Credit crisis: how did we miss it?

Abstract

The public, and most journalists, were taken by surprise by the global recession because, in the years leading up to the credit crisis, a complicit media was guilty of lazy and superficial coverage. That’s the contention of American investigative journalist Danny Schechter who argues that there is an unfortunate dialectic between financial failures and media failures. He asks whether there was a relationship between advertising revenues and the quality of the journalism and whether dwindling journalistic resources account for the inadequate reporting. But he does believe a more diverse European media did a better job than their US counterparts.