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 (more…)


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