Poor Us: The Great Depression 2.0

May 15, 2009

News Business Tanks; Business News On A Roll

Corporate Failure  by VitamEternum via Deviant ArtThe dire condition of print journalism has been making headlines recently as newspapers around the country fold or are on the brink of doing so. The situation has become so worrisome that last week Sen. John Kerry held a hearing on” The Future of  Journalism” that featured testimony from Internet journalists like Arianna Huffington, and print journalists like former Baltimore Sun reporter, and producer of “The Wire” David Simon.

The hearing itself although temperate in tone managed to stir a snarky response from Joe Weisenthal of The Silicon Valley InsiderThe Ridiculous Newspaper Bailout Begins:

Yesterday, Sen. John Kerry held a hearing on the “Future or Journalism” — but we’ll just call it what is was: A hearing about a possible newspaper bailout.

Which inspired an immediate retort from Kenneth Corbin of  InternetNews.com suggesting  Weisenthal should Stick to the Facts: No One’s Bailing Out the Newspapers.  So if the good ship Future of Journalism seems to be sinking rather quickly,  it could be due to the increasingly leaden weight of all the last words being stockpiled by members of the crew.

In other news news, the much maligned business journalists (Mother Jones How Could 9000 Business Reporters Blow It? And the Huffington Post answer,  How 9,000 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 from the nonetheless very honorable UCLA Anderson School of Management.

The Loeb Awards are the highest honors in business journalism. They were established in 1957 by Gerald Loeb, a founding partner of E. F. Hutton, to encourage quality reporting in the areas of business, finance and the economy in order to inform and protect private investors and the general public. Presented by UCLA Anderson School of Management since 1973, the awards recognize writers, editors and producers of both print and broadcast media for the significant contributions they make in this field.

If you want to catch up on your Financial Crash history, the work of the 2009 nominees provide an excellent reading list (allow me to particularly recommend Charles R. Morris’s  book “Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash.” It’s the only one of the three nominees I’ve read, but Morris provided a clear and thorough explanation of the causes of the current crisis)

And here are all of the  2009 nominees:

Large Newspapers Category

The finalists in the large newspapers category (circulation of more than 300,000) are:

* Gretchen Morgenson, Peter S. Goodman, Charles Duhigg, Carter Dougherty, Eric Dash, Julie Creswell, Jo Becker, Sheryl Gay Stolberg and Stephen Labaton for “The Reckoning” in The New York Times
* Robert O’Harrow Jr. and Brady Dennis for “The Crash: The Rise and Fall of AIG” in The Washington Post
* Carrick Mollenkamp, Susanne Craig, Jeffrey McCracken, Jon Hilsenrath, Susan Pulliam, Liz Rappaport, Aaron Lucchetti, Jenny Strasburg, Tom McGinty, Serena Ng, Randall Smith and Liam Pleven for “Broken Markets” in The Wall Street Journal
* John Carreyrou and Barbara Martinez for “Prescription for Profits” in The Wall Street Journal

Medium & Small Newspapers Category

The finalists in the medium & small newspapers category (circulation of 300,000 or less) are:

* Jack Dolan, Matthew Haggman and Rob Barry for “Borrowers Betrayed” in The Miami Herald
* David Heath and Christine Willmsen for “The Favor Factory” in The Seattle Times
* Ames Alexander, Franco Ordoñez, Kerry Hall and Ted Mellnik for “The Cruelest Cuts” in The Charlotte Observer
* Andrew McIntosh for “Nail Gun Safety Under Fire” in The Sacramento Bee

Magazines Category

The finalists in the magazines category are:

* David Leonhardt for “Obamanomics” in The New York Times Magazine
* William Selway and Martin Z. Braun for “Broken Promises” in Bloomberg Markets
* Michael Lewis for “The End” in Condé Nast Portfolio
* Peter Elkind for “The Trouble with Steve” in Fortune

Commentary Category

The finalists in the commentary category are:

* John Gapper for “John Gapper’s Business Blog” in Financial Times
* John Cassidy for “Columns by John Cassidy” in Condé Nast Portfolio
* Brian M. Carney for “Fannie Mae and Freddie Mac” in The Wall Street Journal
* Michael Mandel for “Michael Mandel Columns” in BusinessWeek

Breaking News Category

The finalists in the breaking news category are:

* Carrick Mollenkamp, Susanne Craig, Serena Ng, Aaron Lucchetti, Matthew Karnitschnig, Dan Fitzpatrick, Deborah Solomon, Dennis K. Berman, Liam Pleven, Peter Lattman and Annelena Lobb for “The Day That Changed Wall Street” in The Wall Street Journal
* Robin Sidel, Dennis K. Berman, Kate Kelly, Carrick Mollenkamp, Mark Whitehouse, Serena Ng, Randall Smith and E. S. Browning for “Collapse of Bear Stearns” in The Wall Street Journal
* Andrew Ross Sorkin, Edmund L. Andrews, Michael J. de la Merced, Mary Williams Walsh, Joe Nocera, Peter S. Goodman, Charles Duhigg, Stephen Labaton, Eric Dash, Jenny Anderson and Diana B. Henriques for “The Week That Changed Wall Street” in The New York Times
* Diana B. Henriques, Zachery Kouwe, Alex Berenson and Eric Konigsberg for “The Madoff Mess” in The New York Times

Beat Writing Category

The finalists in the beat writing category are:

* Rick Rothacker for “The Fall of Wachovia” in The Charlotte Observer
* Gretchen Morgenson for “Wall Street” in The New York Times
* John Gittelsohn for “Washington Mutual Funded Home Flippers” in The Orange County Register
* Chris Serres, Jim Buchta and Glenn Howatt for “Boom to Bust” in Star Tribune
* Susanne Craig, Jeffrey McCracken, Aaron Lucchetti and Kate Kelly for “The Collapse of Lehman Brothers” in The Wall Street Journal

News Services Category

The finalists in the news services category are:

* William Selway and Martin Z. Braun for “Broken Promises” for Bloomberg News
* Mitch Weiss for “Weak Rules Cripple Appraiser Oversight” for Associated Press
* Mark Pittman, Elliot Blair Smith, Jesse Westbrook, Bob Ivry and Alison Fitzgerald for “Fed Defies Transparency” for Bloomberg News
* Mark Pittman, Aaron Kirchfeld, Jacqueline Simmons and Finbarr Flynn for “Wall Street’s Toxic Exports” for Bloomberg News

Feature Writing Category

The finalists in the feature writing category are:

* Michael Lewis for “The End” in Condé Nast Portfolio
* Kate Kelly for “The Fall of Bear Stearns” in The Wall Street Journal
* Daniel Roth for “Driven” in Wired
* Simon Clark, Michael Smith and Franz Wild for “China in Africa: Young Workers, Deadly Mines” in Bloomberg Markets

Online Category

The finalists in the online category are:

* Gretchen Morgenson, Louise Story, Tara Siegel Bernard and Jenny Anderson for “The Debt Trap” for The New York Times
* Rob O’Dell for “Rio Nuevo Audit” for Arizona Daily Star
* Art Lenehan, Peggy Collins, Aaron Whallon, Anh Ly, Elizabeth Daza, Joe Farro, Sean Enzwiler, Rachel Elson, Mark Baumgartner, Lauren Barack, Richard Conniff and Judi Hasson for “Middle Class Crunch” for MSN Money
* The staff of The Boston Globe Business Section for “2008 Globe 100” for The Boston Globe
* The staff of The New York Times for “Pogue-o-matic” for The New York Times

Television Breaking News Category

The finalists in the television breaking news category are:

* Steve Kroft and L. Franklin Devine for “Economic Crisis: House of Cards” on CBS News/60 Minutes
* Samantha Wright, Rebecca White, David Faber, Charlie Gasparino, Steve Liesman, Bertha Coombs, Maria Bartiromo and Michelle Caruso-Cabrera for “Is Your Money Safe: The Fall of Lehman Bros” on CNBC
* Jonathan Wald, Tyler Mathisen, David Faber and Mary Catherine Wellons for “David Faber on the Fall of AIG” on CNBC
* Bob Orr, Robert Hendin, John Nolen, Jill Jackson and Evelyn Thomas for “Bailout Legislation” on CBS News

Television Enterprise Category

The finalists in the television enterprise category are:

* Scott Pelley, Solly Granatstein and Nicole Young for “The Wasteland” on CBS News/60 Minutes
* Karin Annus, Gary Matsumoto, Amy Marino, Antony Michels and Mike Schneider for “401(k) Hidden Fees” on Bloomberg TV
* Steve Kroft and Andy Court for “The Price of Bananas” on CBS News/60 Minutes
* Bob Simon, Michael Gavshon and Drew Magratten for “King of Sushi” on CBS News/60 Minutes

Business Book Category

The finalists in the business book category are:

* Alice Schroeder for “The Snowball: Warren Buffett and the Business Life” published by Random House, Crown Publishers
* Charles R. Morris for “Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash” published by Public Affairs
* Niall Ferguson for “The Ascent of Money: A Financial History of the World” published by The Penguin Press

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