Poor Us: The Great Depression 2.0

February 20, 2009

Reporters didn’t miss the meltdown; they read all about it

Filed under: Uncategorized, Who knew? — Tags: , , , , — debacled @ 7:17 pm

How did the business press miss the most important  story of their generation?  Who knows? But they weren’t the only ones. The then President of the United States stuck to his story that “the fundamentals of the economy were strong,”  his once vice president  recently commiserated with reporters that,  “I don’t think anybody saw it coming,” and even former Fed Chairman Alan Greenspan claims he had no idea that Wall Street was too greedy for our own good.  What were the poor reporters supposed to do if even their best sources didn’t know what was up?

Nonetheless, last month a former Wall Street reporter took his colleagues to task in a piece for Mother Jones How Could 9000 Business Reporters Blow It? Then Diane Tucker at Huffington Post answered with How 9,000 Business Reporters Blew the Mother of All Meltdowns.  So what were the watchdogs of democracy doing while they were supposed to be minding our business?  Maybe they were  reading:

We Didn't See It Coming

Advertisements

2 Comments »

  1. Americans need to consider moving into survival mode and purchase essential items and goods.Food and a ‘non-electric’ means to prepare it,medicine,vitamins,portable radio,flashlight,and batteries.Can you cash out some of your IRA or 401K ? Money spent on cable TV,cell phones,movie rentals,and luxury items will dry up quickly if you lose your job.Many Americans are losing everything after losing their job because they have nothing or very little to fall back on.Some might suggest this type of thinking could cause panic.I believe the modest gains in our economy suggest some people are preparing.Political leaders in both parties can be equally blamed for the economic scathing the American people are faced with.Our elected officials swore an oath to protect and defend the Constitution and the American people and yet both are in peril.The wealthy political elite will not have to worry about basic needs like food,shelter,and medicine.And yet a growing number of Americans face the difficulty of trying to keep what they have.I suggest that effort spent on acquiring essential items and goods is more important than participating in the ‘blame game’.Our elected officials have been playing with fire for years,and we are the ones getting burned. E PLURIBUS UNUM

    Comment by wheedle — May 9, 2009 @ 3:47 pm

  2. […] Business Reporters Blew the Mother of All Meltdowns, with even a discouraging word thrown in by Poor Us) are finally feeling the love. Not from the Pulitzers or any big deal awards outfit like that, but […]

    Pingback by News Business Tanks; Business News Riding High « Poor Us: The Great Depression 2.0 — May 15, 2009 @ 7:51 am


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: