According to the Times, reporters are toning down the rhetoric in the midst of these scary economic conditions. As they’ve witnessed the very powerful effect of misperceptions on the market, reporters are trying to restrain themselves.
NYT: So in most of the news, stocks have “slid” and markets “gyrated” but not “crashed.” Companies have “tottered” and “struggled” rather than moved toward failure and bankruptcy.
“We’re very careful not to throw words around like ‘meltdown’ and ‘free fall,’ ” said Ali Velshi, senior business correspondent at CNN. “If someone wants to say the markets are in free fall, we’ll discuss it first,” he said, and the outcome is most likely to be a change in wording.
Is it true that the media is acting with restraint during this meltdown? Wait until around 2:34 into this clip from Monday’s Daily Show to see how the media is treating the financial crisis. Take a look at the Wall Street Journal from last week.
Even if the explicit words mentioned in this article aren’t being used, loud, large headlines are enough to provoke fear. But don’t worry media members, the financial services industry’s implosion is the fault of the banks that took the risk, not Charlie Gasparino or Andrew Ross Sorkin. They simply report on these actions.
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