of the internet revolution.
Now comes a third shock. The financial media are accused of missing the global financial crisis. Asleep at the wheel. Head in the clouds. No cliché has been left unturned as reporters, commentators – yes, even editors – have been castigated for failing to warn an unsuspecting public of impending disaster. Do these charges add up? "
Y Robert Teitelman, director de The Deal le responde:
The real problem was that negative stories written in the run-up to the bubble never achieved critical mass; they never made a difference. Journalism, or the media, is an institution that believes it acts like a romantic individual — Woodward and Bernstein speaking truth to power — when it mostly behaves like a collective herd, at least in terms of what it thinks is important.
“Journalism operates in several markets: a commercial market for its product, which many journalists would like to pretend doesn’t exist, and more seductively, a marketplace of ideas that decides what makes sense and what doesn’t, what should get awards and what should not.”